WASHINGTON — U.S. mortgage delinquencies jumped in November to their highest level in more than four years, but the increase appears driven more by calendar timing than a broad deterioration in borrower health, according to a new report from ICE Mortgage Technology.
The firm’s latest First Look report showed the national delinquency rate rose to 3.85% as of Nov. 30, with about 2.3 million loans at least 30 days past due and not in foreclosure. That marked an increase of roughly 275,000 past-due mortgages from October, bringing the total number of loans at least 30 days delinquent or in foreclosure to about 2.34 million.
Overall delinquencies were up about 15% from October and roughly 3% from a year earlier. ICE said 609,000 borrowers who were current in October fell behind on payments in November — the largest single-month inflow since May 2020.
Spikes A Normal Event
Despite the sharp headline increase, ICE said the spike aligns with historical patterns seen when November ends on a Sunday and scheduled payments post in early December.
“While the topline delinquency numbers show a sharp increase, we’ve seen comparable spikes in prior years when November ended on a Sunday and scheduled payments didn’t post until early December,” said Andy Walden, head of mortgage and housing market research at ICE. “Overall performance was in line with what historical patterns would suggest.”
ICE noted that similar calendar effects occurred when November last ended on a Sunday — in 2014, 2008 and 2003 — with each instance producing larger delinquency jumps than this year’s roughly 50-basis-point increase.
Prepayments Cool
Beyond delinquencies, prepayment activity cooled after reaching a three-and-a-half-year high in October. The monthly prepayment rate fell 18% to 0.83% in November.
Foreclosure activity also declined on the month but remained elevated compared with a year earlier. Foreclosure starts fell 31.5% from October to about 26,000, though starts, sales and active foreclosure inventory all remained more than 20% higher than in November 2024.
Regional Differences
Regional performance varied widely. ICE’s noncurrent rate — which combines delinquencies and foreclosures — hovered near 9% in states such as Louisiana and Mississippi, while markets including Washington, Idaho and Colorado were closer to the mid-2% range.
For lenders and mortgage servicers, ICE said the November data underscores the importance of distinguishing calendar-related volatility from underlying credit trends. The firm pointed to similar timing-driven increases in August 2025 and December 2023, suggesting the latest rise reflects payment posting delays rather than systemic stress.
The key focus going forward, ICE said, will be how quickly borrowers cure delinquencies in December and whether any regional pockets of weakness persist once the calendar effect fades.
