Consumer Loan Defaults Hit New Lows while Mortgage Defaults Rise

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Posted To: MND NewsWire

Default rates for first mortgage loans increased in both October and November according to the S&P Dow Jones Indices and Experian. The increases drove the national default rate up from a post recession low reached in September despite continued improvements in the performance of second mortgage, credit card, and auto loans. The national composite index increased from 1.46 percent in September to 1.55 percent in October and 1.64 percent in November. First mortgages had also hit a post-recession low in September of 1.36 percent but rose 11 basis points in October and reached 1.48 percent in November. In contrast auto loan defaults rates dropped from 1.14 percent in October to 1.09 percent in November and second mortgages decreased slightly from 0.65 percent in October to 0.62 percent, a historic...(read more)

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Source: www.mortgagenewsdaily.com

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