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Foreclosure Prevention, Refinance, and FPM Report

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

Published: 10/17/2024

July 2024 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 14,278 foreclosure prevention actions in July, bringing the total to 7,018,540 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 5,667 permanent loan modifications in July, bringing the total to 2,720,518 since the conservatorships began in September 2008.
  • Approximately 73 percent of loan modifications in July involved extend term only. Modifications with principal forbearance accounted for 26 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a forbearance plan decreased slightly from 5,424 in June to 5,403 in July.
  • Initiated forbearance plans increased from 7,375 in June to 10,396 in July. The total number of loans in forbearance also increased from 31,827 at the end of June to 34,901 at the end of July, representing approximately 0.11 percent of the total loans serviced and 6.8 percent of the total delinquent loans.

The Enterprises' Mortgage Performance:

  • The 30-59 day delinquency rate decreased to 0.95 percent while the serious delinquency rate increased slightly to 0.50 percent at the end of July.

The Enterprises' Foreclosures:

  • Third-party and foreclosure sales increased 17 percent to 1,049 while foreclosure starts increased 32 percent to 7,216 in July.

July 2024 Highlights - Refinance Activities

  • Total refinance volume decreased in July 2024 as mortgage rates decreased but remained above the levels observed through 2021. Mortgage rates fell in July 2024: the average interest rate on a 30-year fixed rate mortgage decreased from 6.92 percent in June to 6.85 percent in July.
  • The percentage of cash-out refinances decreased to 72 percent in July after rising as high as 82 percent over the last three years. Higher mortgage rates have reduced the opportunities for non cashout borrowers to refinance at lower rates and lower their monthly payments.
Attachments:
Foreclosure Prevention, Refinance, and FPM Report - July 2024