The number of US mortgages in forbearance held steady to close out November, with about 2.8 million homeowners still pausing their mortgage payments amid the Covid-19 pandemic, the Mortgage Bankers Association announced Monday.
MBA’s weekly survey found:
- Total loans in forbearance remained unchanged for the week ending November 29 at 5.54 percent.
- The share of Ginnie Mae mortgages in forbearance increased from 7.83 percent to 7.89 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.36 percent to 3.34 percent.
- Independent mortgage bank loans in forbearance dropped from 6.03 percent to 6.02 percent.
- Bank-managed mortgages climbed from 5.47 percent to 5.48 percent.
“After two weeks of increases, the share of loans in forbearance was unchanged for the week that included Thanksgiving. A small decline in forbearances for GSE loans was offset by increases for Ginnie Mae and portfolio loans,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “While new forbearance requests declined for the week, exits slowed to a new low for the series.”