According to the Mortgage Bankers Association, the seasonally adjusted rate for residential property delinquencies dropped to 3.92% at the end of September, down from 3.97% in June.
FHA loans had the largest delinquency rate decrease in Q3, falling by 14 basis points to 10.46%. However, delinquency rates for all loan types increased year over year.
Marina Walsh stated that lenders and consumers should remain cautious heading into Q4 2024, emphasizing that mortgage delinquencies have inched up over the past year.
The quarterly survey reviews late-payment and foreclosure rates based on loan type, geographical information and demographic data, tracking mortgage performance trends in the housing market.
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