GITNUX MARKETDATA REPORT 2024

Mortgage Default Rate Statistics [Fresh Research]

With sources from: urban.org, mfaa.com.au, housingwire.com, canadianmortgagetrends.com and many more

In this post, we explore various statistics related to mortgage default rates in different regions, shedding light on trends and patterns that have emerged in recent years. From the impact of the global pandemic to specific insights from countries like the US, Ireland, and Australia, these statistics offer a comprehensive overview of the challenges and dynamics within the mortgage market.

Statistic 1

"In Q4 2020, the mortgage default rate in the US was 0.69%."

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Statistic 2

"Mortgage default rates hit a low of 0.4% in 2020 Q1 before the pandemic."

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Statistic 3

"Prior to the 2008 crisis, the peak mortgage default rate was 10.06% in Q1 2010."

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Statistic 4

"By Q3 2020, 3.4 million mortgages (6.3% of total) were in forbearance plans, combatting potential default rates."

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Statistic 5

"In Ireland, the mortgage default rate was 5.4% in Q4 2019."

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Statistic 6

"Western Australia had a mortgage default rate of 1.71% in September 2020."

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Statistic 7

"In 2019, 42.8% of all mortgage defaults in the US were related to job loss."

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Statistic 8

"FHA-backed loans had a default rate of 2.07% in Q4 2020."

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Statistic 9

"Texas had a mortgage default rate of 1.67% in Q3 2020."

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Statistic 10

"Mortgage default rates were the lowest for conventional loans (0.55%) compared to other types in Q4 2019."

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Statistic 11

"In Q4 2020, mortgage default rates were the highest for borrowers who had a loan-to-value ratio of more than 100%."

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Statistic 12

"Rural areas reported a 5.5% mortgage default rate as of June 2020."

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Statistic 13

"In Canada, the mortgage default rate remained steady at 0.28% in Q2 2020."

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Statistic 14

"In the UK, the mortgage default rate was 0.11% in Q2 2020."

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Interpretation

Overall, the mortgage default rates in the US have shown notable fluctuations over time, with a substantial decrease during the first quarter of 2020, followed by a slight increase in the fourth quarter of the same year. The presence of forbearance plans has helped mitigate potential default rates, with a significant proportion of mortgage defaults in the US attributed to job loss. Additionally, the type of loan and borrower characteristics such as loan-to-value ratio have been associated with varying default rates. Comparatively, other countries like Ireland, Australia, Canada, and the UK have demonstrated different trends in their mortgage default rates, highlighting the importance of understanding regional variations in mortgage markets.

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