ICE First Look at Mortgage Performance: Delinquencies Improved Seasonally in March but Continue to Trend Modestly Higher

ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today released its March 2025 First Look, which reveals that while delinquency rates edged up slightly year over year (YoY), they remain below pre-pandemic levels.

The ICE First Look reports on month-end delinquency, foreclosure and prepayment statistics sourced from its loan-level database, which covers a majority of the U.S. mortgage market.

Key takeaways from this month’s findings include:

• The national delinquency rate decreased seasonally by -32 basis points (bps) to 3.21%, up 1 bps from the same time last year and only 29 bps above the 2.92% record low set in March 2023.
• While serious delinquencies (SDQs) also improved seasonally, they are up 14% (+60K) YoY, with the rise driven entirely by FHA delinquencies, which increased by +63K YoY.
• Higher SDQs, along with the lifting of a VA foreclosure moratorium, fueled a modest bump in foreclosure inventory and sales, which both rose annually for the first time in nearly two years.
• Disaster events, such as hurricanes and wildfires, have led to YoY delinquency increases across several states, including Florida (+44 bps), South Carolina (+17 bps), Georgia (+14 bps) and California (+10 bps).
• Monthly prepayment activity, measured by single-month mortality, jumped to 0.59% – a +30.4% increase over February and the highest level of prepayment activity since November.

Data as of Mar. 31, 2025
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.21%
Month-over-month change: -8.94%
Year-over-year change: 0.41%

Total U.S. foreclosure pre-sale inventory rate: 0.39%
Month-over-month change: 0.81%
Year-over-year change: 2.05%

Total U.S. foreclosure starts: 33,000
Month-over-month change 0.05%
Year-over-year change: 27.84%

Monthly prepayment rate (SMM): 0.59%
Month-over-month change: 30.35%
Year-over-year change: 22.88%

Foreclosure sales: 6,100
Month-over-month change: 8.89
Year-over-year change: 4.42%

Number of properties that are 30 or more days past due, but not in foreclosure: ​ 1,744,000
Month-over-month change: -169,000
Year-over-year change: 33,000

Number of properties that are 90 or more days past due, but not in foreclosure: 495,000
Month-over-month change: -33,000
Year-over-year change: 60,000

Number of properties in foreclosure pre-sale inventory: 213,000
Month-over-month change: 2,000
Year-over-year change: 7,000

Number of properties that are 30 or more days past due or in foreclosure: 1,957,000
Month-over-month change: -167,000
Year-over-year change: 40,000

Top 5 States by Non-Current* Percentage
Louisiana:	7.52%
Mississippi:	7.27%
Alabama:	5.56%
Indiana:	5.00%
Arkansas:	4.90%

Bottom 5 States by Non-Current* Percentage
Oregon:	2.21%
Montana:	2.12%
Colorado:	2.01%
Idaho:	1.42%
Washington:	1.37%

Top 5 States by 90+ Days Delinquent Percentage
Louisiana:	2.02%
Mississippi:	2.02%
Alabama:	1.51%
Florida:	1.57%
Georgia:	1.47%

Top 5 States by 12-Month Change in Non-Current* Percentage
New York:	-13.46%
North Dakota:	-9.39%
Hawaii:	-9.20%
Rhode Island:	-7.17%
Massachusetts:	-5.89%

Bottom 5 States by 12-Month Change in Non-Current* Percentage
Florida:	10.36%
Colorado:	6.70%
California:	4.98%
Arizona:	4.58%
Delaware:	3.98%

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.

Notes:

1)	Totals are extrapolated based on ICE’s loan-level database of mortgage assets.
2)	All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred.

The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://mortgagetech.ice.com/resources/data-reports by May 5, 2025.

For more information about gaining access to ICE’s loan-level database, please send an email to [e-mail].

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

Category: Mortgage Technology

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Source: Intercontinental Exchange