The mortgage delinquency rate rose by 3.7 percent in February from January, marking the first increase seen in the month in 12 years, according to new data from Black Knight Inc.
Despite the uptick in the rate, delinquencies are more than 9.5 percent below the February 2018 level. Furthermore, foreclosure starts in February totaled 40,400, down 19.5 percent from January and near the 15-year low set in September 2018. The national foreclosure rate is also more than 21 percent year-over-year.
Black Knight also noted that prepayment speeds increased by 11 percent from January’s 18-year low, which could trigger new refinance activity fueled by the recent decline in 30-year interest rates.