Same Old Story: 2.7M Mortgages In Forbearance

The number of mortgages in forbearance in the United States remains stubbornly at 2.7 million, where it has largely sat for several months now.

The Mortgage Bankers Association’s latest weekly survey released Monday found that the number of loans in forbearance remained unchanged this week at 5.38 percent. The survey also found:

  • The share of Ginnie Mae loans in forbearance decreased from 7.61 percent to 7.51 percent.
  • The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.11 percent to 3.10 percent.
  • The share of other loans in forbearance increased from 8.94 percent to 9.16 percent.

“While new forbearance requests dropped slightly, the rate of exits from forbearance was at the slowest pace since MBA began tracking exit data last summer,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Overall, the forbearance numbers have been little changed over the past few months. Homeowners still in forbearance are likely facing ongoing challenges with lost jobs, lost income, and other impacts from the pandemic.”