The U.S. mortgage forbearance rate dropped to a three-month low of 7.7% this week as more Americans were able to pay their loans on time, Black Knight said in a report on Friday.
It was the lowest share of mortgages with suspended payments since late April, when New York was the center of the COVID-19 pandemic. That share represents 4.1 million loans that remain in forbearance as of July 28, Black Knight said.
The data was released on the same day as the expiration of the $600 per week federal unemployment benefit, part of the CARES Act passed by Congress to keep jobless Americans current on their bills.
Typically, unemployment insurance only replaces about 50% of a person’s former salary. Forbearances could begin to increase
Read More At: Article Source