First Look at October 2024 Mortgage Data
Industry Update
November 21, 2024
Source: ICE Mortgage Technology
ICE First Look at Mortgage Performance: Serious delinquencies hit 17-month high while foreclosure activity remains historically muted
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at October 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
At 3.45% in October, the national delinquency rate was up 6% from the same time last year, marking five consecutive months of year-over-year increases.
While 30- & 60-day delinquencies decreased from September, seriously past due loans (90+ days) continued their slow rise, now up 7.3% from last year and at the highest level since May 2023.
Though both foreclosure starts (+12.2%) and completions (+10.1%) were up in October, both remain down from last year (-12.3% and -9.5%, respectively) and well below pre-pandemic levels.
Likewise, foreclosure inventory was up a modest +1K in the month, but there are 28K fewer loans in active foreclosure than there were at this same time last year.
Prepayment activity rose on easing interest rates to a level not seen in over two years (May 2022) and nearly double where it was last October.
For full report, please click the source link above.