The number of US mortgages in forbearance sits at 2.23 million borrowers, according to the Mortgage Bankers Association’s weekly survey.
The survey found:
- Total loans in forbearance dropped from 4.49 percent to 4.47 percent.
- The share of Ginnie Mae loans in forbearance decreased rfrom 6.09 percent to 6.02 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.44 percent to 2.42 percent.
“The rate of exits has slowed the past two weeks, with this week’s exit rate reaching the lowest since February,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The increase in the forbearance share for portfolio and PLS loans highlights both the ongoing buyouts of delinquent loans from Ginnie Mae pools as well as an increased forbearance share for other loans that are not federally backed.”