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

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

Published: 2/13/2024

​​November 2023 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 14,055 foreclosure prevention actions in November, bringing the total to 6,891,104 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 4,159 permanent loan modifications in November, bringing the total to 2,678,209 since the conservatorships began in September 2008.
  • Approximately 79 percent of loan modifications in November involved extend term only. Modifications with principal forbearance accounted for 18 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a forbearance plan decreased 3 percent from 6,722 in October to 6,504 in November 2023.
  • Initiated forbearance plans decreased from 10,245 in October to 7,238 in November 2023. The total number of loans in forbearance also decreased from 48,132 at the end of October to 45,654 at the end of November, representing approximately 0.15 percent of the total loans serviced and 9 percent of the total delinquent loans.
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The Enterprises' Mortgage Performance: 

  • The 30-59 days delinquency rate increased to 0.94 percent while the serious delinquency rate also increased to 0.54 percent at the end of November.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales decreased 11 percent to 1,083 while foreclosure starts increased slightly to 6,343 in November.

November​ ​2023 Highlights - Refinance Activities

  • ​Total refinance volume increased in November 2023, but continued at a lower volume compared to the volumes observed through mid 2022, as mortgage rates increased in October. Mortgage rates fell in November: the average interest rate on a 30-year fixed rate mortgage decreased to 7.44 percent from an October level of 7.62 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages decreased to 8 percent in November. 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.
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