Freddie Mac reported that the Single-Family serious delinquency rate in December was 0.66%, unchanged from 0.66% November. Freddie’s rate is down year-over-year from 1.12% in December 2021.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
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Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.
The serious delinquency rate was at 0.60% just prior to the pandemic; this is almost back to that level.
Note that multi-family delinquencies have been increasing and were at 0.12% in December, up from 0.08% in December 2021.