ICE First Look at Mortgage Performance: National Mortgage Delinquency Rate Edges Lower in January

Key Terms

basis points financial

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

single month mortality (SMM) financial

Single month mortality (SMM) is the percentage or number of deaths that occur within a defined group during a single calendar month, giving a short-term snapshot of how deadly an illness, treatment, or care setting was over that period. Investors use it like a monthly health meter: sudden rises can signal safety problems, regulatory risk, or higher costs for providers and insurers, while steady declines may indicate improving outcomes and lower future liabilities.

loan-level database technical

A loan-level database is a detailed record of each individual loan within a portfolio or securitized pool, listing attributes like original balance, remaining balance, interest rate, repayment history, and borrower credit indicators. Think of it as a car’s full service log for every loan: it lets investors see how each asset is behaving instead of relying on summary figures. That visibility helps investors judge risk, value securities more accurately, detect trends, and test what-if scenarios.

non-current financial

Non-current describes assets or obligations that a company does not expect to convert to cash or settle within the next year (or its normal business cycle), meaning they are long-term rather than short-term. For investors, non-current items—like long-term loans, buildings, or patents—signal commitments or resources that affect a company’s long-range financial health and liquidity, similar to planning for a mortgage rather than a monthly bill.

ATLANTA & NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today released the January 2026 ICE First Look at mortgage delinquency, foreclosure and prepayment trends.

“Mortgage performance held steady to start the year, with fewer early-stage delinquencies helping bring the national delinquency rate down,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “At the same time, late-stage delinquencies and foreclosure volumes are both trending higher than they were a year ago. The data points to a market that remains resilient overall with most borrowers performing well while a subset faces increased payment pressure.”

Key takeaways from this month’s findings include:

• The national delinquency rate eased in January: Delinquencies fell by 3 basis points (bps) in January to 3.65% and remain 15 bps below the January 2020 pre-pandemic benchmark.
• Early-stage delinquencies drove the decrease: The number of borrowers 30 or 60 days late on their mortgage payments fell by 54,000 from December to January, driving the overall improvement in delinquency figures.
• Combined serious delinquency and foreclosure volumes increased: While earlier stage delinquencies improved, there are now more than 850,000 borrowers 90-plus days past due or in active foreclosure, up 104,000 from the same time last year, the largest such volume since July 2022.
• Foreclosure activity continued to rise: January saw 42,000 foreclosure starts, the highest monthly total since early 2020 and up 5% year over year, with foreclosure sales rose 28%.
• Prepayments pulled back: The single month mortality (SMM) rate, which tracks prepayments, dropped 19 bps to 0.72% from elevated levels over the past three months. An uptick in interest rates in December resulted in fewer January home sales and reduced refinance activity.

Data as of January 31, 2026
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.65%
Month-over-month change: -0.93%
Year-over-year change: 5.04%

Total U.S. foreclosure pre-sale inventory rate: 0.46%
Month-over-month change: 6.78%
Year-over-year change: 22.38%

Total U.S. foreclosure starts: 42,000
Month-over-month change 6.47%
Year-over-year change: 4.77%

Monthly prepayment rate (SMM): 0.72%
Month-over-month change: -21.17%
Year-over-year change: 49.59%

Foreclosure sales: 8,100
Month-over-month change: 13.38%
Year-over-year change: 27.87%

Number of properties that are 30 or more days past due, but not in foreclosure: 2,006,000
Month-over-month change: -19,000
Year-over-year change: 121,000

Number of properties that are 90 or more days past due, but not in foreclosure: 595,000
Month-over-month change: 35,000
Year-over-year change: 55,000

Number of properties in foreclosure pre-sale inventory: 255,000
Month-over-month change: 16,000
Year-over-year change: 49,000

Number of properties that are 30 or more days past due or in foreclosure: 2,261,000
Month-over-month change: -3,000
Year-over-year change: 170,000

Top 5 States by Non-Current* Percentage
Louisiana:	8.64%
Mississippi:	8.53%
Alabama:	6.35%
Arkansas:	6.03%
Indiana:	5.92%

Bottom 5 States by Non-Current* Percentage
California:	2.33%
Colorado:	2.30%
Washington:	2.17%
Montana:	2.16%
Idaho:	2.08%

Top 5 States by 90+ Days Delinquent Percentage
Mississippi:	2.53%
Louisiana:	2.42%
Alabama:	1.94%
Arkansas:	1.74%
Georgia:	1.65%

Top 5 States by 12-Month Change in Non-Current* Percentage
Florida:	-1.83%
Hawaii:	-1.62%
Vermont:	-0.39%
New York:	0.09%
Wyoming:	0.28%

Bottom 5 States by 12-Month Change in Non-Current* Percentage
Utah:	18.06%
Maryland:	14.73%
Arkansas:	13.77%
Arizona:	13.37%
Nevada:	11.66%

*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1)		Totals are extrapolated based on ICE’s loan-level database of mortgage assets.
2)		All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred.

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://www.icemortgagetechnology.com/resources/data-reports.

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

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

Category: Mortgage Technology

Source: Intercontinental Exchange

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Source: Intercontinental Exchange