Late payments on home loans fell for the third quarter in a row, the Mortgage Bankers Association of America said Wednesday. It said 4.16% of mortgages were reported delinquent in the quarter ended Sept. 30 - 19 basis points lower than in the second quarter.
The improvements were widespread. Delinquencies declined 13 basis points to 2.67% on conventional loans, and 28 basis points to 7.83% on the government-insured FHA loans. They also fell in all regions of the country; the biggest drops came in the Northeast and the West.