Instances of single-family delinquencies on home loans backed by Freddie Mac declined to 3.63 percent of all properties during March, according to the mortgage giant’s latest monthly statistics. That was down from 3.78 percent in February and well below the 4.13 percent observed in the same month last year.
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Mortgage delinquency on these properties has declined every month this year, and has only risen in two (October and November) of the last 12 months, the report said.
Meanwhile, delinquencies on multifamily homes held steady at 0.36 percent between March and February, the report said. This came after an increase from the 0.28 percent observed in January.
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Many consumers during this time may have turned to refinances to help them meet their mortgage payment requirements, the report said. Refinances accounted for 72 percent of all home loan applications during the month, and totaled about $19.4 billion worth of property.
Refinances are often sought by homeowners because obtaining one will typically lower the interest rate they pay on their mortgage, which can reduce monthly payments considerably.