Delinquency rates for FHA mortgages dropped by more than 40 basis points to the third-lowest total in two years during the third quarter of 1994, according to a national delinquency survey of mortgage loans by the Mortgage Bankers Association.

The MBA reports that the percentage of all FHA loans past due improved to 6.97% in the third quarter, down 42 basis points from a three-year high of 7.39% set during the second quarter. The 6.97% delinquency rate was the lowest since the first quarter of 1993, and the third-lowest for Federal Housing Administration-insured loans since the fourth quarter of 1992, when 6.91% were past due.

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