ICE: Mortgage Performance Remains Strong in May First Look

(Image courtesy of ICE)

Intercontinental Exchange, Atlanta, released a first look at May mortgage data, finding the national delinquency rate fell to the second lowest point on record.

The rate fell 6 basis points year-over-year to 3.04%. The only lower mark was achieved in March 2023, when the national delinquency rate stood at 2.92%.

Foreclosure starts were down 6.5% from April; ICE noted active foreclosure inventory was at the lowest level since pandemic-era moratoria were lifted at the beginning of 2022.

The number of mortgage-holders in active foreclosure remains 32% below pre-pandemic levels.

Serious delinquencies (loans that are 90+ days past due but not yet in foreclosure) continued to improve for the fifth straight month.

The number of mortgage holders who have  missed a single payment dropped by 19,000, but 60-day delinquencies were up 4,000 from April.

The monthly pre-payment rate, at 0.58%, was the highest level since September 2022.

The top five states by noncurrent percentage were Mississippi at 7.41%, Louisiana at 7.25%, Alabama at 5.19%, Indiana at 4.77% and West Virginia at 4.68%.

The bottom five states by non-current percentage were Colorado, at 1.83%, Washington at 1.83%, Montana at 1.87%, Idaho at 1.89% and California at 1.97%.