CHICAGO (5/19/15)--The mortgage delinquency rate in the first quarter dropped below 3% for the first time since before the recession, according to numbers released Monday by TransUnion.
The rate, which tracks borrowers 60 days or more delinquent on their mortgages, fell to 2.95% from 3.29% the prior quarter, marking the 13th straight quarterly drop.
Annually in the first quarter, the delinquency rate fell nearly 18%.
“It’s taken more than seven years, but the mortgage delinquency rate has reached pre-recession levels,” said Joe Mellman, vice president and head of TransUnion’s mortgage group. “We continue to see a steady decline in the mortgage delinquency rate, primarily driven by strong performance by newer vintage loans. It’s also encouraging to see continued delinquency rate declines for the subprime and near-prime risk groups.”
The subprime-borrower delinquency rate fell to 27.73% in the first quarter from 29.76%, or a 9% drop.