Mortgage applications surge 25% in the new year as interest rates drop
Home mortgages insured by the Federal Housing Administration are falling into delinquency at a slower rate than they have in the past, a trend that could eventually help the agency avoid a taxpayer bailout, according to the Wall Street Journal. In April, nearly 8.5 percent of loans backed by the agency were 90 days or more past due. While that was still higher than a year earlier, April marked the third consecutive month in which delinquencies declined, after peaking at 9.4 percent in January. The FHA figures come amid other signs that mortgage delinquencies may have plateaued. The number of loans that were 90 days or more past due at Fannie Mae and Freddie Mac fell in March for the first time in three years. Last month, the Mortgage Bankers Association said nationally, the number of loans that were 90 days or more past due fell to 9.54 percent at the end of March, from 9.67 percent at the end of 2009. [WSJ]
