Fewer Homeowners Pay Mortgages Late

U.S. mortgage delinquencies fell to a three-year low in the third quarter as quicker economic growth and lower borrowing costs made it easier for people to pay their loans.

The share of homeowners who paid their mortgages a month or more late dropped to a seasonally adjusted 4.28% from 4.62% in the three months through June, the biggest quarter-on-quarter decline since 1990, according to a report released by the Mortgage Bankers Assn.

A record $722.8 billion was refinanced in the third quarter, beating the previous high of $663 billion in the second quarter, according to the report. The percentage of loans in foreclosure was unchanged at 1.12%. Loans entering foreclosure rose to 0.38%, the highest since the second quarter of 2002, from 0.32%.

From Bloomberg News