The share of US mortgages in forbearance declined for the third week in a row, according to a weekly survey released Monday by the Mortgage Bankers Association.
The survey, which reported 2.6 million US homeowners remain in forbearance plans, also found:
- Total loans in forbearance decreased from 5.29 percent to 5.22 percent.
- The share of Ginnie Mae loans in forbearance decreased from 7.34 percent to 7.32 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.01 percent to 2.97 percent.
“The housing market is quite strong, with home sales, home construction, and home price data all testifying to this strength,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Policymakers and the mortgage industry have helped enable this during the pandemic by providing millions of homeowners support in the form of forbearance. The decision to extend the allowable duration of forbearance plans should provide for a smoother transition this year as the job market continues to recover.”