Serious delinquency on consumer credit took a turn for the worse last month, and mortgage loans were no exception.
The rate of payments past due at least 90 days on consumer credit was 0.93 percent as of June.
Serious consumer delinquency deteriorated from the previous month, when the rate was 0.88 percent, but retreated nine basis points from June 2014.
The performance numbers were included in the
S&P/Experian Consumer Credit Default Indices.
Among five of the largest metropolitan statistical areas, Miami’s 1.42 percent 90-day rate was highest. In addition, the 25-basis-point surge for Miami was the worst month-over-month increase.
Dallas’ 0.68 percent rate last month was lower than any other MSA.
The report indicated that 90-day first-mortgage delinquency was 0.80 percent during the most-recent month.
That was six BPS worse than the record-low rate established in May but nine BPS better than in June 2014.
Second-mortgage serious delinquency also worsened, to 0.55 percent from a record-low 0.42 percent the prior month.
A year prior, the second-mortgage rate was 0.57 percent.
“First and second mortgages saw a small increase in defaults,” the report stated. “None of these data are immediate cause for concern.”
