US Forbearance Levels Drop For 6th Straight Week

The number of mortgages in forbearance in the United States dropped to 2.3 million in the latest weekly survey released Monday by the Mortgage Bankers Association.

The survey found:

  • Total loans in forbearance decreased from 4.90 percent to 4.66 percent as of April 4.
  • The share of Ginnie Mae loans in forbearance decreased from 6.78 percent to 6.33 percent.
  • The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 2.72 percent to 2.52 percent.

It is the sixth straight week that the share of loans in forbearance has decreased, according to MBA.

“The accelerating economic recovery in March helped more homeowners recover and become current on their mortgages, in addition to helping other homeowners with more stable financial situations exit forbearance,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homeowners who are still facing hardships and need to extend their forbearance term should contact their servicers.”