Mortgage delinquencies are on the rise nationwide, but the news may not be as bad as it appears at first glance.Using anonymous data from its national credit database, TransUnion reports that 4.58 percent of American homeowners were at least 60 days past due on mortgage payments last quarter.

Comparing the statistic to the data from a year ago, the credit reporting agency goes on to say that mortgage delinquencies are up 53 percent.

Although fair, the comparison carries a distinct, negative connotation because if we flip the data to its positive, the statistics don’t seem nearly as menacing.

Consider: In the last quarter of 2008, 4.58 percent of homeowners were delinquent on their respective mortgages.  The positive sign, therefore, is that 95.42 percent of homeowners were not delinquent on their home loans.

Furthermore, in looking at TransUnion’s data for the 5 largest states in the Union, it’s clear that the national delinquency rate is being skewed by California and Florida.  New York and Texas, for example, exhibit delinquency rates below the national 4.58 percent marker.

North Dakota’s delinquency rate hovers near 1 percent.

Headlines are designed to attract eyeballs and nothing else. To get the complete story, therefore — the real story — it never hurts to dig a little deeper into the facts.

(Image courtesy: TransUnion)

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Mortgage markets worsened last week, taking interest rates with them.A steady drip of sour economic news plus concerns about the banking system outmuscled Fed Chairman Ben Bernanke’s congressional testimony in which he said the recession would likely end later this year.

Overall, mortgage rates have risen in 9 of the last 12 trading days.

This week, it’s unclear in what direction mortgage rates will go. However, it won’t be because of a lack of action.

The week starts with the 8:30 A.M. ET release of the Personal Spending report, a closely-monitored report that should make a broad market impact.  Economists expect that spending increased in February, providing key support for economy.

If economists are wrong, though, and spending fell, it will cast doubt on the speed at which an economic recovery will occur. Consumer spending, after all, makes up two-thirds of the economy. No spending means no recovery.

Next, on Wednesday, the White House is expected to release the details of the Homeowner Affordability and Stability Plan.  Again, markets are watching for the broader impact of the news.  If analysts and traders deem the plan effective, watch for stock markets to improve and bond markets to weaken.

This would cause mortgage rates to rise.

Then, Friday, we’ll get to see February’s official jobs number. Job loss is expected to exceed 600,000 for the month and unemployment may reach 8 percent.  On many levels, if the jobs data meets the expectations, it would be okay with respect to mortgage rates.

As always, it’s recommended that you float your mortgage rate cautiously.  Wall Street is nervous for its turf and hyper-sensitive to Beltway influence.  Markets can change in an instant and when they do, they usually change for the worse.

This week, have a game plan. It’ll be easier to take advantage of daily mortgage rate movement.

(Image courtesy: USA Today)

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