​​​​​​​​​​​4Q23 Highlights — Foreclosure Prevention

The Enterprises' F​oreclosure Prevention Actions:

• The ​Enterprises c​ompleted 43,903 foreclosure prevention actions in the fourth quarter of 2023, bringing the total to 6,905,730 since the start of conservatorships in September 2008. Of these actions, 6,200,815 have helped troubled homeowners stay in their homes, including 2,682,192 permanent loan modifications.
• Initiated forbearance plans decreased to 24,579 in the fourth quarter from 27,038 in the third quarter of 2023. The total number of loans in forbearance at the end of the quarter was 42,194, representing approximately 0.14 percent of the total loans serviced and 8 percent of the total delinquent loans.​
  
• ​Eighteen percent of modifications in the fourth quarter were modifications with principal forbearance. Modifications that include extend-term only accounted for 80 percent of all loan modifications during the quarter.
• There were 134 completed short sales and deeds-in-lieu during the quarter, bringing the total to 704,915 since the conservatorships began in September 2008.

The Enterprises' Mortgage Performance:

• The 60+ days delinquency rate increased from 0.73 percent at the end of the third quarter to 0.77 percent at the end of the fourth quarter of 2023.
• The Enterprises' serious {90 days or more) delinquency rate increased slightly to 0.55 percent at the end of the fourth quarter. This compared with 3.42 percent for Federal Housing Administration {FHA) loans, 2.01 percent for Veterans Affairs {VA) loans, and 1.52 percent for all loans {industry average).

The Enterprises' Foreclosures:

• Foreclosure starts decreased 4 percent to 18,731 while third-party and foreclosure sales declined 9 percent to 3,282 in the fourth quarter.

For an interactive online map that provides state data, click on the following link:
Fannie Mae and Freddie Mac State Borrower Assistance Map​​​

4Q23 Highlights ​— Refinance Activities​​

• Total refinance volume decreased in the fourth quarter, compared to the third quarter, as mortgage rates peaked in October at a monthly average of 7.62 percent and remained elevated in November. However, mortgage rates fell in December: the average interest rate on a 30-year fixed rate mortgage decreased to 6.82 percent.
• The percentage of borrowers refinancing into shorter term 15-year mortgages continued at 8 percent in December. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years.

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