Fannie Mae reported that the single-family serious delinquency rate declined to 3.57% in May, down from 4.14% in May a year ago and 3.63% in April. The rate for these loans that are three monthly payments or more past due or in foreclosure reached its lowest level since April 2009.

Fannie Mae's serious delinquency rate peaked in February 2010 at 5.59%.

Freddie Mac reported that the single-family serious delinquency rate declined slightly in May to 3.50%, from 3.51% in April. Freddie's rate is only down from 3.53% in May 2011. Freddie Mac's serious delinquency rate peaked in February 2010 at 4.20%.

The "normal" serious delinquency rate is under 1%.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry