The late payment rate on home loans has fallen to its lowest level in six years
The late payment rate on home loans has fallen to its lowest level in six years.
New mortgage delinquency data from TransUnion shows the percentage of mortgage holders two months or more behind on their payments fell to 3.46% in the April to June period, down from 4.32% a year earlier and 3.61% last quarter.
The decline in delinquency brings the mortgage delinquency rate to its lowest since the first quarter of 2008, when it sat at 3.39%.
The delinquency rate was lowest for young borrowers, with only 2.34% of mortgage holders under the age of 30 late on their payments by two months or more. But young borrowers were also the lowest proportion of borrowers with a home loan, at 4.2%. Borrowers aged 40-49 make up around 25% of mortgage holders, and had the highest delinquency rate at 4.43%.
New mortgage delinquency data from TransUnion shows the percentage of mortgage holders two months or more behind on their payments fell to 3.46% in the April to June period, down from 4.32% a year earlier and 3.61% last quarter.
The decline in delinquency brings the mortgage delinquency rate to its lowest since the first quarter of 2008, when it sat at 3.39%.
The delinquency rate was lowest for young borrowers, with only 2.34% of mortgage holders under the age of 30 late on their payments by two months or more. But young borrowers were also the lowest proportion of borrowers with a home loan, at 4.2%. Borrowers aged 40-49 make up around 25% of mortgage holders, and had the highest delinquency rate at 4.43%.
