November 23, 2014
LOS ANGELES (AP) - Homeowners are doing a better job of making timely mortgage payments, a trend that's brought down the national late-payment rate on home loans to the lowest level in five years.
Credit reporting agency TransUnion said Tuesday that the percentage of people with a mortgage at least two months behind on their payments fell in the second quarter to about 4.1 percent.
That's down from about 5.5 percent in the April-June quarter last year.
The last time the mortgage delinquency rate was lower was the third quarter of 2008.
The rate of late payments on home loans has been steadily improving over the past four quarters.
Stable job gains, still-low mortgage interest rates and rising home prices are some of the factors helping push late-payment rates lower.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.