Late payments and foreclosures on adjustable-rate mortgages made to people with spotty credit spiked to all-time highs in Q1. The proportion of subprime ARMs that were 30 days or more overdue hit 15.75%, up from 14.4% in Q4, the Mortgage Bankers Association said. The average 30-year-fixed mortgage rate rose to 6.74% last week.
Elementary, My Dear Watanabe-san (Somewhat Wonkish)
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