​2Q21 Highlights — Foreclosure Prevention
The Enterprises' Foreclosure Prevention Actions:

• The Enterprises completed 217,020 foreclosure prevention actions in the second quarter, bringing the total to 6,029,919 since the start of conservatorships in September 2008. Of these actions, 5,327,208 have helped troubled homeowners stay in their homes, including 2,468,534 permanent loan modifications.
• Initiated forbearance plans dropped to 81,592 in the second quarter from 121,216 in the first quarter of 2021. The total number of loans in forbearance at the end of the quarter was 490,508, representing approximately 1.6% of the total loans serviced, and 58 percent of the total delinquent loans.
• Twelve percent of modifications in the second quarter were modifications with principal forbearance. Modifications with extend-term only accounted for 63 percent of all loan modifications during the quarter.
• There were 655 completed short sales and deeds-in-lieu during the quarter, bringing the total to 702,711 since the conservatorships began in September 2008.

The Enterprises' Mortgage Performance:

• The 60+ days delinquency rate dropped from 2.68 percent at the end of the first quarter to 2.14 percent at the end of the second quarter. The delinquency rates remained much higher than pre-coronavirus rates due to the forbearance programs being offered to borrowers affected by the pandemic.
• The Enterprises' serious (90 days or more) delinquency rate decreased to 1.99 percent at the end of the second quarter. This compared with 9.48 percent for Federal Housing Administration (FHA) loans, 5.02 percent for Veterans Affairs (VA) loans, and 4.03 percent for all loans (industry average).

The Enterprises' Foreclosures:

Foreclosure starts dropped 32 percent to 6,233 while third-party and foreclosure sales increased 9 percent to 2,281 in the second quarter.

For an interactive online map that provides state data, click on the following link:  Fannie Mae and Freddie Mac State Borrower Assistance Map​

2Q21 Highlights ​— Refinance Activities​​

• Total refinance volume decreased in June 2021, after mortgage rates continued at levels above the lows observed in 2020. Mortgage rates rose in June: the average interest rate on a 30-year fixed rate mortgage rose to 2.98 percent from 2.96 perent in May.
• In the second quarter, 19 refinances were completed through the High LTV Refinance Option, bringing total refinances through the High LTV Refinance Option from the inception of the program to 197.
• The percentage of borrowers refinancing into shorter term 15-year fixed rate mortgages continued at 28 percent in June as the difference between 15- and 30-year fixed rate mortgages steadily increased from the lows observed in late 2020, to 68 basis points in May.  In June, the difference between 15- and 30-year fixed rate mortgages increased to 71 basis points.

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