Mortgage delinquencies inch higher in June

These starts made up 4% of serious delinquencies, marking the highest share since March 2020. Despite this jump, the rate of serious delinquencies in June remained less than half of what was seen in before the pandemic.

Active foreclosure inventory also rose by 16,000 from May to June. With a total of 190,000 properties in June, volumes showed signs of slowly budging from record lows due to widespread moratoriums and forbearance protections seen in the years 2020-2021.

Prepayment activity, meanwhile, was down 7% from the previous month and 64% from the same time last year. This was due to rate hikes putting “downward pressure on both purchase and refinance lending,” said Black Knight.