But March was not up to its usual high performance
The performance of mortgages in March show some mixed results according to newly-released data.
Black Knight Inc.’s First Look report reveals that prepayment activity jumped 28% compared to the previous month making it the largest single-month increase in two and a half years. Although the overall rate (0.84%) was 4.20% lower than a year earlier.
But the data also shows that mortgage performance did not live up to the norm for March, usually the strongest month of the year, with the national delinquency rate down by 5.3% for the month, the smallest improvement for any March in six years.
However, the month did end on a Sunday which historically means an increase in delinquencies; and outstanding 90-day delinquencies (493,000) have now fallen below 500,000 for the first time in more than 12 years.
The number of properties that were 30 days past due or in foreclosure in March totaled 2,168,000, down 97,000 month-over-month and down 64,000 year-over-year.
The month’s 39,700 foreclosure starts marked the lowest single-month volume in more than 18 years, while reduced outflow held active foreclosure inventory steady at 264,000. Foreclosure starts were down 1.49% month-over-month and down 238% year-over-year.
