Fannie Mae reported today that the Single-Family Serious Delinquency rate was at 1.24% in September, unchanged from 1.24% in August. The serious delinquency rate is down from 1.59% in September 2015.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.
Although the rate is generally declining, the “normal” serious delinquency rate is under 1%.
The Fannie Mae serious delinquency rate has fallen 0.35 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will not be below 1% for about 8 more months.
Note: Freddie Mac reported yesterday.