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

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

Published: 4/13/2023

​​​January 2023 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 19,577 foreclosure prevention actions in January, bringing the total to 6,732,410 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 5,216 permanent loan modifications in January, bringing the total to 2,630,367 since the conservatorships began in September 2008.
  • Approximately 71 percent of loan modifications in January involved extend term only. Modifications with principal forbearance accounted for 15 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a COVID-19 related forbearance plan increased 27 percent from 7,080 in December 2022 to 9,020 in January 2023.
  • ​Initiated forbearance plans decreased from 13,986 in December to 12,776 in January. The total number of loans in forbearance also decreased from 81,173 at the end of December to 76,963 at the end of January, representing approximately 0.25 percent of the total loans serviced, and 15 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate decreased to 0.80 percent while the serious delinquency rate remained flat at 0.65 percent at the end of January.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales increased to 1,334 while foreclosure starts increased slightly to 6,367 in January.

January 2023 Highlights - Refinance Activities

  • Total refinance volume decreased in January 2023 as mortgage rates decreased from the October peak of 6.90 percent but remained high compared to the levels observed earlier in 2022. Mortgage rates fell in January: the average interest rate on a 30-year fixed rate mortgage decreased to 6.27 percent from a December level of 6.36 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages increased to 11 percent in January. 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 rising mortgage rates.
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