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Moody's: Jumbo Delinquencies Rise, Remain Historically Low.
NEW YORK -- For the third straight quarter, prime jumbo mortgage delinquency rates rose during the first quarter of 2007, according to a recent report from Moody's.
Moody's jumbo mortgage 60-plus-day delinquency rate index stands at 0.37% for the first quarter, compared to 0.29% in the first quarter 2006. Despite the rise, serious delinquencies continue to remain relatively low in historical terms.
The current level of serious delinquencies is comparable to that recorded by Moody's index in the latter half of 2003, although direct comparisons across time periods can be difficult due to changes in the composition of the index as well as the seasoning of the pools that are included.
Regardless, serious delinquencies have risen steadily over the past few quarters, reflecting in part a less favorable mortgage environment characterized by higher interest rates and a slower pace of home price appreciation.
A main factor in the index's deterioration is the performance of the 2006 ARM vintage, which at an early stage has registered performance similar to the 2001 ARM vintage, the first and so far weakest origination year included in the index.
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