Economics
Refinancing and Delinquencies Soar in Divided Mortgage Era
- Serious delinquencies jumped 450% from pre-pandemic levels
- A record $1.1 trillion in loans originated in second quarter
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The U.S. mortgage market shows a widening gap between winners and losers as affluent borrowers take advantage of record-low rates while protracted unemployment drives serious delinquencies to their highest levels since 2010.
About 2.25 million mortgages were at least 90 days late in July, a 450% increase from pre-pandemic levels and the biggest number since the global financial crisis, according to industry tracker Black Knight Inc.