The U.S. forbearance rate measuring the share of mortgages with suspended payments experienced a 20 basis points improvement last week after it fell to 5.47% from 5.67% the week prior, according to the Mortgage Bankers Association. The U.S forbearance rate has now fallen for 11 consecutive weeks with an estimated 2.7 million homeowners still in mortgage forbearance plans.
The share of Fannie Mae and Freddie Mac loans in forbearance fell 13 basis points to 3.36% – marking the 23rd week in a row the GSEs’ forbearance rate has dropped.
The rate for Ginnie Mae loans, which include loans backed by the Federal Housing Administration, also continued their decline last week after falling 25 basis points to 7.7%.
However, the mortgage forbearance share for portfolio loans and private-label securities (PLS) experienced the greatest decline – down
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