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Loan Default Rates Continue Downward Trend
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You're Now Reading:
Loan Default Rates Continue Downward Trend
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.
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Loan Default Rates Continue Downward Trend
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October 30, 2012 (Jeff Alan)

Default rates for most consumer loan types continued their downward trend in September helping to push the S&P/Experian Consumer Credit Default Indices national composite down to 1.46 percent from 1.50 percent in August, a post recession low.

First mortgage default rates moved lower again last month, falling from 1.40 percent in August to 1.36 percent in September. It was the ninth consecutive month that first mortgage default rates have either declined or remained unchanged from the previous month.

Default rates on second mortgages also declined, falling from 0.72 percent in August to 0.64 percent in September. Second mortgage default rates were at their lowest level in over eight years.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in September of that year, followed several months later by first mortgage defaults which peaked at 5.67 percent in September of the same year.

A year ago, the default rate on first mortgages was 1.99 percent, and for second mortgages, the default rate was 1.32 percent.

Default rates on bank cards also continued to decline, falling from 3.77 percent in August to 3.70 percent in September, while for the second consecutive month, default rates on auto loans were the only category in the Index to see a monthly increase, climbing from 1.09 percent in August to 1.11 percent in September.

Last year at this time, the default rate for bank cards was 5.36 percent while auto loans had a default rate of 1.29 percent.

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices, stated, “We think it is very fair to say that 2012 has proven to be a period of financial repair for consumers. Consumers’ financial condition continues to improve as witnessed by these declining credit default rates.

All five of the Metropolitan Statistical Areas (MSAs) saw their composite default rate decline in the monthly Indices. New York posted the largest decline, falling 0.21 percentage points to 1.28 percent in September from 1.49 percent in August. A year ago the composite default rate in New York was 2.01 percent.

New York was followed by Los Angeles which saw its default rate fall 0.15 percentage points to 1.45 percent from 1.60 percent in August. The composite default rate in Los Angeles was 2.12 percent a year ago.

Miami saw its default rate improve by 0.14 percentage points, falling from 2.62 percent in August to 2.48 percent in September. Last year the composite default rate in Miami was 4.59 percent.

The default rate in Chicago fell 0.10 percentage points in September, declining from 1.92 percent in August to 1.82 percent. A year ago the composite default rate in Chicago was 2.47 percent.

Dallas posted the smallest decline in default rates, 0.04 percentage points, falling from 1.07 percent to 1.03 percent in September. Last year, Dallas also had the lowest composite default rate of 1.33 percent.

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

Source:
S&P/Experian

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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
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Rates

October 30, 2012 (Jeff Alan)

Default rates for most consumer loan types continued their downward trend in September helping to push the S&P/Experian Consumer Credit Default Indices national composite down to 1.46 percent from 1.50 percent in August, a post recession low.

First mortgage default rates moved lower again last month, falling from 1.40 percent in August to 1.36 percent in September. It was the ninth consecutive month that first mortgage default rates have either declined or remained unchanged from the previous month.

Default rates on second mortgages also declined, falling from 0.72 percent in August to 0.64 percent in September. Second mortgage default rates were at their lowest level in over eight years.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in September of that year, followed several months later by first mortgage defaults which peaked at 5.67 percent in September of the same year.

A year ago, the default rate on first mortgages was 1.99 percent, and for second mortgages, the default rate was 1.32 percent.

Default rates on bank cards also continued to decline, falling from 3.77 percent in August to 3.70 percent in September, while for the second consecutive month, default rates on auto loans were the only category in the Index to see a monthly increase, climbing from 1.09 percent in August to 1.11 percent in September.

Last year at this time, the default rate for bank cards was 5.36 percent while auto loans had a default rate of 1.29 percent.

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices, stated, “We think it is very fair to say that 2012 has proven to be a period of financial repair for consumers. Consumers’ financial condition continues to improve as witnessed by these declining credit default rates.

All five of the Metropolitan Statistical Areas (MSAs) saw their composite default rate decline in the monthly Indices. New York posted the largest decline, falling 0.21 percentage points to 1.28 percent in September from 1.49 percent in August. A year ago the composite default rate in New York was 2.01 percent.

New York was followed by Los Angeles which saw its default rate fall 0.15 percentage points to 1.45 percent from 1.60 percent in August. The composite default rate in Los Angeles was 2.12 percent a year ago.

Miami saw its default rate improve by 0.14 percentage points, falling from 2.62 percent in August to 2.48 percent in September. Last year the composite default rate in Miami was 4.59 percent.

The default rate in Chicago fell 0.10 percentage points in September, declining from 1.92 percent in August to 1.82 percent. A year ago the composite default rate in Chicago was 2.47 percent.

Dallas posted the smallest decline in default rates, 0.04 percentage points, falling from 1.07 percent to 1.03 percent in September. Last year, Dallas also had the lowest composite default rate of 1.33 percent.

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

Source:
S&P/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.

October 30, 2012 (Jeff Alan)

Default rates for most consumer loan types continued their downward trend in September helping to push the S&P/Experian Consumer Credit Default Indices national composite down to 1.46 percent from 1.50 percent in August, a post recession low.

First mortgage default rates moved lower again last month, falling from 1.40 percent in August to 1.36 percent in September. It was the ninth consecutive month that first mortgage default rates have either declined or remained unchanged from the previous month.

Default rates on second mortgages also declined, falling from 0.72 percent in August to 0.64 percent in September. Second mortgage default rates were at their lowest level in over eight years.

Mortgage default rates have been steadily declining since 2009 when second mortgage default rates peaked at 4.66 percent in September of that year, followed several months later by first mortgage defaults which peaked at 5.67 percent in September of the same year.

A year ago, the default rate on first mortgages was 1.99 percent, and for second mortgages, the default rate was 1.32 percent.

Default rates on bank cards also continued to decline, falling from 3.77 percent in August to 3.70 percent in September, while for the second consecutive month, default rates on auto loans were the only category in the Index to see a monthly increase, climbing from 1.09 percent in August to 1.11 percent in September.

Last year at this time, the default rate for bank cards was 5.36 percent while auto loans had a default rate of 1.29 percent.

David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Indices, stated, “We think it is very fair to say that 2012 has proven to be a period of financial repair for consumers. Consumers’ financial condition continues to improve as witnessed by these declining credit default rates.

All five of the Metropolitan Statistical Areas (MSAs) saw their composite default rate decline in the monthly Indices. New York posted the largest decline, falling 0.21 percentage points to 1.28 percent in September from 1.49 percent in August. A year ago the composite default rate in New York was 2.01 percent.

New York was followed by Los Angeles which saw its default rate fall 0.15 percentage points to 1.45 percent from 1.60 percent in August. The composite default rate in Los Angeles was 2.12 percent a year ago.

Miami saw its default rate improve by 0.14 percentage points, falling from 2.62 percent in August to 2.48 percent in September. Last year the composite default rate in Miami was 4.59 percent.

The default rate in Chicago fell 0.10 percentage points in September, declining from 1.92 percent in August to 1.82 percent. A year ago the composite default rate in Chicago was 2.47 percent.

Dallas posted the smallest decline in default rates, 0.04 percentage points, falling from 1.07 percent to 1.03 percent in September. Last year, Dallas also had the lowest composite default rate of 1.33 percent.

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

Source:
S&P/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.