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The default rate for Federal Housing Administration single-family loans peaked at 6.37 percent in February, but since then, it has steadily declined, eventually dropping to six percent in April, according to a recent FHA monthly report. Fannie Mae has reported that the conventional loans it guarantees carry a 0.57 percent default rate. The report also indicated a range of endorsement performances during the first eight months of fiscal 2004 when compared to the same period in 2003. Home equity conversion mortgages experienced the greatest fluctuation, surging 127 percent and totaling 23,669 from 10,447 in 2003. Adjustable-rate mortgages increased 24 percent to 68,270 from 54,929, and endorsements for FHA fixed-rate mortgages dropped 19 percent, leveling off at 638,050 as of May.
For more information, visit www.hud.gov.
