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FHA Leads in Overdues.
Overall, delinquencies edged up a bit in the second quarter of this year, according to the MBA. But some loan types faired better - and worse - than others.
The Federal Housing Admin-istration delinquency rate jumped up after cooling off in the first quarter, while subprime delinquencies continued to decline nicely.
So much so, in fact, that the FHA delinquency rate now has exceeded the subprime delinquency rate for three consecutive quarters.
In addition, the subprime credit quality share of the mortgage market seems to be growing, according to Douglas Duncan, chief economist of the MBA.
But most of the news is good in the subprime credit market. Subprime delinquencies fell dramatically in the second quarter. The delinquency rate among lenders servicing the subprime market fell 115 basis points between the first and second quarters and stood at 10.04% at June 30. The subprime delinquency rate was 295 basis points lower than it had been a year earlier.
By contrast, the Federal Housing Administration delinquency rate bounced back up 84 basis points in the second quarter to 12.52% in the second quarter. The MBA was quick to point out that the FHA delinquency rate fell sharply in the first quarter and remains slightly lower from a year earlier.
The FHA delinquency rate has exce-eded the subprime delinquency rate for three quarters.
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