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

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

Published: 11/9/2023

​​​​​​​​​August 2023 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 15,649 foreclosure prevention actions in August, bringing the total to 6,847,892 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 5,569 permanent loan modifications in August, bringing the total to 2,665,258 since the conservatorships began in September 2008.
  • Approximately 77 percent of loan modifications in August involved extend term only. Modifications with principal forbearance accounted for 21 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a forbearance plan increased 12 percent from 5,264 in July to 5,878 in August 2023.
  • Initiated forbearance plans increased from 8,610 in July to 9,394 in August 2023. However, the total number of loans in forbearance decreased from 51,736 at the end of July to 49,365 at the end of August, representing approximately 0.16 percent of the total loans serviced and 10 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate decreased slightly to 0.83 percent while the serious delinquency rate fell to 0.54 percent at the end of August.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales increased 3 percent to 1,248 while foreclosure starts rose 12 percent to 7,202 in August.

August​ ​2023 Highlights - Refinance Activities

  • Total refinance volume increased in August 2023, but continued at a lower volume compared to the volumes observed through mid 2022, as mortgage rates increased in July. Mortgage rates rose in August: the average interest rate on a 30-year fixed rate mortgage increased to 7.07 percent from a June level of 6.84 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages decreased to 10 percent in August. 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. 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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