Chicago was the only metro that saw increased default rates
The default rate of first mortgages held steady in February, according to the S&P/Experian Consumer Credit Default Indices.
Month over month, the first mortgage default rate remained unchanged at 0.84%. The composite rate did not also budge at 1.02%.
The bank card default rate rose 13 basis points to 3.41%, while the auto loan default rate fell 10 basis points to 0.89%.
Four of the five major metro areas posted lower default rates compared to January. Miami saw the biggest drop, down 11 basis points to 1.66% New York declined seven basis points to 1%, Los Angeles went down six basis points to 0.80%, and Dallas dipped five basis points to 1.02%. The only outlier was Chicago, up four basis points to 1.21%.
