The national mortgage delinquency rate fell to 2.80% in April, down four basis points from March, hitting a new record low for the second consecutive month. Overall delinquencies are down nearly 40% from last year as the mortgage market continues to recover from pandemic-related impacts. The number of borrowers who are a single payment past due increased 7.9% month-over-month, following typical seasonal patterns. This was offset by strong improvement among borrowers who are three or more payments past due – with volumes falling by 8% month-over-month. Though such serious delinquencies have fallen between 6%-12% in each of the past 14 months, volumes remain more than 55% above pre-pandemic levels. Despite still-elevated serious delinquency levels, foreclosure starts dropped nearly 12% from March and are holding well below pre-pandemic levels – though active foreclosures edged slightly higher. Prepayment activity fell by 19.1% from March and 61.8% from a year ago as interest rates continued their sharp ascent in April. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 2.80%
Month-over-month change: -1.31%
Year-over-year change: -39.93%
Total U.S. foreclosure pre-sale inventory rate: 0.32%
Month-over-month change: 2.31%
Year-over-year change: 13.48%
Total U.S. foreclosure starts: 21,400
Month-over-month change: -11.93%
Year-over-year change: 478.38%
Monthly prepayment rate (SMM): 0.99%
Month-over-month change: -19.10%
Year-over-year change: -61.80%
Foreclosure sales as % of 90+: 0.46%
Month-over-month change: 8.58%
Year-over-year change: 228.58%
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