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Mortgage Delinquencies Reach Record Low in March as Prepayments Increase
The national mortgage delinquency rate in the United States dropped by 53 basis points (-15%) in March, hitting a record low of 2.92%, according to Black Knight, Inc. This significant decrease marks the second-largest decline in the past 17 years, with the total number of past-due mortgages (including active foreclosures) falling to its lowest level in nearly 23 years.
Serious delinquencies, defined as 90 or more days past due, fell by 51,000 to their lowest level since March 2020, with volumes shrinking in every state. Similarly, overall delinquencies decreased in every state in March, with improvements ranging from 11.9% in Washington to 21.5% in Vermont.
Although foreclosure starts (+9.0%) and sales (+4.6%) rose during the month, they remain well below pre-pandemic volumes at the national level. Active foreclosure inventory held steady but is still 31,000 (12%) below March 2020 levels.
The prepayment rate (SMM) increased to 0.50% (+44% month over month), driven by seasonal tailwinds in sale-related prepayments and increased demand for refinancing due to falling rates.
Black Knight reports that the total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) experienced a month-over-month change of -15.23% and a year-over-year change of -13.23%. The U.S. foreclosure pre-sale inventory rate saw a month-over-month change of -0.21% and a year-over-year change of 13.24%.
The top 5 states by non-current percentage were Mississippi (7.05%), Louisiana (6.61%), Alabama (5.13%), West Virginia (4.55%), and Pennsylvania (4.53%). Meanwhile, the states with the lowest non-current percentages were California (2.03%), Montana (1.95%), Idaho (1.86%), Washington (1.83%), and Colorado (1.80%).
For more in-depth analysis of this data, Black Knight’s Mortgage Monitor report will be available online by May 1, 2023.
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