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Early-stage delinquencies among VA loans reached the highest non-pandemic levels since 2009, with interest rate hikes having started to affect the performance among recently originated loans.
GSE mortgages saw early-stage delinquencies holding stronger and overall delinquency rates at 1.51%, which was less than half the national average. Serious delinquencies, or those that were more than 90 days due, increased to 459,000 but were still down by 123,000, or 21%, from November of the previous year.
Foreclosure starts also decreased by 12.2%, to 29,000, as active foreclosure inventory fell to 216,000. Prepayment activity also saw a drop as the pressure that came from seasonal homebuying patterns continued along with the residual effects of 30-year rates increasing above 7.75% in the previous month.
There will not be any published report of the ICE Mortgage Monitor in January following the holiday. The next report will be published on February 5, 2024.
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