Fannie Mae Delinquency Rate Down

The percentage of past due loans held by the nation’s largest mortgage financier has fallen.

In its monthly summary report just released, Fannie Mae said the serious delinquency rate on single-family mortgages in its portfolio dropped to 5.47 percent in March, down 12 basis points from 5.59 percent in February.

It’s the first time the GSE’s serious delinquency rate has declined since March 2007, when it was a mere 0.62 percent.

Fannie’s sibling is also seeing the downside of the delinquency arrow. Freddie Mac’s serious delinquency rate dropped 7 basis points to 4.13 percent in March, also marking its first monthly decline in three years.

Is this the beginning of a trend that will soon spread through the rest of the industry? Let's hope so!