A Year Later, 2.6 Million Mortgages In Forbearance

ByTMN Editor Reading Time: 1 minute

Nearly a year into the pandemic, 2.6 million homeowners remain in forbearance plans in the United States, according to a report released Monday by the Mortgage Bankers Association.

MBA’s weekly report found:

  • 5.20 percent of mortgages were in forbearance as of February 28, down from 5.23 percent the week before.
  • The share of Ginnie Mae loans in forbearance decreased from 7.35 percent to 7.28 percent.
  • The share of Fannie Mae and Freddie Mac loans in forbearance decreased: from 2.97 percent to 2.94 percent.

“The improving economy, the soon-to-be passed stimulus package, and the many homeowners in forbearance reaching the 12-month mark of their plan could all influence the overall forbearance share in the coming months,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.