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

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

Published: 10/12/2023

​​​July​ 2023 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 13,772 foreclosure prevention actions in July, bringing the total to 6,832,243 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 4,618 permanent loan modifications in July, bringing the total to 2,659,689 since the conservatorships began in September 2008.
  • Approximately 77 percent of loan modifications in July involved extend term only. Modifications with principal forbearance accounted for 20 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 13 percent from 6,078 in June to 5,264 in July 2023.​
  • Initiated forbearance plans decreased from 8,697 in June to 8,610 in July 2023. The total number of loans in forbearance also decreased from 54,109 at the end of June to 51,736 at the end of July, representing approximately 0.17 percent of the total loans serviced and 11 percent of the total delinquent loans.​
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased to 0.84 percent while the serious delinquency rate remained unchanged at 0.55 percent at the end of July.​

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales decreased 9 percent to 1,209 while foreclosure starts increased 4 percent to 6,438 in July.​

July​ ​2023 Highlights - Refinance Activities

  • Total refinance volume decreased in July 2023 as mortgage rates increased in June. Mortgage rates rose in July: the average interest rate on a 30-year fixed rate mortgage increased to 6.84 percent from a June level of 6.71 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages continued at 11 percent in July. 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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