Conforming mortgage arrears (30+ days) rose 23 basis points to 1.36%, while non-conforming arrears jumped 39 basis points to 5.32%.
Fitch attributes the spike to the cumulative impact of prolonged high interest rates and persistent inflation straining household finances.
Meanwhile, housing prices rebounded, rising 0.9% q/q after a small decline in Q4 2024. Fitch expects further gains in 2025, supported by limited housing supply, falling rates, and strong migration, which should help contain losses from mortgage defaults.
Info via Reuters
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