First-time delinquent home loans fell to 0.84% of the 50.2 million mortgages in March, the first month below 1% since 2007, before a wave of defaults led to the financial crisis, according to a report today by Lender Processing Services Inc. The rate of first-time defaults, defined as loans that went from performing to at least 60 days delinquent, peaked at 2.89% in January 2009, according to Bloomberg.