October 2025 Highlights - Foreclosure Prevention
The Enterprises' Foreclosure Prevention Actions:
- The Enterprises completed 17,032 foreclosure prevention actions in October 2025, bringing the total to 7,280,932 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
- There were 7,210 permanent loan modifications in October 2025, bringing the total to 2,816,885 since the conservatorships began in September 2008.
- Approximately 36 percent of loan modifications in October involved extend term only. Modifications with principal forbearance accounted for 64 percent of all loan modifications during the month.
- The number of borrowers who received payment deferrals after completing a forbearance plan increased from 5,616 in September to 6,208 in October 2025.
- Initiated forbearance plans rose from 7,863 in September to 17,075 in October 2025. The total number of loans in forbearance also increased from 33,360 at the end of September to 42,112 at the end of October 2025, representing approximately 0.14 percent of the total loans serviced and 8.0 percent of the total delinquent loans.
The Enterprises' Mortgage Performance:
- The 30-59-day delinquency rate decreased to 0.93 percent while the serious delinquency rate remained steady at 0.55 percent at the end of October 2025.
The Enterprises' Foreclosures:
- Third-party and foreclosure sales rose 13 percent to 1,317 while foreclosure starts increased 3 percent to 9,255 in October 2025.
October 2025 Highlights - Refinance Activities
- Total refinance volume rose in October 2025, driven by relatively lower mortgage rates in September compared to August. Mortgage rates continued to ease in October, with the average interest rate on a 30-year fixed rate mortgage falling to 6.25 percent from 6.35 percent in September.
- Cash-out refinances as a percentage of total refinances decreased from 55 percent in September to 38 percent in October 2025 after rising as high as 82 percent over the last three years.