Calculated Risk's Bill McBride shares Freddie Mac's most recent Single-Family serious delinquency report, which charted the lowest rate since July of 2008.

The serious delinquency rate decreased in June to 1.08% from 1.11% in May down from 1.53% in June 2015. It rate peaked in February 2010 at 4.20%.

Although the rate is generally declining, the "normal" serious delinquency rate is under 1%. The Freddie Mac serious delinquency rate has fallen 0.45 percentage points over the last year, and at that rate of improvement, the serious delinquency rate will be below 1% in two or three months.

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