Mortgage delinquency rates declined for the first time in a year during the first quarter of 2001, with nearly all product types posting substantial improvement particularly in the early stages of delinquency. The Mortgage Bankers Association of America reported that the overall delinquency rate dropped from 4.54 percent at the end of last year to 4.37 percent as of the end of March. That 17 basis-point decline reversed a steady increase in late payment rates