BANKING & FINANCE - Sept. 21, 1994

Mortgage Delinquency Rates Rise: Property owners had a tougher time paying mortgages for a second straight quarter, a banking group said, signaling a halt to a recent trend that brought delinquency rates to 20-year lows. The Mortgage Bankers Assn. of America said the percentage of property owners late on mortgage payments is likely to rise further. It cited slower economic growth, rising interest rates and more homeowners taking on adjustable-rate mortgages. Delinquent mortgages increased to 4.21% at the end of June from 4.12% at the end of the first quarter. The delinquency rate fell to a nearly 21-year low at the end of the fourth quarter of 1993, when it was 4.09%. Delinquent loans are those for which payment is at least 30 days late.