Mortgage delinquencies rose in the first quarter of 2008 and are expected to increase further as the impact of interest rate rises filters through, Fitch Ratings said yesterday.
According to Fitch, the thirty-plus day delinquencies on prime mortgages increased to 1.31 per cent in the first quarter, from 1.07 per cent in December 2007.
Thirty-plus day delinquencies for low-doc loans increased even more significantly from 4.12 per cent to 4.98 per cent.
Leanne Vallelonga, associate director at Fitch, said the agency expected mortgage delinquencies to “continue to increase over the next six months as interest rate rises from February and March have yet to feed through into mortgage delinquency statistics”.
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