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Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report - April 2023
Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - April 2023

Published: 7/13/2023

​​​​​​​​​​​​April​ 2023 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 16,132 foreclosure prevention actions in April, bringing the total to 6,787,233 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 4,441 permanent loan modifications in April, bringing the total to 2,645,092 since the conservatorships began in September 2008.
  • Approximately 77 percent of loan modifications in April involved extend term only. Modifications with principal forbearance accounted for 18 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan decreased 14 percent from 8,741 in March to 7,510 in April 2023.
  • ​Initiated forbearance plans decreased from 10,790 in March to 9,220 in April 2023. The total number of loans in forbearance also decreased from 65,757 at the end of March to 61,317 at the end of April, representing approximately 0.20 percent of the total loans serviced and 12 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased to 0.91 percent while the serious delinquency rate declined to 0.59 percent at the end of April.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales decreased 2 percent to 1,188 while foreclosure starts dropped 17 percent to 5,604 in April.

April 2023 Highlights - Refinance Activities

  • Total refinance volume decreased in April 2023 as mortgage rates rose in March. Mortgage rates fell in April: the average interest rate on a 30-year fixed rate mortgage decreased to 6.34 percent from a March level of 6.54 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages continued at 14 percent in April. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2022 and 2023 compared to previous years. However, over this period, the higher monthly cost of a 15-year mortgage compared to the greater affordability of a 30-year mortgage has limited ​borrower interest in the 15-year mortgage due to increased mortgage rates.
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