Third-quarter mortgage delinquencies declined.
The number of people 30 days or more late with their home mortgage payments during the quarter dropped to 5.64%, down from the second quarter’s 5.81%, the Mortgage Bankers Assn. said. Since April, the rate has dropped from 6.19%, the largest two-quarter drop since 1953. Lower interest rates, tighter loan eligibility standards and better servicing of loans by lenders are credited for the improvement.
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