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The Mortgage Bankers Association reported that the proportion of borrowers more than 30 days delinquent rose to 5.82percentthethighestesince 1985985.
The proportion of borrowers who are more than three months in arrears has fallen from 1.69pc at the end of March to 1.56pc by the end of June.
The council's figures also showed a sharp uptick in the proportion of borrowers taking out home loans worth more than 4.5 times their salary.
At the same time, the proportion of borrowers who dropped out rose to nearly 30 percent for the 2003 enrollees, compared with 23 percent for the 1995 enrollees.
This information could include, for example, the proportion of borrowers who default on or roll over their original loan, the average amount repaid per £100 borrowed, and the risks of not repaying.
This found nationally a small increase in arrears over the previous 15 months, but a small decrease in the proportion of borrowers whose home was valued at less than their mortgage loan.
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Even if incomes have jumped by 10% by the time rates reach 3%, the study shows, the proportion of vulnerable borrowers would still increase by half, to 12%.
"It's not an accident that the states that are leading in foreclosures, including California, Nevada and Florida, are also on top of the list for the proportion of mortgage borrowers paying more than 30percentt of their income on housing," Mr. Fellowes said.
The Department of Education offers contractors a bonus of up to $200,000 if the proportion of their borrowers who are 30 days late or more is below 23percentt.
The average share of mortgage payments as a proportion of income for new borrowers over the past 30 years is 36%.
Fitch, a rating agency, says that the proportion of sub-prime credit-card borrowers who are more than 60 days in arrears (a good predictor of eventual default) is the lowest since November 2001.
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