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.
Friday, June 15, 2007
SubPrime Delinquencies Increase
From IBD:
