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Prime ARMs See Rise in Delinquent Rates

For adjustable rate mortgage loans, seriously delinquent rates in the third quarter of 2009 increased 164 basis points for prime ARM loans (from 15.08% to 16.72%) and went up 215 basis points for subprime ARMs (from 38.65% to 40.80%), according to the Mortgage Bankers Association.

Since the third quarter of 2008, the seriously delinquent rate increased 863 basis points for prime ARM loans and 1,196 basis points for subprime ARM loans.