The delinquency rate for mortgages on one- to four-unit residential properties decreased slightly to a seasonally adjusted rate of 3.92% of all loans outstanding at the end of the third quarter of 2024, according to the Mortgage Bankers Association.

The delinquency rate was down 5 basis points from the second quarter of 2024 but up 30 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the third quarter rose by 1 basis point to 0.14%.

Delinquency rates remain historically low, but the composition of loans in delinquency is changing with more loans behind in the categories of 60 days or more and 90 days or more, said Marina Walsh, MBA’s vice president of industry analysis, in a statement.

“Mortgage delinquencies have inched up over the past year,” Walsh said. “Even though there was a small, third-quarter decline in the overall delinquency rate compared to the previous quarter, this was driven by a decrease in 30-day delinquencies. Later-stage delinquencies rose last quarter, and overall delinquencies were up thirty basis points from one year ago.”

Walsh further noted that the effects of hurricanes Helene and Milton will likely appear in the next reporting period, given the timing of the storms at the end of September and beginning of October.