First Look at February 2024 Mortgage Data
Industry Update
March 21, 2024
Source: ICE Mortgage Technology
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at February 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
- The national delinquency rate eased to 3.34% in February, down 4 basis points (bps) from the month before and 11 bps lower than in February 2023
- While the number of borrowers one payment behind rose modestly by 10K, those 60 days late as well as those 90 or more days past due both fell to their lowest levels in three months
- Delinquency inflows rose 6.5% from January’s eight-month low, while rolls to later stages continued their recent improvement
- Serious delinquencies (loans 90+ days past due but not in active foreclosure) are down 103K (-18%) year over year, with the population now standing at 459K
- Representing 5.3% of serious delinquencies, February’s 25K foreclosure starts is the second lowest in the last twelve months
- The number of loans in active foreclosure fell -7K to 211K, remaining 25% (-72K) below pre-pandemic levels
- 6K foreclosure sales were completed nationally in February, a 9% decrease from the previous month and the second lowest level in the trailing 12-month period
- Prepayment activity rose 3 bps in February to a level not seen since October, as a brief dip in rates heading into the month provided a modest increase in refinance incentive
For full report, please click the source link above.