Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Mortgage Bankers Association shows the effects of the COVID-19 pandemic fading a bit in early delinquency numbers but surging within the more serious non-current categories.

The overall rate of loans 30 or more days past due increased during the second quarter to a seasonally adjusted 8.22 percent of all outstanding one-to-four-unit mortgages. This was up 386 basis points (bps) from the first quarter of the year and 369 bps year-over-year. MBA includes loans in forbearance in its delinquency numbers.

Looking at delinquencies by bucket shows a slight decline, 33 bps among loans 30-days or more past due to a 2.34 percent rate, reflecting fewer loans becoming delinquent. Loans 60 to 90 days past due, however, grew 138 basis points to 2.15 percent, the highest since MBA began collecting data in 1979. Serious delinquencies, loans more than 90 days past due soared 279 basis points to 3.72 percent, the highest since the third quarter of 2010, at the height of the housing crisis.

“The COVID-19 pandemic’s effects on some homeowners’ ability to make their mortgage payments could not be more apparent. The nearly 4 percentage point jump in the delinquency rate was the biggest quarterly rise in the history of MBA’s survey,” said Marina Walsh, MBA’s Vice President of Industry Analysis. “The second quarter results also mark the highest overall delinquency rate in nine years, and a survey-high delinquency rate for FHA loans.”

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