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The headline refers to new data showing that about 3% of U.S. home mortgages were delinquent (at least one payment past due) in September, essentially unchanged from a year earlier and from the prior quarter, though there are growing signs of stress in later‑stage delinquencies and foreclosures.
What 3% delinquency means
A “national mortgage delinquency rate of 3%” means 3 out of every 100 active home loans are behind on payments by at least 30 days, including various stages of lateness but generally excluding loans already in foreclosure. This level is still low by historical standards and is roughly one quarter of the peak seen during the Great Financial Crisis.
How this compares to recent history
The 3% September rate is roughly flat compared with September 2024 and only slightly higher than the roughly 2.9% level seen at the end of the second quarter of 2025. Industry analysts note that while overall delinquency remains stable, it is modestly above the record lows reached in mid‑2024 as higher interest rates and affordability pressures weigh on some borrowers.
Early vs. serious delinquencies
Within the 3% total, early‑stage delinquencies (30–59 days past due) are about 1.6% and adverse delinquencies (60–89 days) about 0.5%, both essentially unchanged from a year earlier. Serious delinquencies (90+ days past due, including loans in foreclosure) are around 1%, up slightly from about 0.9% a year prior, indicating that borrowers who fall behind may be finding it harder to catch up.
Foreclosures and regional patterns
The foreclosure inventory rate remains very low at about 0.3%, near the lowest levels in decades, but the share of metro areas with rising foreclosure rates has increased markedly over the past year. Some states and metros—such as parts of the South and certain Sun Belt markets—are seeing larger year‑over‑year increases in delinquencies, reflecting localized economic pressures.
Snapshot of key metrics
| Metric (Sept 2025) | Approximate level | Year-over-year change | Notes |
|---|---|---|---|
| National mortgage delinquency rate | 3.0% | Flat vs Sept 2024 | Slightly above mid‑2024 record lows. |
| Early‑stage delinquency (30–59 days) | 1.6% | Flat | Indicates most late payers are in early stages. |
| Adverse (60–89 days) | 0.5% | Flat | Still low but watched as a stress signal. |
| Serious (90+ days incl. foreclosure) | 1.0% | Up from 0.9% | Suggests more difficulty curing once behind. |
| Foreclosure inventory rate | 0.3% | Near historical low | Foreclosures remain rare nationally. |
If you share whether you are a homeowner, buyer, or investor, a more tailored take on what this means for you can be provided.
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