Freddie Mac: Mortgage Serious Delinquency rate increased slightly in October

Freddie Mac reported that the Single-Family serious delinquency rate increased in October to 1.03%, up from 1.02% in September.  Freddie's rate is down from 1.38% in October 2015.

This was the first month-to-month increase since January of this year, but the trend is still down.

Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

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

Click on graph for larger image

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

The Freddie Mac serious delinquency rate has fallen 0.35 percentage points over the last year, and at that rate of improvement, the serious delinquency rate could be below 1% in November or December.

Note: Fannie Mae will probably report tomorrow.