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- Between September and January, the total average closing time (including delays) increased for six types of mortgage financing.
- The average closing time for purchase mortgages with a down payment of at least 20 percent backed by Fannie Mae or Freddie Mac increased 5 days from September to January.
- Most home purchases continue to close on time, but the scheduled closing time has increased.
- The total U.S. loan delinquency rate (30 or more days past due but not in foreclosure) was 5.09 percent, up 6.62 percent month-over-month but down 7.10 percent year-over-year.
- The total U.S. foreclosure pre-sale inventory rate was 1.30 percent, down 4.53 percent month-over-month and 25.69 percent year-over-year.
- Total foreclosure starts totaled 71,900, down 7.94 percent month-over-month and 22.94 percent year-over-year.
Home equity rates:
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- The delinquency rate for mortgage loans on one-to-four-unit residential properties dropped to a seasonally adjusted rate of 4.77 percent of all loans.
- This is the lowest level since the third quarter of 2006.
- Loans on which foreclosure actions were started comprised 0.36 percent of all loans, down two basis points quarter-over-quarter.
- The 30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.5 point for the week ending Feb. 18, 2016.
- This is unchanged from last week.
- One year ago, the 30-year FRM averaged 3.76 percent.
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