The consumer default rate on first mortgages declined by six basis points in February from January and by 43 basis points when compared with February 2011, the S&P/Experian Consumer Credit Default Indices showed.

David M. Blitzer, managing director and chairman of the index committee for S&P Indices, said the decline in the first mortgage default rate to 2.02% for February brings it back to the lows seen last summer.

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