Fewest delinquent borrowers since 2008

by Adam Smith20 Aug 2014
The late payment rate on home loans has fallen to its lowest level in six years.

New mortgage delinquency data from TransUnion shows the percentage of mortgage holders two months or more behind on their payments fell to 3.46% in the April to June period, down from 4.32% a year earlier and 3.61% last quarter.

The decline in delinquency brings the mortgage delinquency rate to its lowest since the first quarter of 2008, when it sat at 3.39%.

The delinquency rate was lowest for young borrowers, with only 2.34% of mortgage holders under the age of 30 late on their payments by two months or more. But young borrowers were also the lowest proportion of borrowers with a home loan, at 4.2%. Borrowers aged 40-49 make up around 25% of mortgage holders, and had the highest delinquency rate at 4.43%.

COMMENTS

  • by Mary TrueFi | 8/20/2014 8:47:59 AM

    A new wave of mortgage borrowers has come into the world. The millennials who are buying homes have a better understanding of working with debt and paying the payments from things like student mortgages.
    _______________
    Mary T.
    TrueFi Mortgage Brokers
    http://www.truefi.com

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