New mortgage default activity remained stable in June, with new defaults among Federal Housing Administration (FHA) borrowers falling 15% from a year earlier, marking the largest annual decline in more than four years.

That’s according to Intercontinental Exchange’s (ICE) latest First Look Mortgage Performance report, which observed that overall mortgage performance remained strong during the month, although delinquencies ticked higher on a seasonal basis.

“Early-stage delinquencies remain subdued, and while serious delinquencies including foreclosures have reached pre-pandemic levels, new default activity has leveled off in recent months — a positive sign,” Andy Walden, head of mortgage and housing details ⇒

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