The number of Americans late on their...

The number of Americans late on their mortgage payments fell to the second-lowest level of this decade during the first three months of the year, a trade group of lenders reported. The Mortgage Bankers Assn. said the number of mortgage payments late by 30 days or more dropped to 4.78% of total mortgages in the first quarter, down from 4.95% in the last three months of 1987. This was the second lowest late-payment level since 1979, bettered only by a 4.71% delinquency rate in the third quarter of 1987. The rate of foreclosures remained unchanged in the period at 0.27% of all mortgages, up slightly from the rate a year ago.