Chart 1: Seriously Delinquent Subprime Adjustable-Rate Mortgages Soar to Record High
A line chart showing the delinquency rates of several types of mortgages from 1998 through 2007. The delinquency rate of subprime adjustable-rate mortgages was approximately 6% in 1998. The rate rose to about 12% in 2000 and reached a low of about 5% in 2005, then soared to more than 20% in 2007. The delinquency rate of subprime fixed-rate mortgages was lower but followed a similar pattern, reaching about 7% in 2007. The delinquency rate of prime fixed-rate mortgages remained sable at about 1% throughout the period. The delinquency rate of prime adjustable-rate mortgages remained stable at about 2% until 2007 but then climbed.