The mortgage delinquency rate in December tumbled by nearly four percent from November, coming within 0.04 percent of the record low set last May, according to new data from Black Knight Inc. December’s mortgage delinquency rate was also more than 12 percent below the level set one year earlier.
Also in December, the national foreclosure rate dropped to a new 14-year low. December’s rate was the lowest on record outside the final five months of 2005
Black Knight noted that 2019 ended with just over two million borrowers past due on their mortgage. This is down by 236,000 from December 2018 and the lowest year-end volume recorded since 2000.
However, prepayment rates saw an uptick in December following a 19 percent plunge in November. Black Knight attributed the upward motion to “the recent leveling off of interest rates” and their “flattening effect on refinance activity.”