Mortgage Default Rate

How risky are mortgages right now?

The National Mortgage Default Rate (NMDR) provides accurate and timely tracking of risk in the mortgage market. The NMDR is a stress test, similar to a hurricane rating for buildings, using the 2007-08 financial crisis as the stress event. It covers nearly all loans originated since September 2012 that have a government guarantee.

Since the start of the NMDR in September 2012, mortgages securitized or endorsed by the federal government have become more risky. The AEI Housing Center’s bellwether National Mortgage Default Rate (NMDR), the All-Agency Purchase Loan NMDR, captures this trend.

 

Methodology

 

Periodic Tables of Housing Risk (Updated in 2023)

 

Derived data disclosure: the information on this site is for academic and/or research purposes, and is made available to the public for non-commercial purposes only.

Archived Documents

Methodology (Dec. 2013)

Presentation (Dec. 2013)

Periodic Tables (Dec. 2013)