ICE First Look at November Mortgage Performance: Delinquencies Historically Low Despite Seasonal Rise
Industry Update
December 21, 2023
Source: Black Knight
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, reports the following “first look” at November 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
The national delinquency rate edged higher to 3.39% in November – down 10 basis points (bps) from the same time last year – but remains 64 bps below pre-pandemic levels
Likewise, early-stage delinquencies among VA loans hit their highest non-pandemic levels since 2009, as rising interest rates have begun to impact performance among recently originated loans
Serious delinquencies (90+ days past due) rose to 459K, but remain down 123K (-21%) from November 2022
Foreclosure starts decreased -12.2% in November to 29K with active foreclosure inventory falling to 216K, some 23% and 24% below 2019 levels respectively
Prepayment activity fell again under continued pressure from seasonal homebuying patterns along with the residual effects of 30-year rates climbing above 7.75% the month prior
For full report, please click the source link above.