Mortgage Delinquency Hold Steady in September 2023

The national mortgage delinquency rate held steady at 2.8% in September 2023, according to the Mortgage Bankers Association's National Delinquency Survey. This is still well below the pre-pandemic level of 6.1% in September 2020.

The delinquency rate for loans that are 30 days or more past due but not yet in foreclosure was 2.5% in September 2023, unchanged from August 2023. The delinquency rate for loans that are 90 days or more past due but not yet in foreclosure was 0.3% in September 2023, down from 0.4% in August 2023.

Mortgage Delinquency Hold Steady in September 2023

The increase in mortgage delinquencies is a warning sign, but it is not yet a cause for alarm. The delinquency rate is still well below pre-pandemic levels, and the housing market remains strong. However, it is important to monitor the situation closely, as the delinquency rate could continue to rise if the economy weakens or interest rates continue to increase.

Here is a table that compares the mortgage delinquency rates in September 2023 to the delinquency rates in previous years:

​Year	Month	Mortgage Delinquency Rate
2023	September	2.8%
2023	August	2.8%
2023	July	2.8%
2023	June	2.7%
2023	May	2.6%

The mortgage delinquency rate has been holding steady since the beginning of the year. This is a positive sign, as it suggests that the housing market is not yet experiencing widespread financial distress. However, it is important to note that the delinquency rate could start to rise if the economy weakens or interest rates continue to increase.

It is important to stay proactive if you are facing financial challenges. By taking action early, you can avoid falling behind on your mortgage payments and potentially losing your home. If you are concerned about your ability to make your mortgage payments, there are a few things you can do. First, contact your lender and let them know about your situation. They may be able to work with you to create a payment plan or modify your loan terms. You can also consider refinancing your mortgage to a lower interest rate.

I hope this is helpful. Let me know if you have any other questions.