The number of borrowers in a state of delinquency from not making their mortgage payments on time in the U.S. declined five basis points from April at 2.80 percent to 2.75 percent in May, continuing the downward trend since March, with another new low.
The national delinquency rate started to decline in March, according to the May 2022 First Look Mortgage Data report from Black Knight.
Delinquencies tend to decline in March, with an average decrease of 10 percent over the past 20 years, but March’s 15.5 percent drop beat the previous record set in January 2020 prior to the pandemic.
“The share of borrowers in any stage of delinquency was at an all-time low in the first quarter of 2022,” said Molly Boesel, an economist at CoreLogic in her March mortgage delinquency report….
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