Freddie Mac reported that the Single-Family serious delinquency rate in September was 0.61%, unchanged from 0.61% in August. Freddie’s rate is down from 0.73% in September 2018.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20%.
This matches the last two months as the lowest serious delinquency rate for Freddie Mac since November 2007.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
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I expect the delinquency rate to decline to a cycle bottom in the 0.4% to 0.6% range – so this is close to a bottom.
Note: Fannie Mae will report for September soon.