ICE: First Look at June 2024 Mortgage Data
Industry Update
July 22, 2024
Source: ICE Mortgage Technology
Intercontinental Exchange, Inc., a leading global provider of technology and data, reports the following “first look” at June 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
Coming off a near-record low in May and with June ending on a Sunday, the national delinquency rate jumped +14.5% (+45 basis points) to 3.49%, its second highest level in 18 months.
Sunday month-ends often lead to sharp, but typically temporary, spikes in delinquent mortgages, as payments made on the last day of a given month are not processed until the following month.
As such, June saw a +19.6% increase in the number of borrowers a single payment past due – the highest inflow since May 2020 – while 60-day delinquencies rose 11.8% to a five-month high.
Though up 5.1% from May, serious delinquencies (loans 90+ days past due but not in active foreclosure) were still down 8.5% year over year and 10.1% below pre-pandemic levels.
Foreclosure starts declined 6.2% in June – pushing active foreclosure inventory to its lowest point since the end of COVID-era moratoriums, now 34% below pre-pandemic levels.
5.3K foreclosure sales were completed nationally in June, representing a -14.9% month-over-month decrease to their lowest level since February 2022, still well below pre-pandemic norms.
Prepayments eased -7.6% from May, breaking a six-month streak of increasing prepay activity as we near the typical seasonal peak of home sales, and affordability and rate constraints persist.
For full report, please click the source link above.