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

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

Published: 1/25/2024

October 2023 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:​

  • The Enterprises completed 15,222 foreclosure prevention actions in October, bringing the total to 6,877,049 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 4,616 permanent loan modifications in October, bringing the total to 2,674,050 since the conservatorships began in September 2008.
  • Approximately 79 percent of loan modifications in October involved extend term only. Modifications with principal forbearance accounted for 19 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a forbearance plan increased 12 percent from 5,995 in September to 6,722 in October 2023.
  • Initiated forbearance plans increased from 9,034 in September to 10,245 in October 2023. The total number of loans in forbearance also increased from 47,672 at the end of September to 48,132 at the end of October, representing approximately 0.16 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 decreased slightly to 0.92 percent while the serious delinquency rate fell to 0.53 percent at the end of October.

The Enterprises' Foreclosures:​

  • Third-party and foreclosure sales increased 6 percent to 1,223 while foreclosure starts rose 8 percent to 6,306 in October.

October ​2023 Highlights - Refinance Activities

  • Total refinance volume decreased in October 2023, and continued at a lower volume compared to the volumes observed through mid 2022, as mortgage rates increased in September. Mortgage rates rose in October: the average interest rate on a 30-year fixed rate mortgage increased to 7.62 percent from an August level of 7.20 percent.
  • The percentage of borrowers refinancing into shorter term 15-year mortgages decreased to 9 percent in October. 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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