Mortgage Delinquencies Increase in Q4 2022
According to the Mortgage Bankers Association’s recent National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.96 percent of all loans outstanding at the end of Q4 2022. The MBA says the delinquency rate was up 51 basis points from Q3 but still down [...] The post Mortgage Delinquencies Increase in Q4 2022 appeared first on Real Estate Investing Today.
According to the Mortgage Bankers Association’s recent National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.96 percent of all loans outstanding at the end of Q4 2022. The MBA says the delinquency rate was up 51 basis points from Q3 but still down 69 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the fourth quarter fell by 1 basis point to 0.14%.
In addition, they also point out that mortgage delinquencies track very closely with employment conditions. The MBA predicts lower hiring & rising unemployment, which they say will translate into further increases in mortgage delinquencies.
“As expected, the overall national mortgage delinquency rate increased in the fourth quarter of 2022 from its previous quarterly survey low…The weaker economy and ongoing inflationary pressures contributed to the uptick in delinquencies…” Said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis.
Click here to read the full report at the Mortgage Bankers Association.
The post Mortgage Delinquencies Increase in Q4 2022 appeared first on Real Estate Investing Today.
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