The rate of default for first mortgages dropped to 0.35% in October, down from 0.46% in September and down from 0.77% in October 2019, according to the S&P/Experian Consumer Credit Default Indices.
The rate of default for bank cards in October was 2.80%, down from 3.00% in September and down from 2.88% in October 2019.
The rate of default for auto loans was 0.59%, up from 0.56% in September but down from 1.03% in October 2019.
Overall, the default rate across all three categories was 0.53%, down from 0.63% the previous month and down from 0.93% a year earlier.
All five major metropolitan statistical areas tracked in the report showed lower default rates compared to last month. Miami showed the largest decrease, down 67 basis points to 1.13%. New York was 30 basis points lower at 0.58%, while Los Angeles fell 18 basis points to 0.53%. The rate for Chicago dropped seven basis points to 0.58% while Dallas was one basis point lower at 0.61%.
