Mortgage delinquency rates continued their double-digit yearly declines in the third quarter, according to TransUnion.
The serious delinquency rate for mortgages in the third quarter fell 28.5% to 2.4%, compared to a year earlier, TransUnion said in its Q3 2015 Industry Insights Report. That's also down from a peak of 6.94% in the first quarter of 2010.
TransUnion defines serious delinquencies as those at least 60 days late on payments.
All age groups dropped in the serious delinquency category at rates between 27% and 30%. All states experienced a year-over-year decline in the serious delinquency rate, with Florida's dropping at the fastest rate.
"The decline in serious mortgage delinquencies is continuing and even ramping up, with steadily increasing absolute drops over the last year," said Joe Mellman, vice president and mortgage business leader for TransUnion.
Average mortgage debt per borrower rose 1.5% to $189,039.
