ICE First Look At Mortgage Performance: Delinquencies Trend Slightly Higher In June As Foreclosure Activity Continues To Rise Off Pandemic-Era Lows

ICE Mortgage Technology, neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), today released its June 2025 ICE First Look, which shows that while overall mortgage payment performance remains strong, delinquencies rose on a monthly basis while foreclosures trended notably higher year over year (YoY).

Key takeaways from the ICE First Look, which reports on month-end delinquency, foreclosure and prepayment statistics sourced from ICE’s loan-level database, include:

• The national delinquency rate rose by 15 basis points (bps) from May to 3.35% driven by early-stage delinquencies.
• FHA delinquencies, which tend to experience more seasonality, rose by 41 bps in the month, hitting their highest June level since 2013, excluding the 2020-2021 pandemic-era impact.
• Serious delinquencies (SDQs) – loans 90+ days past due but not in foreclosure – held steady but are up +8% (35K) YoY, with FHA loans now accounting for +51% of all SDQs nationwide.
• Foreclosure activity continues to rise off pandemic-era lows with the share of loans in active foreclosure up +10% from the same time last year. Foreclosure starts and sales both rose YoY in each of the past four months.
• Prepayment activity, measured in single month mortality, slipped by 6 bps to 0.65% on higher rates, although it remains up +22% from the same time last year.

Data as of June 30, 2025
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.35%
Month-over-month change: 4.74%
Year-over-year change: -3.80%

Total U.S. foreclosure pre-sale inventory rate: 0.38%
Month-over-month change: 0.20%
Year-over-year change: 9.90%

Total U.S. foreclosure starts: 31,000
Month-over-month change 9.68%
Year-over-year change: 36.50%

Monthly prepayment rate (SMM): 0.65%
Month-over-month change: -8.74%
Year-over-year change: 21.91%

Foreclosure sales: 6,300
Month-over-month change: -9.70%
Year-over-year change: 18.17%

Number of properties that are 30 or more days past due, but not in foreclosure: 1,834,000
Month-over-month change: 90,000
Year-over-year change: -39,000

Number of properties that are 90 or more days past due, but not in foreclosure: 466,000
Month-over-month change: 0
Year-over-year change: 35,000

Number of properties in foreclosure pre-sale inventory: 208,000
Month-over-month change: 1,000
Year-over-year change: 22,000

Number of properties that are 30 or more days past due or in foreclosure: 2,042,000
Month-over-month change: 91,000
Year-over-year change: -17,000

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 August 11, 2025.

For more information about gaining access to ICE’s loan-level database, please send an email to ICE-MortgageMonitor@ice.com.

About the ICE First Look

ICE maintains the nation’s leading repository of loan-level residential mortgage data and performance information – which covers the majority of the U.S. market – including tens of millions of loans across the spectrum of credit products and more than 230 million historical records. In addition, the company maintains a robust public property records database that covers 99.9% of the U.S. population and households from more than 3,100 counties. ICE’s research experts carefully analyze this data to produce the First Look, a monthly summary of month-end delinquency, foreclosure and prepayment statistics.