Fannie Mae Serious Delinquency rate declined in April, Freddie Mac unchanged

Fannie Mae reported that the Single-Family Serious Delinquency rate declined in April to 3.63%, down from 3.67% in March. The serious delinquency rate is down from 4.19% in April last year, and is at the lowest level since April 2009.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.

Freddie Mac reported that the Single-Family serious delinquency rate was unchanged at 3.51% in April. Freddie's rate is only down from 3.67% in April 2011. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

These are loans that are "three monthly payments or more past due or in foreclosure".

Click on graph for larger image

With the mortgage servicer settlement, I'd expect the delinquency rate to start to decline faster over the next year or so. I don't know why Fannie's delinquency rate is falling faster than for Freddie.

The "normal" serious delinquency rate is under 1%, so there is a long way to go.

Note: HUD also released the quarterly FHA Single-Family Mutual Mortgage Insurance Fund Programs report. This showed the FHA serious delinquency rate declined in Q1 to 9.4% from 9.6%, but this was probably just a seasonal decline.

Earlier employment posts:
• May Employment Report: 69,000 Jobs, 8.2% Unemployment Rate
• May Employment Summary and Discussion
• Employment Graphs