Late Mortgage Payment Rate Continues to Fall
New York, NY, Feb. 12, 2014 -- The rate of late payment on home loans has hit the lowest level in more than five years, according to credit reporting agency Transunion.
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A year ago the percentage of mortgage holders at least two months behind on their payments stood at 5.08%. Last month it was 4.09%. That has now fallen to 3.85%.
Along with an improving economy, many risky mortgages aren't a factor anymore as many of those homes have been sold or gone through foreclosure. Newer mortgages have had much stricter lending requirements.