The share of mortgages in forbearance in the United States increased for the second week in a row before Thanksgiving, according to the weekly report released by the Mortgage Bankers Association.
MBA’s survey found for the week ending November 22:
- Total loans in forbearance increased from 5.48 percent to 5.54 percent.
- The share of Ginnie Mae loans in forbearance increased from 7.73 percent to 7.83 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance increased from 3.35 percent to 3.36 percent.
- Independent mortgage bank loans in forbearance climbed from 5.48 percent to 5.54 percent.
- Bank-managed mortgages in forbearance climbed from 5.44 percent to 5.47 percent.
“For the second week in a row, the share of loans in forbearance has increased, driven by a rise in new forbearance requests and another slowdown in the pace of forbearance exits. The increase was across all loan and servicer types. Even GSE loans, which had previously declined for 24 straight weeks, saw an increase last week,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist.