The number of delinquencies for mortgage loans climbed nationally during the third quarter of 2017. The Mortgage Bankers Association reports that overall delinquencies on one-to-four unit residential properties increased to 4.88 percent of all loans outstanding – up 36 basis points from last year.
The rate includes mortgages that are at least one month past due but not homes that are at any point within the foreclosure process. Mortgage delinquencies are used as a benchmark for the overall health of the housing market.
Meanwhile, homeowners are taking advantage of a dip in interest rates by refinancing. The MBA says total mortgage application volume climbed 3.1 percent last week driven by a six percent jump in refinances.
Locking in lower mortgage rates through a refinance can help homeowners stave off falling behind by lowering monthly payments. Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates near 3.25 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.