In another dismal quarterly report, the Mortgage Bankers Association said Thursday that the share of all loans that were either 30 days or more delinquent or in foreclosure soared to 14.4% in the third quarter, the highest rate in 38 years.

Rising unemployment continues to push more prime fixed-rate borrowers into foreclosure, with no sign of a recovery for at least a year, the trade group said. Prime fixed-rate loans made up 33% of foreclosures started in the third quarter, the largest share of any loan category, the survey found.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.