Mortgage Defaults: A Sign of Shifting Market Trends

Mortgage Defaults: A Sign of Shifting Market Trends

Mortgage defaults are beginning to occur in the market, according to a broker. This is an indication that the trend is shifting.

Mortgage Default Trends

Recent data from the Federal Reserve shows that mortgage defaults have been on a steady decline since 2010. In the first quarter of 2020, the rate of mortgage defaults was at its lowest level in over 10 years, with only 0.4% of mortgages being delinquent. This is a significant improvement from the peak of 11.5% in 2010. The trend is expected to continue as more people are able to make their payments due to improved economic conditions and low interest rates. Additionally, government programs such as forbearance and loan modifications have helped many borrowers stay current on their mortgages during this difficult time.
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