Although first mortgage loan performance ended a five-month streak of deterioration, the same can’t be said for second mortgage performance.
Consumer credit delinquency of at least three months was 1.12 percent in January. The rate reflects performance on first and second mortgages, bank cards and automobile loans.
That was 1 basis point worse the previous month and represented the sixth month in a row that composite serious delinquency increased.
But despite the month-over-month up tick, the 90-day rate has retreated 22 BPS from the first month of last year.
The performance data was summarized in the S&P/Experian Consumer Credit Default Indices.
January 2015’s composite rate among the five-largest metropolitan statistical areas was highest in Miami at 1.35 percent and lowest in Los Angeles at 0.84 percent.
The report indicated that first mortgage delinquency landed at 1.02 percent last month. The rate was the same as in December 2014 — when delinquency had been up for five straight months.
In January 2014, ninety-day first mortgage delinquency was 1.26 percent.
But the story wasn’t as good for second mortgages, with the serious delinquency rate climbing 5 BPS to 0.64 percent.
It was the third consecutive month that the second-mortgage 90-day rate increased.
Still, second mortgage delinquency retreated 8 BPS from the same point in 2014.
