Fannie Mae (FNMA)

[Robert from yahoo bd]

"Mortgage delinquencies declined last month as many borrowers used their stimulus checks to catch up on overdue payments. According to data from Black Knight, a mortgage and real estate technology and data provider, the national mortgage delinquency rate fell to 5.02 percent last month from 6 percent in February, a 16.4 percent drop. Such big drops often happen in March because borrowers use their tax refunds on missed mortgage payments. Even so, last month's decline was higher than the usual 10 percent decline in March.

Despite the big drop in delinquencies, 1.9 million mortgage-holders remain at least 90 days past due on payments. That's 1.5 million more than a year ago and five times pre-pandemic levels.

Meanwhile, mortgage applications picked up again after a weeks-long slump. According to the latest data from the Mortgage Bankers Association, the market composite index - a measure of total loan application volume - increased 8.6 percent from a week earlier. The purchase index climbed 6 percent from the previous week, and the refinance index jumped 10 percent. The refinance share of mortgage activity accounted for 60 percent of applications.

"Mortgage rates dropped to their lowest level [in MBA's survey] in nearly two months last week, leading to an increase in total mortgage applications for the first time since late February," said Bob Broeksmit, MBA president and CEO. "Applications to buy a home jumped considerably on a weekly and annual basis."

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