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

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

Published: 2/16/2023

November 2022 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 16,746 foreclosure prevention actions in November, bringing the total to 6,695,943 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 5,135 permanent loan modifications in November, bringing the total to 2,620,190 since the conservatorships began in September 2008.
  • Approximately 66 percent of loan modifications in November involved extend term only. Modifications with principal forbearance accounted for 13 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 8 percent from 8,200 in October to 7,504 in November.
  • ​Initiated forbearance plans decreased from 18,432 in October to 15,190 in November. However, the total number of loans in forbearance increased from 81,556 at the end of October to 83,123 at the end of November, representing approximately 0.27 percent of the total loans serviced, and 16 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased to 0.89 percent while the serious delinquency rate declined to 0.65 percent at the end of November.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales decreased to 1,058 while foreclosure starts increased slightly to 6,201 in November.

November 2022 Highlights - Refinance Activities

  • Total refinance volume decreased in November 2022 after an increase in mortgage rates in October. Mortgage rates fell in November: the average interest rate on a 30-year fixed rate mortgage decreased to 6.81 percent from an October level of 6.90 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages continued at 13 percent in November. Interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2022 compared to previous years due to the rising mortgage rates since December 2021. However, the higher monthly cost of a 15-year mortgage compared to the greater affordability of a 30-year mortgage has reduced borrower interest in the 15-year mortgage.
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