WASHINGTON—Consumers are paying their mortgages on time at a rate not seen since pre-recession.
According to the Mortgage Bankers Association's latest National Delinquency Survey, late payments on U.S. mortgages fell in the third quarter to their lowest in nearly seven years, Reuters reported.
The delinquency rate on home loans decreased to 5.85% on a seasonally adjusted basis in the third quarter—falling for six straight quarters to its lowest point since the fourth quarter of 2007, the survey showed.
The share of mortgages in the foreclosure process at the end of the third quarter was 2.39%, down 10 basis points from the second quarter and 69 basis points lower than one year ago. This was the lowest foreclosure inventory rate seen since the fourth quarter of 2007, the MBA said.
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