Calculated Risk's Bill McBride shares the latest single-family serious delinquency numbers from Fannie Mae, which show the rate has declined in July to 1.30%, and is down from 1.32% in June.

The serious delinquency rate is down from 1.63% in July 2015. July's number is the lowest it has been since May 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.

Although the rate is generally declining, the "normal" serious delinquency rate is under 1%. The Fannie Mae serious delinquency rate has fallen 0.33 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will not be below 1% until next summer.

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