Mortgage Loan Age Higher Than Ever

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The average age of an outstanding mortgage loan in 2014 is 54 months, according to the Mortgage Monitor report of Black Night for August. The report states that this is the highest outstanding mortgage age to date.

The mortgage loans of borrowers with credit score of less than 600 have the highest average age – over 95 months. The loans of borrowers with credit score between 600 and 650 have an average age of 70 months. The outstanding home loans with the lowest average age of just over 35 months belong to borrowers with credit score of 800 or higher.

In 2005, the average age of outstanding mortgage loans was between 15 and 25 months for all borrowers. There was an upward trend in mortgage age from 2005 to 2009. Until 2009 the loans of borrowers with different credit scores had similar rates of increase. After 2009, the average age of outstanding mortgages of borrowers with credit score higher than 750 began to decline. This trend continued until 2013.

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The age of loans of borrowers with credit score below 750 continued to increase. The home loans of borrowers with credit score lower than 600 have had the highest rate of age increase since 2009 followed by those of borrowers with credit score between 600 and 650. Since 2013, the average age of outstanding mortgage loans has been increasing for all borrowers.

All mortgage loans originated between 2012 and 2014 have lower delinquency rates compared to those originated before 2012, according to the data in the most recent Mortgage Monitor report. The delinquency rates of mortgage loans of borrowers with credit score between 620 and 660 originated during this period were also lower compared to the delinquency rates prior 2012. The home loans originated between 2005 and 2008 have the highest delinquency rates as of 2

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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