Forbearance levels in the United States continued their decline in the latest report released Monday by the Mortgage Bankers Association.
The weekly MBA survey found:
- Total loans in forbearance decreased from 4.22 percent to 4.19 percent (or about 2.1 million mortgages).
- The share of Ginnie Mae loans in forbearance decreased from 5.61 percent to 5.59 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.24 percent to 2.21 percent.
“The share of loans in forbearance declined for the 12th straight week, dropping by 3 basis points. The decline was smaller than the prior week due to a slower pace of forbearance exits,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Although the overall share is declining, there was another increase in forbearance re-entries. Currently, 5.3 percent of loans in forbearance are homeowners who had cancelled forbearance but needed assistance again.”