The number of US mortgages in forbearance dipped to 2.5 million in the latest survey released Monday by the Mortgage Bankers Association.
MBA’s weekly survey found:
- Total loans in forbearance decreased from 5.14 percent to 5.05 percent for the week ending March 14.
- The share of Ginnie Mae loans in forbearance decreased from 7.16 percent to 7.03 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.88 percent to 2.83 percent.
“New forbearance requests decreased to their lowest level since last March. Combined with a steady pace of exits, this drop in new requests resulted in a larger decline in the share of loans in forbearance across all investor categories,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The pace of economic activity is picking up as the vaccine rollout continues. We expect that a stronger job market will help many successfully exit forbearance in the months ahead.”