New Increases in First and Second Mortgage Default Rates
November 21, 2017
Default rates on first and second mortgages were up in October, according to the latest S&P/Experian Consumer Credit Default Indices report.
The first mortgage default rate was 0.67 percent last month, up one basis point from September but below the 0.70 percent rate from one year earlier. The second mortgage default rate rose from 0.53 percent in September to 0.79 percent in October; in October 2016, that default rate was 0.58 percent. The composite rate for consumer credit defaults rose two basis points to 0.90 percent, fueled by the 13-basis-point spike in the bank card default rate to 3.28 percent.
“For the first time since January 2017, the default rates for autos, bank cards and mortgages all rose together,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, who added that the data “does not suggest any unusual financial stress facing consumers which would explain the small, but across the board, increases in the default rates.”
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