Mortgage rates rose in December to close out the year, but remain below their mark at the end of 2021, new data from Black Knight show.
A growing number of missed early payments led to higher rates, but more severe defaults of 90 days or more fell each month and year, according to housing data. and analyze the December First Look report.
Delinquencies as a share of loans entered at 3.08% from November, about 1.65 million mortgages. The number includes all loans that are more than 30 days past due and comes to a high of about 41,000. But year after year, the rate fell by 9% or 146,000.
The monthly increase appeared to be related to the increase in quick loans, as accounts that were not paid for 90 days or more fell by 5,000 and 401,000 in each month and year to 545,000 loans. Forty-four states saw serious crime drops compared to November, with Florida a notable exception. With many homeowners in the Sunshine State still dealing with damage from Hurricane Janthe number of defaulted mortgages there rose to 8,700.
While the monthly increase may attract the attention of service providers, the general health of the average US homeowner appears to be on a stable level compared to the same situation as last year, with the lowest prices in the country.
Black Knight’s December data is largely consistent with trends reported earlier this month by the Federal Housing Finance Agency, which found early credit defaults among loans held by Fannie Mae and Freddie Mac, but reduced to more serious crimes and protection-protection complete.
But the servicers will monitor the path of defaults in the coming months, especially for mortgages originated in the last 12 months. is under water at the end of the third quarter.
Meanwhile, in another sign of how rising interest rates have affected borrowers, advance payment work fell 0.39%, with the one-month drop being the third lowest since the Black Knight began tracking data in 2000. one hand, they can also point to the signs of families facing financial difficulties.
A high rate of non-current mortgages occurred in the Southeast, with states in the region recording three of the five highest delinquency rates. Mississippi led the nation at 6.87%, ahead of Louisiana at 6.33%. Oklahoma, West Virginia and Alabama followed with 5.16%, 4.92% and 4.91%.