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First Mortgage Default Rates at Five Year Low, Seconds at Eight Year Low
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You're Now Reading:
First Mortgage Default Rates at Five Year Low, Seconds at Eight Year Low
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
First Mortgage Default Rates at Five Year Low, Seconds at Eight Year Low
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July 18, 2012 (Jeff Alan)

Default rates on first and second mortgages fell to five and eight year lows in June helping to push the S&P/Experian Consumer Credit Default Indices national composite down from 1.62 percent in May to 1.52 percent in June.

First mortgage default rates fell from 1.50 percent in May to 1.41 percent in June, the lowest rates in five years. It was the sixth consecutive month that first mortgage default rates have declined. Default rates on second mortgages also declined last month, falling from 0.88 percent in May to 0.73 percent in June, the lowest level for second mortgages in eight years.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in June of that year, followed several months later by first mortgage defaults which peaked at 5.67 percent in August of the same year.

A year ago, the default rate on first mortgages was 2.02 percent, and for second mortgages, the default rate was 1.40 percent.

Default rates on bank cards also declined, falling from 4.35 percent in May to 3.97 percent in June, while default rates on auto loans were the only category to post an increase from the previous month, increasing from 1.03 percent in May to 1.04 percent in June.

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices, stated, “June 2012 data continued a positive trend in consumer credit quality. Consumer default rates are falling and we are approaching new lows across most loan types. In the last recession most default rates peaked in the spring of 2009; since then the decline has been bumpy but consistent.”

Four out of the five Metropolitan Statistical Areas (MSAs) saw default rates decline in the monthly Indices with Los Angeles posting the largest decline in default rates, falling 0.22 percentage points to 1.60 percent in June from 1.82 percent in May. In June 2011, the default rate in Los Angeles was 2.17 percent.

Miami posted the second largest decline, falling 0.11 percentage points to 2.44 percent in June from 2.55 percent in May which is the lowest default rate for the region since October 2006. A year ago the default rate in Miami was 5.41 percent.

The default rate in Dallas hit an eight year low, declining by 0.07 percentage points to 0.87 percent in June from 0.94 percent in May and was also down from a year earlier when the default rate stood at 1.59 percent.

The smallest decline in default rates was recorded in Chicago, which fell a modest 0.01 percentage points to 1.84 percent from 1.85 percent in May, but good enough to put the default rate in the area at its lowest level since August of 2007. In June 2011, the default rate in Chicago was 2.59 percent.

New York was the only area which saw an increase in default rates, rising by 0.03 percentage points to 1.64 in June from 1.61 in May. A year ago the default rate in New York was 1.82 percent.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P/Experian

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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July 18, 2012 (Jeff Alan)

Default rates on first and second mortgages fell to five and eight year lows in June helping to push the S&P/Experian Consumer Credit Default Indices national composite down from 1.62 percent in May to 1.52 percent in June.

First mortgage default rates fell from 1.50 percent in May to 1.41 percent in June, the lowest rates in five years. It was the sixth consecutive month that first mortgage default rates have declined. Default rates on second mortgages also declined last month, falling from 0.88 percent in May to 0.73 percent in June, the lowest level for second mortgages in eight years.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in June of that year, followed several months later by first mortgage defaults which peaked at 5.67 percent in August of the same year.

A year ago, the default rate on first mortgages was 2.02 percent, and for second mortgages, the default rate was 1.40 percent.

Default rates on bank cards also declined, falling from 4.35 percent in May to 3.97 percent in June, while default rates on auto loans were the only category to post an increase from the previous month, increasing from 1.03 percent in May to 1.04 percent in June.

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices, stated, “June 2012 data continued a positive trend in consumer credit quality. Consumer default rates are falling and we are approaching new lows across most loan types. In the last recession most default rates peaked in the spring of 2009; since then the decline has been bumpy but consistent.”

Four out of the five Metropolitan Statistical Areas (MSAs) saw default rates decline in the monthly Indices with Los Angeles posting the largest decline in default rates, falling 0.22 percentage points to 1.60 percent in June from 1.82 percent in May. In June 2011, the default rate in Los Angeles was 2.17 percent.

Miami posted the second largest decline, falling 0.11 percentage points to 2.44 percent in June from 2.55 percent in May which is the lowest default rate for the region since October 2006. A year ago the default rate in Miami was 5.41 percent.

The default rate in Dallas hit an eight year low, declining by 0.07 percentage points to 0.87 percent in June from 0.94 percent in May and was also down from a year earlier when the default rate stood at 1.59 percent.

The smallest decline in default rates was recorded in Chicago, which fell a modest 0.01 percentage points to 1.84 percent from 1.85 percent in May, but good enough to put the default rate in the area at its lowest level since August of 2007. In June 2011, the default rate in Chicago was 2.59 percent.

New York was the only area which saw an increase in default rates, rising by 0.03 percentage points to 1.64 in June from 1.61 in May. A year ago the default rate in New York was 1.82 percent.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P/Experian

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

July 18, 2012 (Jeff Alan)

Default rates on first and second mortgages fell to five and eight year lows in June helping to push the S&P/Experian Consumer Credit Default Indices national composite down from 1.62 percent in May to 1.52 percent in June.

First mortgage default rates fell from 1.50 percent in May to 1.41 percent in June, the lowest rates in five years. It was the sixth consecutive month that first mortgage default rates have declined. Default rates on second mortgages also declined last month, falling from 0.88 percent in May to 0.73 percent in June, the lowest level for second mortgages in eight years.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in June of that year, followed several months later by first mortgage defaults which peaked at 5.67 percent in August of the same year.

A year ago, the default rate on first mortgages was 2.02 percent, and for second mortgages, the default rate was 1.40 percent.

Default rates on bank cards also declined, falling from 4.35 percent in May to 3.97 percent in June, while default rates on auto loans were the only category to post an increase from the previous month, increasing from 1.03 percent in May to 1.04 percent in June.

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices, stated, “June 2012 data continued a positive trend in consumer credit quality. Consumer default rates are falling and we are approaching new lows across most loan types. In the last recession most default rates peaked in the spring of 2009; since then the decline has been bumpy but consistent.”

Four out of the five Metropolitan Statistical Areas (MSAs) saw default rates decline in the monthly Indices with Los Angeles posting the largest decline in default rates, falling 0.22 percentage points to 1.60 percent in June from 1.82 percent in May. In June 2011, the default rate in Los Angeles was 2.17 percent.

Miami posted the second largest decline, falling 0.11 percentage points to 2.44 percent in June from 2.55 percent in May which is the lowest default rate for the region since October 2006. A year ago the default rate in Miami was 5.41 percent.

The default rate in Dallas hit an eight year low, declining by 0.07 percentage points to 0.87 percent in June from 0.94 percent in May and was also down from a year earlier when the default rate stood at 1.59 percent.

The smallest decline in default rates was recorded in Chicago, which fell a modest 0.01 percentage points to 1.84 percent from 1.85 percent in May, but good enough to put the default rate in the area at its lowest level since August of 2007. In June 2011, the default rate in Chicago was 2.59 percent.

New York was the only area which saw an increase in default rates, rising by 0.03 percentage points to 1.64 in June from 1.61 in May. A year ago the default rate in New York was 1.82 percent.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
S&P/Experian

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.