The forbearance rate is officially below 4% for the first time in a year. Servicers’ forbearance portfolio volume fell 11 basis points last week to 3.93%, according to a survey from the Mortgage Bankers Association. The MBA now estimates 2 million homeowners are still in some form of a forbearance plan.
In addition to last week’s drop, every investor category experienced some form of decline. Fannie Mae and Freddie Mac loans once again made up the smallest share at 2.05% ― a 4 basis point improvement ― while Ginnie Mae loans in forbearance fell 7 basis points to 5.15%.
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