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Home / About FHFA / Reports / Foreclosure Prevention, Refinance, and Federal Property Manager's Report - May 2022
Foreclosure Prevention, Refinance, and FPM Report

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - May 2022

Published: 8/11/2022

May 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • ​The Enterprises completed 30,990 foreclosure prevention actions in May, bringing the total to 6,562,142 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 12,830 permanent loan modifications in May, bringing the total to 2,572,110 since the conservatorships began in September 2008.
  • Approximately 75 percent of loan modifications in May include reduce rate and extend-term. Modifications with principal forbearance accounted for 7.0 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 21 percent from 16,047 in April to 12,645 in May.
  • ​Initiated forbearance plans increased slightly from 13,247 in April to 13,397 in May. The total number of loans in forbearance decreased from 110,535 at the end of April to 99,451 at the end of May, representing approximately 0.32 percent of the total loans serviced, and 19 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased slightly to 0.75 percent while the serious delinquency rate declined to 0.84 percent at the end of May.

The Enterprises' Foreclosures:​

  • ​Third-party and foreclosure sales decreased to 1,066 while foreclosure starts increased to 6,665 in May.

May 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in May 2022 amid rising mortgage rates through April. Mortgage rates rose in May: the average interest rate on a 30-year fixed rate mortgage increased to 5.23 percent from an April level of 4.98 percent, reaching levels last observed in 2008.
  • ​The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages decreased to 20 percent in May as the difference between 15- and 30-year fixed rate mortgages remained in the three quarters of a percent range in recent months through May. The sharp rise in mortgage rates since December has acted as an additional disincentive against the higher monthly cost of a 15-year fixed rate mortgage versus a 30-year fixed rate mortgage.
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