General World News

Forbearance rate declines to 2.15%

Forbearance declined at a steady pace across the board last week, with many borrowers having already reached the end of their 18-month period provided by the CARES Act.

The total number of loans in forbearance decreased by six basis points to 2.15% as of Oct. 24, according to the latest report from the Mortgage Bankers Association (MBA). In the previous week, the rate dropped seven basis points to 2.21%.

Just over one million homeowners are still in forbearance plans. The survey included data on 36.7 million loans serviced as of Oct. 24, 73% of the first-mortgage servicing market.

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