The single-family serious delinquency rate fell to 1.66% in June from 1.70% in May, according to Fannie Mae. June’s number is the lowest serious delinquency rate since August of 2008.
However, the pace of improvement has slowed. According to Fannie Mae’s data, the serious delinquency rate has fallen just 0.39 percentage points over the last year. At that pace, the rate won’t fall below 1% until next year.
The normal serious delinquency rate is under 1%. The current rate is mostly due to older loans, according to Fannie Mae.
The serious delinquency rate on mortgages for single-family homes fell to its lowest level since 2008 in June, according to new data from Fannie Mae.