ICE First Look at Mortgage Performance: Prepayments Rise on Recent Refinance Activity and Serious Delinquencies Increase as Cure Rates Slow
ATLANTA & NEW YORK--( BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released the February 2026 ICE First Look at mortgage delinquency, foreclosure and prepayment trends.
"February saw a clear rebound in prepayment activity, with speeds rising 14% month over month and 80% year over year as the wave of refinances triggered by lower rates in January reached closing,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Delinquencies also edged higher, driven by seasonal increases in early-stage delinquencies and a notable rise in seriously past-due loans, though overall delinquency rates remain below pre-pandemic levels. These dynamics bear watching in the coming months, as default activity continues to trend off recent record lows."
Key takeaways from this month’s findings include:
Data as of February 28, 2026
Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.72%
Month-over-month change: 2.00%
Year-over-year change: 5.61%
Total U.S. foreclosure pre-sale inventory rate: 0.48%
Month-over-month change: 4.03%
Year-over-year change: 24.63%
Total U.S. foreclosure starts: 35,000
Month-over-month change -15.86%
Year-over-year change: 6.46%
Monthly prepayment rate (SMM): 0.82%
Month-over-month change: 14.13%
Year-over-year change: 79.89%
Foreclosure sales: 7,000
Month-over-month change: -13.60%
Year-over-year change: 24.70%
Number of properties that are 30 or more days past due, but not in foreclosure: 2,046,000
Month-over-month change: 40,000
Year-over-year change: 133,000
Number of properties that are 90 or more days past due, but not in foreclosure: 612,000
Month-over-month change: 17,000
Year-over-year change: 84,000
Number of properties in foreclosure pre-sale inventory: 266,000
Month-over-month change: 10,000
Year-over-year change: 55,000
Number of properties that are 30 or more days past due or in foreclosure: 2,312,000
Month-over-month change: 50,000
Year-over-year change: 188,000
Top 5 States by Non-Current* Percentage
Louisiana:
8.64%
Mississippi:
8.51%
Alabama:
6.39%
Arkansas:
6.08%
Indiana:
5.96%
Bottom 5 States by Non-Current* Percentage
Colorado:
2.41%
Hawaii:
2.39%
Montana:
2.35%
Washington:
2.26%
Idaho:
2.16%
Top 5 States by 90+ Days Delinquent Percentage
Mississippi:
2.59%
Louisiana:
2.47%
Alabama:
1.93%
Arkansas:
1.77%
Georgia:
1.71%
Top 5 States by 12-Month Change in Non-Current* Percentage
Hawaii:
-2.93%
South Dakota:
-0.39%
Florida:
1.96%
Montana:
2.21%
New York:
2.82%
Bottom 5 States by 12-Month Change in Non-Current* Percentage
Utah:
18.83%
Arizona:
14.90%
Maryland:
14.36%
Nevada:
12.96%
Minnesota:
12.05%
*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.
Notes:
1) Totals are extrapolated based on ICE’s loan-level database of mortgage assets.
2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred.
The company will provide a more in-depth review of mortgage performance data in its monthly Mortgage Monitor report, an in-depth analysis of mortgage and housing market trends that is supplemented by charts and graphs. The Mortgage Monitor report is available online at https://www.icemortgagetechnology.com/resources/data-reports.
For more information about gaining access to ICE’s loan-level database, email ICE-MortgageMonitor@ice.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.
Category: Mortgage Technology
Source: Intercontinental Exchange