First Mortgage Default Rates Improved in October: S&P/Experian

Default rates on various types of consumer loans improved in October, according to Standard & Poor's and Experian.

The composite default rate for multiple loan types improved 12 basis points to 0.94 in October, compared to the previous year, according to the S&P/Experian Consumer Credit Default Indices. First-mortgage default rates improved 15 basis points.

However, second-mortgage default rates worsened 9 basis points to 0.56.

"Despite recent modest increases, consumer credit default rates remain at low levels," said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

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