5 yr mortgage

5 yr mortgage
Late payments on mortgages fell in the first quarter of 2006, after the collision with a high in the fourth quarter of 2005.

The number of mortgage payments that are 30 days or more past due fell to 4.41 percent in the first quarter, according to the Mortgage Bankers Association quarterly mortgage survey.

In 2005, the last quarter has the highest crime mortgage in two-and-a-year.

The improvement of mortgage defaults is partly due to strong economic growth and a good working climate in the first quarter. The strength of the economy in these areas contributed to the negative effects of rising borrowing costs and high energy prices.

"The economy grew at a brisk 5.3% pace in the first quarter of 2006, and the labor markets were quite strong as well, with an average of 176,000 additional jobs per month," said Doug Duncan, MBA chief economist. He pointed to "positive factors offsetting entry" as "particularly important in the first quarter. "

Late payments are still considered part of the recent Gulf Coast hurricanes. If the impact of Hurricane on the mortgage, the crime for the first quarter is 4.31%.

The survey showed that the proportion of the start of the mortgage foreclosure in the first quarter of 2006 was 0.41%. In the fourth quarter, there was a foreclosure start of 0.42%.

Higher fuel prices and interest rates are still expected to impact on the ability of homeowners to their mortgage responsibilities. Interest rates continue at a slow and steady rise, many borrowers with higher monthly costs.

"Additional modest increases in crime and foreclosure are likely in coming quarters," said Duncan.

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