The national mortgage delinquency rate (borrowers 60 or more days past due) decreased for the fifth consecutive quarter, dropping to 6.19 percent at the end of the first quarter, according to TransUnion.

Year-over-year, delinquency rates decreased 8.6 percent. They were down 3.4 percent compared the previous quarter, according to a statement.

"Decreasing home prices can be risky because they exert upward pressure on mortgage delinquency rates," said Tim Martin, group vice president of the U.S. Housing Market in TransUnion’s financial services business unit. "The fact that mortgage delinquency continues to decline despite this situation demonstrates that today’s borrowers are less risky."

He added: "While many homeowners still face pressure to make ends meet, they have lived in their homes for a long time and have diligently been paying their mortgage each month. These are borrowers that have roots in their residential neighborhoods and may already have substantial equity invested."

TransUnion forecasts that mortgage borrower delinquency rates will continue to drift downward for the rest of the year, as improving economic conditions and tighter lending standards offset the impact of falling home prices, according to a statement.