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S&P/Experian: Mortgage default rates increase two months straight

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NEW YORK – While monthly default rates declined for first mortgage and bank card loans, the same could not be said for second mortgages and auto loans. Standard & Poor’s and Experian discovered that auto loan default rates increased to 1.9 percent from 1.6 percent, while second mortgage default rates increased to 2.8 percent from 2.4 percent.

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"The Federal Reserve’s reaction to the low unemployment rate was to raise interest rates to deter any increase in inflation. In the last month, the year-over-year rise in the consumer price index.

Despite a slight increase in July, the default rate for first mortgage loans still sits at its lowest point in the last ten years, according to the latest S&P/Experian Consumer Credit Default Indices.

The national default rate on mortgages declined in May compared to April, while the default rate for auto loans and credit cards increased slightly, according to the S&P/Experian. card rate was.

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That means that May 2017’s default rate of 0.64% is the second lowest for any month in nearly 13 years. "The default rate on first mortgage remains at 1%, lower than the pre-crisis period," said David Blitzer, the managing director and chairman of the Index Committee at S&P Dow Jones Indices. Full Story.

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A blog keeping you up to date on current mortgage rates and market conditions.

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A leading index of defaults on consumer loans fell in September for the ninth straight month. five major cities in the S&P;/Experian Consumer Credit Default Indices had lower rates in September.