ICE First Look: Mortgage Performance Remains Strong as Delinquencies, Foreclosures Continue to Improve in May
Industry Update
June 21, 2024
Source: www.businesswire.com
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at May 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
The national delinquency rate fell 6 basis points (bps) year over year to 3.04% in May; still the second lowest point on record, behind 2.92% in March 2023
A fifth consecutive monthly improvement in serious delinquencies (those loans 90+ days past due, but not yet in active foreclosure) reset what had already been a more than 18-year low
The number of mortgage-holders who’ve missed a single payment dropped by -19K, while 60-day delinquencies edged up slightly (+4K) from April
While inflow of borrowers newly 30 days late dropped to a one-year low, those rolling to later stages of delinquency edged higher from April and fewer delinquent loans cured to current status
Foreclosure starts were down -6.5% from April, keeping active foreclosure inventory at the lowest level since pandemic-era moratoria were lifted in January 2022
The total number of mortgage-holders currently in active foreclosure remains 32% below (-92K) pre-pandemic levels
Though up slightly for the month, foreclosure sales (completions) in May were down -7.2% year over year and remain well below pre-pandemic norms
A seasonal rise in home sales and slightly improved refi volumes pushed prepayments to their highest level since September 2022, even as rate-related headwinds persist
For full report, please click the source link above.