U.S. Mortgage Delinquency Rates Jump in May

As Americans struggled to pay their bills in May, the result of the ongoing COVID-19 pandemic, U.S. mortgage delinquency rates rose to 7.76%. Up from the April rate of 6.45% and 3.39% in March, which is when the stay-at-home orders were issued in many states. According to Black Knight Inc., (formerly known as Black Knight Financial Services) there were 4.12 million mortgages in the U.S. that had payments more than 30 days overdue in May. Serious delinquencies, which means people who are 90 days past due but not yet in foreclosure, have increased by more than 50% over the past two months to 631,000.