First Look At APRIL 2023 Mortgage Data
Early-Stage Mortgage Delinquencies Rise on Calendar Effect; Prepayments Slow as Spring Homebuying Season Falters on High Rates, Low Inventory
- The national delinquency rate spiked 13% higher in April from March’s record low, with the month ending on a Sunday impacting the processing of payments made on the last calendar day of the month
- Early-stage delinquencies (borrowers 30 days late) bore the brunt of the rise, increasing by 200K (+25%) which matches the impact of previous similar calendar-related events
- Serious delinquencies (90+ days past due) continued to improve nationally, with the number of such loans shrinking in 45 states (90%) plus the District of Columbia in April
- Foreclosure starts fell 23% to 25K for the month – the lowest since September 2022 – and 45% below April 2019’s pre-pandemic level
- Foreclosure actions were started on 4.9% of serious delinquencies in April, down slightly from March and still more than four percentage points below the monthly average prior to the pandemic
- Active foreclosure inventory declined by 6K in the month, and is down 60K or 21% from March 2020
- March saw 6,400 foreclosure sales (completions) nationally, down 14% from the month prior
- Prepayment activity (SMM) fell to 0.44% – giving back some of the previous month’s gain and suggesting the spring homebuying season is faltering on high rates and low inventory – remaining 59% off last April’s levels
JACKSONVILLE, Fla. – May 24, 2023 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at April 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
- Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.
- All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred.
The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by June 5, 2023.
For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
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