Composite Default Index Tumbles, Driven by Decline in Mortgage Default Rates

By Brian Honea

The composite index, which includes first and second mortgage defaults as well as those on bank cards and auto loans, fell from 1.12 percent in February down to 1.05 percent in March. The first mortgage default rate declined for the second straight month, falling eight basis points down to 0.92 percent, and is nearing its record low of 0.88 percent set in July 2014. The second mortgage default rate declined by 16 basis points, down to 0.50 percent.

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