The delinquency rate was up 29 basis points from the previous quarter, and was 37 basis points higher than one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
February Delinquency Rate Down. Foreclosure starts fell 25 percent from the 12-month high in January to 46,700 in February. On a year-over-year basis, foreclosure starts were down by 19.34 percent. Black Knight also reported rising interest rates contributed to bringing prepayment activity to 0.72 percent, the lowest level since 2014.
Serious delinquency rates at Fannie Mae and Freddie Mac were down in February, yet further evidence of a housing recovery. The housing market received another dose of good news late last week with delinquency rate reports from Fannie Mae and Freddie Mac, which both declined in February.