The composite rate holds steady at 0.93%
The default rate of first mortgages continued its upward trend for the third month in a row, according to the S&P Dow Jones Indices.
The S&P/Experian Consumer Credit Default Indices showed that the first-mortgage default rate rose four basis points from 0.73% in September to 0.77% in October. On an annual basis, the default rate of first mortgages jumped 14 basis points from 0.63%.
The composite rate remained unchanged at 0.93%. The bank card and auto loan default rates went down 44 basis points to 2.88% and two basis points to 1.03%, respectively.
