Mortgage arrears hold the line
Prime mortgage arrears (RMBS) declined slightly in Q4 last year from 0.89 per cent to 0.87 per cent, according to S&P Global Ratings.
This allays fears that the interest rate hiking cycle would lead to a spate of arrears, although many loans did go into hardship arrangements over the past couple of years.
Source: S&P Global Ratings
Despite higher mortgage rates, low unemployment, rising rents, and low vacancy rates meant that investors showed fewer signs of mortgage stress than owner-occupiers.
Overall, though, S&P expects arrears to stabilise at historically low levels thanks to gradual rate cuts.
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