The Mortgage Bankers Association said yesterday that the latest National MBA Delinquency Survey showed a decrease in the deliquency rate for mortgage loans on one-to-four-unit residential properties. The delinquency rate for mortgage loans on the properties was 4.84% of all loans in 1Q07. The rate was down 11 basis points from 4Q06, and it rose 43 basis points from a year ago, the MBA said.
The delinquency rate does not include mortgages in the process of foreclosure. These mortgages were 1.28 % of all loans at the end of the first quarter, increasing by nine basis points from the 4Q06, and 30 basis points from one year ago.