The share of mortgages in the United States under forbearance plans dropped again, with 2.8 million homeowners still having their payments paused, according to the latest report released Monday by the Mortgage Bankers Association.
The survey found that as of November 1:
- Total loans in forbearance decreased from 5.83 percent to 5.67 percent.
- The share of Ginnie Mae loans in forbearance decreased from 8.13 percent to 7.95 percent.
- The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.66 percent to 3.49 percent.
- Independent mortgage bank-managed loans in forbearance dropped from 6.27 percent to 6.19 percent.
- Bank-managed mortgages dropped from 5.86 percent to 5.60 percent.
“A recovering job market, coupled with a strong housing market, is providing the support needed for many homeowners to get back on their feet,” MBA Senior Vice President and Chief Economist Mike Fratantoni said.