Residential mortgage delinquencies declined for the fifth consecutive quarter to roughly 6%, the lowest level since the fourth quarter of 2007, as subprime loan portfolios continue to shrink, according to the Mortgage Bankers Association.

The MBA's National Delinquency Survey for the second quarter of 2014 shows the delinquency rate of mortgages on one-to-four unit residential properties, which includes loans that are at least one payment past due but not in the process of foreclosure, decreased seven basis points from the previous quarter, and 92 basis points from a year earlier one year ago.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry