Source: Mortgage Bankers Association
The Mortgage Bankers Association survey revealed forbearance loans went down 11 basis points from 4.04% to 3.93%.
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- According to the report, almost 2 million homeowners are in forbearance terms.
- Fannie Mae and Freddie Mac loans in forbearance went down 4 basis points to stand at 2.05%, while those of Ginnie Mae declined 7 basis points to 5.15%.
- Forbearance share for portfolio loans and private-label securities declined 35 basis points to 7.98%.
- Independent mortgage bank forbearance loans went down 16 basis points to 4.05%, while forbearance loans for depository services dropped 3 basis points to 4.16%.
- Share of forbearance loans have decreased for 16 weeks straight, the declines being in almost all loan categories.
- New forbearance requests were at a low level of 4 basis points, with more than 44% borrowers using a deferral arrangement to exit.