by Calculated Risk on 7/31/2017 04:58:00 PM

Fannie Mae reported that the Single-Family Serious Delinquency rate declined to 1.01% in June, from 1.04% in May. The serious delinquency rate is down from 1.32% in June 2016.

This is the lowest serious delinquency rate since December 2007.

These are mortgage loans that are "three monthly payments or more past due or in foreclosure". 

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.

Click on graph for larger image

Although the rate is declining, the "normal" serious delinquency rate is somewhat under 1%. 

The Fannie Mae serious delinquency rate has fallen 0.31 percentage points over the last year, and at that rate of improvement, the serious delinquency rate should be below 1% next month.

Note: Freddie Mac reported earlier.