July 2019 Highlights — Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

• The Enterprises completed 9,908 foreclosure prevention actions in July, bringing the total to 4,364,469 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.
• There were 6,553 permanent loan modifications in July, bringing the total to 2,362,970 since the conservatorships began in September 2008.
• Twenty-six percent of modifications in July were modifications with principal forbearance. Modifications with extend-term only accounted for 67 percent of all loan modifications during the month.
• There were 449 short sales and deeds-in-lieu of foreclosure completed in July, down 7 percent compared with June.

The Enterprises' Mortgage Performance:

• The serious delinquency rate decreased slightly from 0.67 percent at the end of June to 0.65 percent at the end of July.

The Enterprises' Foreclosures:

• Third-party and foreclosure sales increased from 3,277 in June to 3,351 in July.
• Foreclosure starts also increased from 9,165 in June to 10,054 in July.

July 2019 Highlights — Refinance Activities

• Total refinance volume increased in July 2019 as mortgage rates fell in previous months. Mortgage rates decreased in July: the average interest rate on a 30-year fixed rate mortgage fell to 3.77 percent from 3.80 percent in June.

In July 2019:

• Borrowers completed 2 refinances through HARP, bringing total refinances from the inception of the program to 3,495,408.
• Borrowers completed 1 refinance through the High LTV Refinance Option, representing the first transaction in the Enterprises' refinancing options designed to replace HARP.
• Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.