The Mortgage Bankers Association shows total mortgage delinquencies rose to 5.12% in the second quarter from 4.84% in the first quarter, and 4.39% in the second quarter of last year, which was the recent low. Delinquencies of 30 days rose to 3.02%, while 90 delinquencies rose to 1.11%.
Prime delinquencies rose to 2.73% from 2.58% in the first quarter. Subprime delinquencies rose to 14.82%, with 90 days rising to 3.83% from 3.35% the previous quarter. Seriously delinquent mortgages rose to 2.47% in the second quarter, with prime running at .98% and subprime jumping almost a percentage point from the first quarter to 9.27%. Seriously delinquent subprime ARM mortgages rose to 12.4%, twice the level of 6.52% a year earlier.
Prime fixed rate mortgage delinquencies rose to 2.25% while subprime rose to 10.99% from 10.25% in the first quarter. FHA fixed rate mortgage delinquencies rose slightly to 10.73%.
Adjustable rate mortgages saw prime delinquencies rising to 4.15% from 2.70% a year earlier. Subprime ARMs rose to 16.95% in the second quarter, an increase of over 1% from the first quarter's level of 15.75%, and an increase of 38% from 12.24% in the second quarter of 2006.
Thursday, September 6, 2007
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