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Mortgage delinquencies decline, while rates tick higher

Posted on Friday, November 8, 2013 at 11:03:50 AM

Conditions in the housing market have been up and down as of late. As a whole, the segment has been rebounding, and residential financing is still an affordable option for many.

A recent report by the Mortgage Bankers Association noted that the delinquency rate for mortgage loans had dropped by the end of the third quarter, now at a seasonally adjusted annual rate of 6.41 percent.

These include all loans at least one payment past due, but not those in foreclosure. The number of homes that had started that process was also down, 3.08 percent lower compared to the second quarter and the lowest it has been since 2008.

In addition, residential financing rates ticked up slightly for the week ending Nov. 7, according to the Freddie Mac Primary Mortgage Market Survey. 

"Fixed mortgage rates rebounded slightly this week on more positive economic data releases," said Frank Nothaft, vice president and chief economist for Freddie Mac. "Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the non-manufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Chicago to Milwaukee to New York."

The 30-year fixed-rate mortgage averaged 4.16 percent, up from last week's 4.10 percent.