First Look At march 2023 Mortgage Data
Mortgage Delinquencies Hit Record Low in March, While Prepayments Rose on Easing Rates and Seasonal Tailwinds
- The national delinquency rate dropped 53 basis points (-15%) in March, falling below 3% for the first time on record, ending the month at just 2.92%
- While delinquency rates almost always fall in March – as borrowers utilize tax refunds and other seasonal revenues to pay down past-due debt – the drop marked the second largest decline in the past 17 years
- Factoring in March’s decline, the total number of past-due mortgages (including active foreclosures) has fallen to its lowest level in nearly 23 years, dating all the way back to April 2000
- Serious delinquencies (90+ days past due) showed marked improvement, falling by 51K to their lowest level since March 2020, with volumes shrinking in every state
- Likewise, every state saw overall delinquencies fall in March, with improvements ranging from 11.9% in Washington to 21.5% in Vermont
- Both foreclosure starts (+9.0%) and sales (+4.6%) rose in the month but still remain well below pre-pandemic volumes at the national level
- Active foreclosure inventory held steady, but remains 31K (12%) below March 2020 levels
- The prepayment rate (SMM) rose to 0.50% (+44% month over month) driven, as anticipated, by seasonal tailwinds in sale-related prepayments and an increased demand for refis due to falling rates
JACKSONVILLE, Fla. – April 21, 2023 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at March 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 May 1, 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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