The number of US mortgages in forbearance dropped for the 11th week in a row, with 2.7 million homeowners still pausing their mortgage payments during the Covid-19 pandemic, the Mortgage Bankers Association announced Monday.
The survey found:
- The total share of mortgages in forbearance dropped from 5.67 percent to 5.47 percent as of November 8.
- The share of Ginnie Mae loans in forbearance decreased from 7.95 percent to 7.70 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.49 percent to 3.36 percent.
- Independent mortgage bank-managed mortgages in forbearance dropped from 6.19 percent to 5.94 percent.
- Bank-managed mortgages in forbearance dropped from 5.60 percent to 5.43 percent.
“While the rate of new forbearance requests has declined and exits are increasing, homeowners who continue to be impacted by hardships related to the pandemic should contact their servicer for relief,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.