Mortgage delinquencies fell sharply in May.

A survey by the U.S. League of Savings Institutions found that 1.68% of residential loans held by 900 savings institutions were 60 or more days overdue. That figure compares to 1.99% in April and 2.22% in January. The league bases its rates on the dollar amounts of overdue loans. For adjustable-rate mortgages, where some analysts feared a rash of delinquencies as rates moved up from introductory levels to market rates, the delinquency rate was 1.31%, down from 1.72% in April. The delinquency figure for fixed-rate loans was 1.88% in May, down from 2.18% in April.