In March, only 2.6% of all mortgages in the U.S. were in some stage of delinquency, according to the loan performance insights report by CoreLogic. That marked a 0.3 year-over-year percentage point decrease and the lowest level in more than two decades, CoreLogic said. 

The organization defines delinquency as being at least 30 days past due, including those in foreclosure. CoreLogic also found how different stages of delinquency played out in March:

"The U.S. mortgage delinquency rate fell to a historic low in March, reflecting the lowest U.S. unemployment rate in more than 50 years," Molly Boesel, principal economist for CoreLogic, said in a statement. "While a slowing economy could cause increases in job losses and mortgage delinquencies, years of home equity gains will provide borrowers who fall behind on their payments with a cushion."

"This equity should protect many homeowners from foreclosures," Boesel continued. "There is no current projection that the U.S. foreclosure rate will reach the same level as it did during the housing crisis more than a decade ago."

If you’re ready to become a homeowner, it could help to shop around for different mortgage rates. You can visit Credible to compare options from different lenders, without affecting your credit score.

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Not a single U.S. state experienced an annual increase in overall delinquency rates in March, CoreLogic said. 

Alaska and New York saw the most significant declines in delinquency rates, with Alaska dropping by 0.9 percentage points and New York by 0.8 percentage points, CoreLogic reported. The remaining states’ annual mortgage delinquency rates fell between 0.7 and 0.1 percentage points.

However, 20 metro areas saw increases in overall delinquency rates. 

Cape Coral-Fort Myers, Florida, saw delinquency rates jump 1.3 percentage points, followed by Punta Gorda, Florida, which saw a 1.1 percentage point increase and, Bloomsburg-Berwick, Pennsylvania, which saw a 0.7 percentage point increase, CoreLogic reported.

If you’re worried about going into mortgage delinquency, you could find some relief by refinancing your mortgage to a lower rate. You can visit Credible to speak with an expert and get your questions answered. 

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The possibility of a recession and potential job losses may increase mortgage delinquency rates, as Americans could find it harder to make their payments, CoreLogic said in a previous report. However, March's data continued a trend of lower mortgage delinquency rates. 

"February’s early-stage delinquency rate was historically low and primarily driven by a strong job market," Boesel said in a statement in April. "However, the possibility of a recession that would raise the U.S. unemployment rate could slightly erode the current strong mortgage performance situation in the coming months."

But whether the country is in a recession remains unclear. Nearly half of Americans believed the country was in a recession, according to a Morning Consult survey published in January. The Conference Board, a leading think tank, estimated a 99% chance of a recession occurring in the U.S. within the next 12 months, according to its April forecast. 

"This is consistent with our view that economic weakness will intensify and spread more widely throughout the U.S. economy over the coming months, leading to a recession starting in mid-2023," The Conference Board said. 

Furthermore, institutions such as Bank of America and First National Bank of Omaha (FNBO) have predicted recessions for 2023. 

If you’re worried about a potential recession, you could pay down high-interest debt with a personal loan at a lower interest rate. You can visit Credible to speak with a personal loan expert and see if this option is right for you.

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