Default rates on both first and second mortgages declined in July, according to the S&P/Experian Consumer Credit Default Indices. Second mortgage defaults decreased from 1.4 percent in June to 1.25 percent. The first mortgage default rate for the month of July was 1.93 percent, down from 2.02 percent the previous month. Both measurements also declined from a year earlier.

S&P says July’s data support the downward trend the company has observed over the past two years.
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