by Tyler Durden
For the first time since Q1 2013, mortgage delinquencies rose QoQ in Q4. The jump from 4.52% (of total loans) to 4.80% is the largest since Q1 2010 and hit as mortgage rates spiked following President Trump’s election and Fed Chair Yellen’s jawboning and rate-hike.
Of course, levels remain ‘low’ relative to the extreme highs of the financial crisis. One word springs to mind – “contained”
Worryingly rates remain high, inflation is surging, Yellen is set for more hikes, and real wages are dropping.
Doesn’t bode well for Q1 2017.
