Refinancing, delinquencies soar in divided mortgage era

By John Gittelsohn | Bloomberg
The U.S. mortgage market shows a widening gap between winners and losers as affluent borrowers take advantage of record-low rates while protracted unemployment drives serious delinquencies to their highest levels since 2010.
About 2.25 million mortgages were at least 90 days late in July, a 450% increase from pre-pandemic levels and the biggest number since the global financial crisis, according to industry tracker Black Knight.
Meanwhile, new mortgage originations