Late mortgage payments rise in February in Twin Cities

More Minnesota homeowners struggled to make mortgage payments in February, according to new data from First American CoreLogic. In the Twin Cities metro area, 2% of outstanding mortgage loans were in foreclosure in February, an increase from a 1.4% foreclosure rate in February 2009. The number of people 90 or more days behind on their mortgage payment also increased. This February, 6.3% of mortgage loans were delinquent compared with 4.6% for the same period last year. Scott Anderson, senior economist for Wells Fargo, isn’t surprised. “The main variable that drives delinquencies is the unemployment rate, and it’s still near 30-year highs,” he said.

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Mortgage rates drop on Fed intervention

The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.

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3d rendering of a row of luxury townhouses along a street

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