NationalMortgageNews informs MHProNews the composite index default rate for first time mortgages gained five basis points from February, 2013 and a 46 basis point improvement from March a year ago, according to S&P/Experian Consumer Credit Default Indexes. The composite index for first mortgage loans ended March at 1.41%, compared to 1.48% in Feb. and 1.88% a year ago March. New York experienced a rise in the default rate, up 38 basis points Feb. to March to 1.79%. Although Miami saw a 28 point increase month-over-month, it continues to have the highest default rate in the nation at 2.93%.

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