The number of home loans that fell seriously behind increased sharply in December according to new data released this week. In total, 60,000 mortgages became delinquent by more than 90 days last month – an increase on both a month-over-month and year-over-year basis.
According to Black Night, a real estate data analytics firm, there are currently 726,000 mortgages nationwide considered to be seriously past due. The report attributes the increase to Hurricanes Harvey and Irma which ravished parts of Texas and most of Florida last fall. Black Night ties 143,000 90-plus delinquencies directly to the hurricanes, roughly 20 percent of all past due mortgages in the nation.
Overall, there are 2.4 million properties that are 30 days or more past due but not in foreclosure. Historically low interest rates can offer current homeowners an opportunity to refinance into a more manageable monthly payment. Conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent while 15-year rates are near 3.5 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.