First Look At October 2022 Mortgage Data
Prepayment Activity Hit Record Low in October as Rates Topped 7%; Mortgage Delinquencies Up 4.5% in First Signs of Hurricane Ian Impact
November 22, 2022
- Prepayments fell 16.5% to a single-month mortality (SMM) rate of 0.48%, well below the previous record of 0.55% and the lowest recorded since at least 2000 when Black Knight began reporting the metric
- The national delinquency rate rose 4.5% in October to 2.91% – up 12 basis points since September – driven by a sharp 9.4% rise in 30-day delinquencies
- Florida led the jump in new early delinquencies (+19K) – with the state delinquency rate rising 53 basis points to 3.42% — giving an initial indication of Hurricane Ian impact
- Loans 60 days past due ticked up 2.9% nationally, while those 90 or more days delinquent saw continued – if modest – improvement, inching down another 1.5% in October
- October’s 19.6K foreclosure starts represented a 7% increase that partly reversed September’s decline, but are still 55% below pre-pandemic levels
- Foreclosure starts were initiated on 4% of existing serious delinquencies in October, up slightly from September but still less than half the rate seen in the years leading up to the pandemic
- Active foreclosure inventory held steady as volumes have remained subdued in 2022 due to still historically low foreclosure start levels
JACKSONVILLE, Fla. – Nov. 22, 2022 – Black Knight, Inc. (NYSE:BKI) reports the following “first look” at October 2022 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 Dec. 5, 2022. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.
About Black Knight
Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.
Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serving their customers. For more information on Black Knight, please visit www.blackknightinc.com.