The mortgage delinquency rate (home owners that are 60 days or more delinquent on mortgage payment) dropped to 2.95 percent in the first quarter of 2015, marking the first time the mortgage delinquency rate has been below 3 percent since the 3rd quarter of 2007 when the rate was 2.61 percent, according to a report released this morning by TransUnion. This is also the 13th consecutive quarter the mortgage delinquency rate has declined from the prior quarter.
Subprime delinquency rate is over 9 times higher…
The report also shows that the mortgage delinquency rate for subprime borrowers fell in the first quart of this year as well, down to 27.23 percent from 29.76 percent during the prior quarter. Even with the improvement, the mortgage delinquency rate for subprime borrowers is still over 9 times greater than for borrowers overall. This is a great improvement from the peak however, in the first quarter of 2010, when the rate was 40.48 percent for subprime borrowers.
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