Skip to main content

First Mortgage Default Rate Ticks Upward

Phil Hall
Jan 15, 2019
Consumer credit defaults on first mortgages were up during December, according to the latest data report from the S&P/Experian Consumer Credit Default Indices

Consumer credit defaults on first mortgages were up during December, according to the latest data report from the S&P/Experian Consumer Credit Default Indices.
 
The first mortgage default rate rose three basis points from 0.64 percent in November to 0.67 percent in December. In December 2017, the default rate was 0.68 percent. The composite default rate was 0.89 percent, and the greatest upswing was recorded in the bank card default rate with a 25-basis-point increase to 3.34 percent, and the auto loan default rate increased 10 basis points to 1.03 percent.
 
"The economic pictures behind the three lending sectors—autos, mortgages and bank cards—reveal different patterns," said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "Housing is pressured by rising prices and higher mortgage rates. Sales of both new and existing homes are weakening. Auto sales were steady in 2017 and 2018 at slightly more than 17 million vehicles sold each year. Retail sales and consumer spending saw continued growth in 2018 with few signs that credit tightening was having any impact."

 
Published
Jan 15, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022