The U.S. forbearance rate measuring the share of mortgages with suspended payments increased for the second time in nearly six months from 5.48% to 5.49%, according to the Mortgage Bankers Association.
According to Mike Fratantoni, MBA’s senior vice president and chief economist, more borrowers are seeking relief as restrictions on businesses and rising COVID-19 cases are triggering layoffs and slowing economic activity.
“The share of loans in forbearance has stayed fairly level since early November, often with small decreases in the GSE loan share and increases for Ginnie Mae loans. That was details ⇒
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