Foreclosure Prevention, Refinance, and Federal Property Manager's Report - April 2024

April 2024 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

• The Enterprises completed 16,483 foreclosure prevention actions in April, bringing the total to 6,974,367 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
• There were 5,587 permanent loan modifications in April, bringing the total to 2,703,468 since the conservatorships began in September 2008.
• Approximately 78 percent of loan modifications in April involved extend term only. Modifications with principal forbearance accounted for 21 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 7,376 in March to 7,182 in April.
• Initiated forbearance plans decreased from 6,617 in March to 6,364 in April. The total number of loans in forbearance also decreased from 34,348 at the end of March to 32,351 at the end of April, representing approximately 0.10 percent of the total loans serviced and 6.8 percent of the total delinquent loans.

The Enterprises' Mortgage Performance:

• The 30-59 days delinquency rate decreased to 0.86 percent while the serious delinquency rate decreased to 0.50 percent at the end of April.

The Enterprises' Foreclosures:

• Third-party and foreclosure sales decreased 3 percent to 1,041 while foreclosure starts declined less than 1 percent to 5,852 in April.

April 2024 Highlights - Refinance Activities

• Total refinance volume increased in April as mortgage rates remained below the elevated levels observed in late 2023. Mortgage rates rose in April: the average interest rate on a 30-year fixed rate mortgage increased to 6.99 percent.
• The percentage of cash-out refinances increased to 71 percent in April after rising as high as 82 percent over the last two years. Higher mortgage rates have reduced the opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.