Freddie Mac reported that the Single-Family serious delinquency rate in January was 0.60%, down from 0.63% in December. Freddie’s rate is down from 0.70% in January 2019.
This the lowest delinquency rate since November 2007.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20%.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
Click on graph for larger image
I expect the delinquency rate to decline to a cycle bottom in the 0.4% to 0.6% range – so this is close to a bottom.
Note: Fannie Mae will report for January soon.