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Mortgage delinquencies are keeping a steady pace. In March 2025, the share of mortgages in some stage of delinquency (30 or more days past due, including foreclosures) remained at 2.8%, the same rate as a year ago.
That’s according to Cotality‘s newest Loan Performance Indicators released on Thursday.
Cotality reported that the overall U.S. delinquency rate dropped to its lowest level since August 2024, but serious delinquency rates (loans at least 90 days overdue) increased on an annual basis.
“Mortgage delinquency rates held steady at a low level in the first quarter of 2025. Roughly 40% of metropolitan areas showed increases in the overall delinquency rate, comparable to the share from the fourth quarter of 2024,” Molly Boesel, senior principal economist at Cotality, said in a statement.
“Those areas posting the largest increases in delinquency rates in early 2025 also experienced natural disasters in 2024, and delinquency rates typically stay elevated in areas with natural disasters for about 9 to 12 months. We can expect mortgage delinquency rates to stay low in 2025 and follow movements in the job market.”
Early-stage delinquencies, 30 to 59 days past due, represented 1.4% of all loans in March, down from 1.5% a year ago. Adverse delinquencies (60 to 89 days overdue) were 0.4%, also unchanged from March 2024.
Cotality’s serious delinquency measure (90 days or more past due, including loans in foreclosure) was 1%, up from 0.9% in March 2024. While it’s a small increase, the rate is still following its downward trend from a high point of 4.3% in August 2020.
The share of mortgages that transitioned from current to 30 days past due was 0.6%, down from 0.7% in March 2024.
Delinquencies by metro/state
March data showed that the District of Columbia and 15 states had year-over-year increases in their overall delinquency rate. Washington, D.C., led the way with an increase of 0.7 percentage points, followed by Florida (up 0.3 points) and Nebraska (up 0.3 points).
All other states had changes ranging between -0.4 and +0.2 percentage points.
Among the 384 U.S. metropolitan areas analyzed, 154 posted an annual increase in their overall delinquency rate. Asheville, North Carolina — an epicenter of major hurricane damage last year — led with an increase of 1.0 percentage points. It was followed by Tampa (+0.9 percentage points) and Cape Coral-Fort Myers, Florida (+0.8 percentage points).
Asheville and Tampa were epicenters of major hurricane damage last year.
Meanwhile, 224 metro areas saw annual increases in their serious delinquency rate. Asheville and Tampa led again as each saw increases of 1.0 percentage points.
