First Look at August 2023 Mortgage Data

Mortgage Performance Remains Strong, but Slowing Improvement Suggests Delinquencies May Be Nearing Cycle Lows

At 3.17%, the U.S. delinquency rate improved by 4 basis points in August and is nearly a full percentage point below its 2015-2019 same-month average

However, steady slowing in the annual rate of improvement — from -40% in early 2022 to -0.8% as of August – suggests delinquency rates may be nearing cycle lows

Serious delinquencies (90+ days past due) continued to improve, falling 20K from July to 448K – still the lowest level since June 2006 – and down 151K (-25%) year over year

Early-stage delinquencies, on the other hand, continued to trend upward, with both 30- and 60-day late populations inching up by 2K, marking the third consecutive monthly increase

The number of loans in active foreclosure declined to 215K – the lowest level since March 2022 following the end of moratoria on such actions – and is down 68K (-24%) from pre-pandemic February 2020

August’s 31.9K (+21.3% month over month) foreclosure starts – equating to 6.8% of serious delinquencies – were still 21% below August 2019 pre-pandemic levels

While 6.9K foreclosure sales marked a 13% increase from July, volumes remain at roughly half pre-pandemic levels

Prepayment activity (SMM) inched up to 0.53% under pressure from seasonal home buying patterns, while interest rates north of 7% continue to hold prepayment speeds at historically low levels

JACKSONVILLE, Fla. – September 22, 2023 – Black Knight, now part of Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, reports the following “first look” at August 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:

Totals are extrapolated based on ICE’s loan-level database of mortgage assets.
All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports by October 2, 2023.

For more information about gaining access to ICE’s loan-level mortgage performance database, please send an email to Mortgage.Monitor@bkfs.com.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).” Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.

About Intercontinental Exchange

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024.

Media Contacts

Mitch Cohen
704.890.8158
mitch.cohen@bkfs.com

Katia Gonzalez
678.981.3882
katia.gonzalez@ice.com