by Calculated Risk on 8/26/2019 04:35:00 PM

Freddie Mac reported that the Single-Family serious delinquency rate in July was 0.61%, down from 0.63% in June. Freddie's rate is down from 0.78% in July 2018.

Freddie's serious delinquency rate peaked in February 2010 at 4.20%.

This is the lowest serious delinquency rate for Freddie Mac since November 2007.

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

Click on graph for larger image

I expect the delinquency rate to decline to a cycle bottom in the 0.4% to 0.6% range - so this is close to a bottom.

Note: Fannie Mae will report for July soon.