The percentage of homeowners who were more than 60 days late on their mortgage payments has dropped over the last 10 consecutive quarters.

According to payment data bureau TransUnion, the overall mortgage delinquency rate is down 20% to 3.46%, which is a decrease from last year's 4.32%

TransUnion reported Wednesday mortgage delinquencies dropped across all age groups and at 2.34%, borrowers under the age of 30 had the lowest mortgage delinquency rate of all borrowers.

“Mortgage delinquency rates continue to drop and we are seeing this decline across all age groups,” said Steve Chaouki, head of financial services for TransUnion.

Overall, the improvements in the mortgage delinquency rate can be attributed to a number of factors including the clearing of severely delinquent accounts through foreclosures, he added.

Another contributing factor was the lower rate of new delinquencies from post-recession vintages, which generally are of significantly higher credit quality and have experienced better performances than mortgages originated before the recession, Chaouki said.

“This dynamic is likely driving the low delinquencies among younger borrowers,” he noted. “It is encouraging to see younger borrowers perform well, since their generation was significantly impacted by the recession and their loans are among the newest.”

While the numbers of late mortgage payments dropped, TransUnion said mortgage originations nationwide fell by 51.1% in the first quarter of 2014. That's compared to a decrease from 2.2 million in Q1 2013 to 1.1 million in Q1 2014.