​​​1Q22 Highlights — Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

• The Enterprises completed 129,779 foreclosure prevention actions in the first quarter of 2022, bringing the total to 6,494,057 since the start of conservatorships in September 2008. Of these actions, 5,790,354 have helped troubled homeowners stay in their homes, including 2,544,752 permanent loan modifications.
• Initiated forbearance plans decreased to 59,778 in the first quarter 2022 from 72,146 in the fourth quarter of 2021. The total number of loans in forbearance at the end of the quarter was 126,758, representing approximately 0.41 percent of the total loans serviced, and 23 percent of the total delinquent loans.
• Six percent of modifications in the first quarter were modifications with principal forbearance. Modifications that include reduce rate and extend-term accounted for 72 percent of all loan modifications during the quarter.
• ​There were 240 completed short sales and deeds-in-lieu during the quarter, bringing the total to 703,703 since the conservatorships began in September 2008.

The Enterprises' Mortgage Performance:

• The 60+ days delinquency rate dropped from 1.34 percent at the end of the fourth quarter 2021 to 1.11 percent at the end of the first quarter of 2022. The delinquency rates remained higher than pre-coronavirus rates due to the forbearance programs offered to borrowers affected by the pandemic.
• The Enterprises' serious (90 days or more) delinquency rate dropped to 0.97 percent at the end of the first quarter. This compared with 5.33 percent for Federal Housing Administration (FHA) loans, 3.15 percent for Veterans Affairs (VA) loans, ​and 2.39 percent for all loans (industry average).

The Enterprises' Foreclosures:

• Foreclosure starts more than trippled to 20,624 while third-party and foreclosure sales decreased 5 percent to 3,054 in the first quarter.

​For an interactive online map that provides state data, click on the following link: 

Fannie Mae and Freddie Mac State Borrower Assistance Map​

1Q22 Highlights ​— Refinance Activities​​

• Total refinance volume decreased in March 2022 amid rising mortgage rates through February. Mortgage rates rose in March: the average interest rate on a 30-year fixed rate mortgage increased to 4.17 percent from a February level of 3.76 percent.
• The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 23 percent in March as the difference between 15-and 30-year fixed rate mortgages remained in the three quarters of a percent range in recent months through February. In March, the difference between 15-and 30-year fixed rate mortgages increased to 78 basis points.

Related News Release