Freddie Mac: Mortgage Serious Delinquency Rate unchanged in August

Freddie Mac reported that the Single-Family serious delinquency rate in August was 0.61%, unchanged from 0.61% in July. Freddie's rate is down from 0.73% in August 2018.

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

This matches last month as 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". 

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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 August soon.