April’s 7.08% decline in mortgage delinquencies wasn’t even half of the drop March posted, but it did manage to push the national delinquency rate to below 5% for the first time since the beginning of the pandemic, Black Knight revealed in a new report. Overall, the number of past-due mortgages fell to 4.66% in April while an additional 400,000 homeowners managed to become current on their payments.

As the market continues to churn through distressed inventory, Black Knight expects overall delinquencies to “normalize” at pre-pandemic levels by the end of 2021. However, that is if the current pace can hold.

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