State mortgage delinquency rate falls in 3Q to 5.4 pct.

Mortgage delinquency rates in Minnesota fell in the third quarter ending in September, according to data from the Mortgage Bankers Association.

Residential mortgage delinquency rates in Minnesota dropped to 5.4 percent in the third quarter, down from 6.3 percent during the same period last year.

The delinquency rate includes loans that are at least one payment in arrears. It does not include foreclosures.

Minnesota's performance beat the nation's delinquency rate of 7.99 percent. That put the state in 45th place out of the 50 state and Washington D.C. Mississippi ranked first, with the highest delinquency rate.

Nationally, the early delinquency rate, which is based on mortgage payments 30 days past due, hit its lowest level in at least four years. That could mean fewer homes heading into the foreclosure pipeline.

Minnesota's delinquency rate also improved slightly between the second and third quarters of the year — a time when delinquency rates often rise.

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