A growing number of Australians are falling behind on their mortgage, hit by weaker house prices and high levels of debt as more signs emerge that consumers are leading the economy down.

Ratings agency Moody's on Monday reported that the number of delinquencies on residential mortgage-backed securities rose through the March quarter, with 1.58 per cent behind on their repayments, up from 1.48 per cent in the prior March quarter.

Delinquencies on residential mortgage-backed securities are rising, warns Moody's. Credit:Louis Douvis

Moody's senior analyst Alena Chen said while delinquencies and defaults would remain relatively low because of Australia's stable economy and cuts in mortgage interest rates, they would grow in the short term.

She said with household debt at almost 200 per cent of annual disposable income, a large number of home owners were financially exposed.