The Office of the Comptroller of the Currency published its Mortgage Metrics Report for the fourth quarter of 2024 on first-lien mortgages in the federal banking system, showing slightly higher current and performing rates and a decline in serious delinquencies versus a year earlier. Foreclosure initiations also fell compared with both the prior quarter and the fourth quarter of 2023. At quarter-end, 97.3% of mortgages in the report were current and performing, up from 97.2% a year earlier. Serious delinquency, defined as mortgages 60 or more days past due and mortgages held by bankrupt borrowers whose payments are 30 or more days past due, decreased from the fourth quarter of 2023. Servicers initiated 6,647 new foreclosures and completed 7,332 loan modifications, down 1.6% from 7,450 in the prior quarter, with 6,872 (93.7%) classified as combination modifications that used multiple affordability actions such as interest rate reductions and term extensions. The dataset covers about 11.1 million first-lien mortgages totaling USD 2.7 trillion in principal balances, representing 20.2% of all US residential mortgage debt outstanding, and reflects performance through December 31, 2024.

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