The share of US mortgages in forbearance edged down ever so slightly last week, with 2.25 million American homeowners still in forbearance plans, according to the Mortgage Bankers Association’s latest report.
The weekly report found:
- Total loans in forbearance decreased from 4.50 percent to 4.49 percent.
- The share of Ginnie Mae loans in forbearance decreased from 6.16 percent to 6.09 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance remained the same at 2.44 percent.
“After two weeks of large declines, the share of loans in forbearance decreased for the eighth straight week, but by only 1 basis point. New forbearance requests increased, and the rate of exits declined,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “More than 40 percent of borrowers in forbearance extensions have now exceeded the 12-month mark.”