​​August 2021 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

• The Enterprises completed 49,082 foreclosure prevention actions in August, bringing the total to 6,140,495 since the start of the conservatorships in September 2008. Approximately 40 percent of these actions have been permanent loan modifications.
• There were 6,134 permanent loan modifications in August, bringing the total to 2,480,955 since the conservatorships began in September 2008.
• Eleven percent of modifications in August were modifications with principal forbearance. Modifications with extend-term only accounted for 66 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 23 percent from 39,836 in July to 30,795 in August.
• Initiated forbearance plans increased 7 percent from 23,481 in July to 25,072 in August. The total number of loans in forbearance decreased from 438,550 at the end of July to 400,071 at the end of August, representing approximately 1.3% of the total loans serviced, and 53 percent of the total delinquent loans.
  
  

The Enterprises' Mortgage Performance:

• The 30-59 days delinquency rate increased slightly to 0.69 percent, while the serious delinquency rate declined to 1.72 percent at the end of August.
  

The Enterprises' Foreclosures:

• Third-party and foreclosure sales increased 11 percent to 884 while foreclosure starts rose 72 percent to 3,110 in August.​

August 2021 Highlights - Refinance Activities

• Total refinance volume rose in August 2021, after mortgage rates through July steadily fell from the 2021 peak observed in March. Mortgage rates fell in August: the average interest rate on a 30-year fixed rate mortgage fell to 2.84 percent from 2.87 percent in July.
• In August, 1 refinance was completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 201.
• The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 26 percent in August as the difference between 15- and 30-year fixed rate mortgages remained in the 69 to 71 basis points range in recent months.​​