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Default Rates on First Mortgages Rise for Second Consecutive Month
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You're Now Reading:
Default Rates on First Mortgages Rise for Second Consecutive Month
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Default Rates on First Mortgages Rise for Second Consecutive Month
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November 17, 2011 (Jeff Alan)

Monthly default rates on first mortgages rose for the second consecutive month in October according to the latest S&P/Experian Consumer Credit Default Indices, while the default rates on all other types of loans declined during the month.

Default rates on first mortgages increased from 1.99 percent in September to 2.08 percent in October, while default rates on second mortgages declined from 1.32 percent in September to 1.29 percent in October.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in March, followed several months later by first mortgage defaults which peaked at 5.67 percent in August.

Default rates on auto loans improved in October with rates decreasing slightly to 1.22 percent in October, down from 1.29 percent in September, while default rates on bank cards improved the most, decreasing from 5.36 percent in September to 4.85 percent in October.

“This month’s data show how much weight first mortgage default rates have in the national composite, about 84%,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “Auto loan, second mortgages and especially bank cards all saw pretty significant drops in their default rates. However, the national composite rose with first mortgages. Home purchases are obviously very large investments, so first mortgage loans are substantially larger than any other consumer loan type. Consequently, when such a loan goes into default it is more serious from the perspective of the consumer’s overall financial status than the others. This is the second time we have seen the rates go up for first mortgages since November 2010.”

Three of the five Metropolitan Statistical Areas (MSAs) posted increases in their month-over-month default rates in stark contrast to last month when four out of the five MSAs posted declines in their default rates.

Chicago posted the largest default rate increase in the monthly Index, moving up 0.17 percentage points to 2.64 in October from 2.47 percent in September. New York followed with an increase of 0.8 percentage points to 2.09 percent in October, up from 2.01 percent in September, and the default rate in Los Angeles increased 0.3 percentage points to 2.15 in October, up from 2.12 percent in September.

Miami posted the largest decline in monthly default rates, falling 0.43 percentage points to 4.16 percent in October, down from 4.59 percent in September. Dallas posted a slight decline in their default rate, falling 0.03 percentage points to 1.30 percent in October, down from 1.33 percent in September.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Experian

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Tips
Home Selling
Tips
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Mortgages
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Calculator
Mortgage
Rates

November 17, 2011 (Jeff Alan)

Monthly default rates on first mortgages rose for the second consecutive month in October according to the latest S&P/Experian Consumer Credit Default Indices, while the default rates on all other types of loans declined during the month.

Default rates on first mortgages increased from 1.99 percent in September to 2.08 percent in October, while default rates on second mortgages declined from 1.32 percent in September to 1.29 percent in October.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in March, followed several months later by first mortgage defaults which peaked at 5.67 percent in August.

Default rates on auto loans improved in October with rates decreasing slightly to 1.22 percent in October, down from 1.29 percent in September, while default rates on bank cards improved the most, decreasing from 5.36 percent in September to 4.85 percent in October.

“This month’s data show how much weight first mortgage default rates have in the national composite, about 84%,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “Auto loan, second mortgages and especially bank cards all saw pretty significant drops in their default rates. However, the national composite rose with first mortgages. Home purchases are obviously very large investments, so first mortgage loans are substantially larger than any other consumer loan type. Consequently, when such a loan goes into default it is more serious from the perspective of the consumer’s overall financial status than the others. This is the second time we have seen the rates go up for first mortgages since November 2010.”

Three of the five Metropolitan Statistical Areas (MSAs) posted increases in their month-over-month default rates in stark contrast to last month when four out of the five MSAs posted declines in their default rates.

Chicago posted the largest default rate increase in the monthly Index, moving up 0.17 percentage points to 2.64 in October from 2.47 percent in September. New York followed with an increase of 0.8 percentage points to 2.09 percent in October, up from 2.01 percent in September, and the default rate in Los Angeles increased 0.3 percentage points to 2.15 in October, up from 2.12 percent in September.

Miami posted the largest decline in monthly default rates, falling 0.43 percentage points to 4.16 percent in October, down from 4.59 percent in September. Dallas posted a slight decline in their default rate, falling 0.03 percentage points to 1.30 percent in October, down from 1.33 percent in September.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Experian

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

November 17, 2011 (Jeff Alan)

Monthly default rates on first mortgages rose for the second consecutive month in October according to the latest S&P/Experian Consumer Credit Default Indices, while the default rates on all other types of loans declined during the month.

Default rates on first mortgages increased from 1.99 percent in September to 2.08 percent in October, while default rates on second mortgages declined from 1.32 percent in September to 1.29 percent in October.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in March, followed several months later by first mortgage defaults which peaked at 5.67 percent in August.

Default rates on auto loans improved in October with rates decreasing slightly to 1.22 percent in October, down from 1.29 percent in September, while default rates on bank cards improved the most, decreasing from 5.36 percent in September to 4.85 percent in October.

“This month’s data show how much weight first mortgage default rates have in the national composite, about 84%,” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices. “Auto loan, second mortgages and especially bank cards all saw pretty significant drops in their default rates. However, the national composite rose with first mortgages. Home purchases are obviously very large investments, so first mortgage loans are substantially larger than any other consumer loan type. Consequently, when such a loan goes into default it is more serious from the perspective of the consumer’s overall financial status than the others. This is the second time we have seen the rates go up for first mortgages since November 2010.”

Three of the five Metropolitan Statistical Areas (MSAs) posted increases in their month-over-month default rates in stark contrast to last month when four out of the five MSAs posted declines in their default rates.

Chicago posted the largest default rate increase in the monthly Index, moving up 0.17 percentage points to 2.64 in October from 2.47 percent in September. New York followed with an increase of 0.8 percentage points to 2.09 percent in October, up from 2.01 percent in September, and the default rate in Los Angeles increased 0.3 percentage points to 2.15 in October, up from 2.12 percent in September.

Miami posted the largest decline in monthly default rates, falling 0.43 percentage points to 4.16 percent in October, down from 4.59 percent in September. Dallas posted a slight decline in their default rate, falling 0.03 percentage points to 1.30 percent in October, down from 1.33 percent in September.

Tags: S&P, Experian, Consumer Credit Default Indices, mortgage default rates, auto loan default rates, bank card default rates

Source:
Experian

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.