Latest Updates

• ICE First Look at Mortgage Performance: August 2025 2025-09-24 14:00

  Key takeaways from this month’s findings include:

  • The national delinquency rate rose by 16 basis points (bps) in August to 3.43%, up 10 bps from the same time last year, marking a return to annual increases after temporary reprieves in June and July.
  • Mortgage delinquencies typically face little seasonal pressure from July to August, but the last day of August 2025 falling on a Sunday resulted in delayed processing and temporarily higher delinquency rolls. For instance, August 2003, 2008, and 2014 also ended on a Sunday, each experiencing a delinquency rise averaging 5.3%. This is similar to the 5.0% rise observed this year – suggesting that much of August’s delinquency rise may have been driven by the way the calendar fell.
  • FHA loans continue to see the largest annual increases, with the non-current rate (delinquencies including foreclosures) up by 86 bps to 12.0% in August, while the non-current rates for VA, GSE, and portfolio-held mortgages remained effectively flat year over year.
  • Serious delinquencies (loans 90+ days past due but not in foreclosure) rose by 16,000 in August and are up 32,000 year over year, while loans in active foreclosure increased by 3,000 for the month and 23,000 since last year.
  • Foreclosure starts rose year-over-year (+6%) for the ninth consecutive month, and foreclosure sales (+22.5%) are up from the same time last year for the sixth consecutive month, contributing to a 12.3% annual increase in foreclosure inventory.
  • Inflows and transitions to later stages of delinquency increased across the board, while cures to current from both early- and late-stage delinquency fell.
  • August prepayment activity slipped by 1 bp to a 0.66% single month mortality (SMM) rate, reflecting seasonal home buying patterns and relatively steady interest rates in July.

  

  

  

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• ICE First Look at Mortgage Performance: July 2025 2025-08-22 14:00

  Key takeaways from the ICE First Look include:

  • National delinquency rate: The delinquency rate fell by eight basis points (bps) in July to 3.27%, a 9-basis-point improvement year over year (YoY) and still 58 basis points below its 2019 levels.
  • Serious delinquencies: Loans 90+ days past due but not in foreclosure held steady overall. Also, while serious delinquencies are up 30,000 YoY, it is the smallest annual increase since November, as the impacts from recent wildfires and last year’s hurricanes continue to fade.
  • FHA delinquencies: FHA loans remain the primary driver of stress in the market. While FHA delinquencies ticked down by 5 basis points in July, they are still 15 basis points above year-ago levels and now account for the majority (52%) of serious delinquencies nationwide.
  • Foreclosure activity: Foreclosure inventory rose 10% YoY, with starts increasing annually for eight straight months and foreclosure sales up in each of the past five months. Even so, the national foreclosure rate remains 35% below pre-pandemic norms.
  • Prepayment activity: Prepayments edged up slightly to 0.67% in July on a modest improvement in rates and are up more than 12% from a year ago.

  

  

  

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• ICE First Look at Mortgage Performance: June 2025 2025-07-24 14:00

  Key takeaways from the ICE First Look, which reports on month-end delinquency, foreclosure and prepayment statistics sourced from ICE’s loan-level database, include:

  • The national delinquency rate rose by 15 basis points (bps) from May to 3.35% driven by early-stage delinquencies.
  • FHA delinquencies, which tend to experience more seasonality, rose by 41 bps in the month, hitting their highest June level since 2013, excluding the 2020-2021 pandemic-era impact.
  • Serious delinquencies (SDQs) – loans 90+ days past due but not in foreclosure – held steady but are up +8% (35K) YoY, with FHA loans now accounting for +51% of all SDQs nationwide.
  • Foreclosure activity continues to rise off pandemic-era lows with the share of loans in active foreclosure up +10% from the same time last year. Foreclosure starts and sales both rose YoY in each of the past four months.
  • Prepayment activity, measured in single month mortality, slipped by 6 bps to 0.65% on higher rates, although it remains up +22% from the same time last year.

  

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• ICE First Look at Mortgage Performance: May 2025 2025-06-20 14:00

  The ICE First Look reports on month-end delinquency, foreclosure and prepayment statistics sourced from its loan-level database, which covers a majority of the U.S. mortgage market. Key takeaways from this month’s findings include:

  • The national delinquency rate ticked down 2 basis points (bps) to 3.20% in May, though it is up 5.2% (16 bps) year over year (YoY).
  • Serious delinquencies – loans 90+ days past due but not in foreclosure – improved seasonally for the fifth consecutive month, but are still up 56K (14%) from the same time last year.
  • Disaster-related delinquencies also improved, with those related to the 2024 hurricane season falling by nearly 5K (26%) month over month (MoM) and Los Angeles wildfire-related delinquencies falling by a more modest 9% MoM.
  • Foreclosure starts and active foreclosure inventories climbed YoY, with May’s 7K foreclosure sales marking the largest single-month volume in more than two years.
  • Prepayment activity, as measured by single month mortality, inched up to 0.71%, the highest level since October 2024, driven by a seasonal rise in home sale-related prepayments. Prepayments were up 23.4% YoY.

  

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• ICE First Look at Mortgage Performance: April 2025 2025-05-23 14:00

  
• ICE First Look at Mortgage Performance: March 2025 2025-04-24 14:00