Delinquencies Fall Significantly in the Third Quarter
New reports show that the mortgage borrower delinquency rate has dropped 16% to 1.91% towards the end of the of the 2017 third quarter. These numbers have not been this low since the recession-era according to the reports.
"Serious mortgage delinquency rates continue to drop to new post-recession lows, indicating there may be opportunities to responsibly expand access," said Joe Mellman, senior vice president and mortgage business leader at TransUnion, in a press release Wednesday, according to National Mortgage News.
"We did note that the shape of the delinquency trendline has been flat during the second and third quarters of 2017, suggesting that a natural floor for delinquencies might be forming. However, a similar period of flat delinquencies occurred between the second and fourth quarters of 2016, before they once again began to decline."
What's even more interesting is that late payments of 60 days or longer are on scheduled to continue declining pattern. Experts are also confident that the home purchase activity will continue to grow.
For more on the delinquency rate and projections for the future. Click on the image above.