86% of Mortgages Have a Rate Below 6%
Posted by Ralph Ragette Jr on
86% of Mortgages Have a Rate Below 6%
According to a report by the FHFA National Mortgage Database Aggregate Statistics, 85.6% of mortgaged homes have a rate below 6%, down from the peak of 92.8% in the 2nd quarter or 2022.
Key Points:
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Strong Borrowers: The average credit score among borrowers with an active loan is an impressive 743.
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Low Foreclosure Risk: Only 0.3% of borrowers have negative equity.
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Improved Loan-to-Value Ratios: National LTV ratio improved to 48.3% from 70% a decade ago.
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Outstanding Mortgages: At the end of Q1 2024, there were 50.8 million outstanding mortgages with unpaid balances totaling $11.7 trillion.
Ralph’s Take
Despite concerns that…
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