It looks as though escalating past due mortgages may be a thing of the past for the Federal Housing Administration (FHA). The federal mortgage insurer’s delinquency rate dropped again in April, marking the third straight month of declines.
According to FHA’s latest operations report, as of April 30, 527,504 mortgages had spent at least 90 days in a delinquent status, yielding a serious default rate of 8.5 percent. That’s down from 8.8 percent in March and 9.2 percent in February.
The FHA is not the only government-backed mortgage business to see its delinquencies drop off. Fannie Mae said last week that the percentage of its loans 90 or more days past due dropped 7 basis points to 5.47 percent, while…
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