The housing market continues its slow trudge toward recovery, as the latest Black Knight Financial Services’ First Look at March 2016 mortgage data shows several indices reaching new record lows.
Mortgage delinquencies dropped by 8% in March, with the national rate hitting 4.08%, marking the lowest level since March 2007. The last Back Knight report posted that the mortgage delinquency rate declined to its lowest level since April 2007.
The rate of 30-day delinquencies is also fairing well, and at just less than 2%, it's the lowest level seen in well over 15 years.
Meanwhile, thanks to declining mortgage interest rates, prepayment speeds, historically a good indicator of refinance activity, were up 46% from February.
Freddie Mac’s latest Primary Mortgage Market Survey posted that mortgage rates are near the lowest level of the year.
March foreclosure starts posted the lowest level seen since last July, falling by 14% from last month to 72,700.
Here’s the info in a chart from Black Knight:
Click the chart to enlarge
(Source: Black Knight)
