Freddie Mac: Mortgage Serious Delinquency Rate declined in February

Freddie Mac reported that the Single-Family serious delinquency rate in February was 0.65%, down from 0.66% January. Freddie's rate is down year-over-year from 0.99% in February 2022.

Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.

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

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Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.

The serious delinquency rate was at 0.60% just prior to the pandemic; this is almost back to that level.

Note that multi-family delinquencies have been increasing and were at 0.13% in February, up from 0.08% in February 2022.

Fannie Mae reported earlier.