U.S. mortgage delinquencies jumped sharply in November, reaching their highest level in more than four years, according to ICE Mortgage Technology’s latest First Look report, released on Tuesday.

The national delinquency rate rose to 3.85% in November, up 50 basis points from October, as the number of past-due mortgages increased by 275,000 to about 2.3 million.

ICE said that the increase largely reflects calendar effects rather than a broad deterioration in borrower performance. Similar calendar-driven increases occurred in 2014, 2008 and 2003, each of which produced larger November delinquency jumps than this year’s increase.

“While the topline delinquency numbers details ⇒

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