Fannie Mae, Freddie Mac: Mortgage Serious Delinquency rates declined in March

Fannie Mae reported that the Single-Family Serious Delinquency rate declined in March to 3.02% from 3.13% in February. The serious delinquency rate is down from 3.67% in March 2012, and this is the lowest level since February 2009.

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

Freddie Mac reported that the Single-Family serious delinquency rate declined in March to 3.03% from 3.15% in February. Freddie's rate is down from 3.51% in March 2012, and this is the lowest level since June 2009. Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

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

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Although this indicates some progress, the "normal" serious delinquency rate is under 1%. 

At the recent rate of improvement, the serious delinquency rate will not be under 1% until 2017 or later.