Key takeaways from this month’s findings include:

• Delinquencies fell on a seasonal basis: The national delinquency rate declined by 37 basis points (bps) in March to 3.35%, in line with the typical seasonal improvement for the month, though still 14 basis points above last year.
• Prepayment activity climbed sharply: Prepayment speeds (SMM) rose 24 bps from February to 1.06%, the highest level in nearly four years and 78% above March 2025.
• Delinquency performance improved across the board: New delinquency inflow fell by 23% seasonally in March and was effectively flat from the same time last year with rolls to 60- and 90-day delinquency also improving in the month.
• Cure activity rebounded: Total cures rose to 547,000, up 27% from February, with cures on 90-plus day delinquent loans also posting a strong month-over-month increase.
• Non-current loan volumes declined but remained above last year: The number of loans 30-plus days past due or in foreclosure fell by 194,000 in March to 2.12 million but remained 8.2% above year-ago levels.
• Serious delinquencies and foreclosure inventories continued to rise: Despite March’s improvement, 154K more borrowers are 90 or more days past due, or in active foreclosure, compared to the same time last year, with foreclosure starts (+17%) and sales (+21%) also seeing noticeable increases from last year’s levels
• Foreclosure inventory hit highest level in 6 years: Active foreclosure inventory rose to 273,000 in March, up from 213,000 a year ago, marking the largest such volume since February 2020.