According to the latest Mortgage Bankers Association’s (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one to four unit residential properties rose to a seasonally adjusted rate of 4.47% of all loans outstanding at the end of the Q3 of 2018. The delinquency rate was up 11 basis points from the previous quarter, but down 41 basis points from one year ago. The percentage of loans on which foreclosure actions were started dropped one basis point from the last quarter to 0.23% – representing the lowest level since the Q4 of 1985.
“Despite the small uptick this quarter, the healthy economy is overall supporting low mortgage delinquencies and foreclosure inventories,” said Marina Walsh, Vice President of Industry Analysis at MBA. “Unemployment is at its lowest level since 1969, wages have grown 3.1 percent year-over-year – the biggest jump in almost a decade – and job growth is averaging over 212,000 jobs per month thus far.”