Mortgage delinquencies increased in August compared to the previous month, according to data released Monday by Black Knight.
The mortgage data and analytics firm said that the U.S. delinquency rate increased 4.7% from the previous month, to 5.9%.
The states with the highest percentage of seriously delinquent loans — defined as more than 90 days past due — included Missouri, Alabama, Louisiana, Rhode Island and Massachusetts.
Additionally, Black Knight found that the average age of mortgages held by borrowers has increased to 54 months — its highest point on record.
The total U.S. foreclosure inventory rate is 1.8%, down 2.8% from July.
"Reviewing the data at a more granular level, we see that the age of loans with credit scores of 750 and above has remained relatively constant for the last five years," said Kostya Gradushy, Black Knight's manager for research and analytics, in an Oct. 6 press release.
"However, lower credit score loans — particularly those with scores below 700 — have seen dramatic increases in age."
