Late-Payment Rate on Mortgages Falls

August 6, 2013
Associated Press 
mortgage lending news

Late-pays on home loans were down substantially in the second quarter from the same time last year, according to TransUnion, which reported a more than 25-percent slide in the share of borrowers two months or more in the red. The delinquency rate narrowed to 4.09 percent for the April-to-June period, an improvement from 4.56 percent in the first quarter and from 5.49 percent in the 2012 second quarter. TransUnion attributes the lower rate of delinquency to home price appreciation and low mortgage rates that make it easier for borrowers to lower their monthly obligation through a refinance.
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