Fewer defaults for first-lien mortgages in May

Mortgage

Defaults on first-lien mortgages fell 5 basis points in May from the previous month, dropping to their lowest level in a year.

The SP/Experian Consumer Credit Default Index composite for all four types of loans it tracks — first- and second-lien mortgages, bank credit cards and automobile loans — fell 4 basis points in May to 0.86%.

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