Mortgages in Forbearance Slightly Increases
The total number of loans now in forbearance increased slightly from the prior week according to the latest Forbearance and Call Volume Survey.
Loans in forbearance increased slightly one basis point to 5.38%. Currently, 2.7 million homeowners are now in forbearance plans.
- INITIAL STAGE: 18.17% of total loans in forbearance are in the initial forbearance plan stage
- EXTENSION: 79.31% of total loans are in a forbearance extension
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said in a statement, “The latest housing market data show strong momentum entering 2021, with both the pace of home sales and new construction booming. We expect that this strong market could benefit homeowners who need to sell their home, as record-low inventory is causing for-sale homes to go under contract quickly and is pushing up home prices.”