More and more Americans are paying their mortgage on time, according to credit-reporting agency TransUnion. In fact, mortgage delinquency dropped an astonishing 20% in the past year alone! Mortgage delinquency is defined as a borrower being more than 60 days past due on his or her payment.
This is the lowest mortgage delinquency rate that the nation has seen in several years. Approximately 2.7% of borrowers are behind on payments, as compared to 7% in 2010.
Additionally, mortgage originations increased nearly 40% since last year. This growth is largely attributed to low interest rates, making it easier for buyers to purchase and owners to refinance.
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