Fannie Mae reported that the Single-Family Serious Delinquency decreased to 0.59% in March from 0.62% in February. The serious delinquency rate is down from 1.01% in March 2022. This is below the pre-pandemic levels.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.
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By vintage, for loans made in 2004 or earlier (1% of portfolio), 1.93% are seriously delinquent (down from 2.04% in February).
Mortgages in forbearance were counted as delinquent in this monthly report, but they were not reported to the credit bureaus.
Freddie Mac reported earlier.