November 2025 Highlights - Foreclosure Prevention
The Enterprises' Foreclosure Prevention Actions:
- The Enterprises completed 17,217 foreclosure prevention actions in November 2025, bringing the total to 7,298,149 since the start of the conservatorships in September 2008. Approximately 38.7 percent of these actions have been permanent loan modifications.
- There were 6,309 permanent loan modifications in November 2025, bringing the total to 2,823,194 since the conservatorships began in September 2008.
- Approximately 36.2 percent of loan modifications in November involved extend term only. Modifications with principal forbearance accounted for 63.0 percent of all loan modifications during the month.
- The number of borrowers who received payment deferrals after completing a forbearance plan decreased from 6,208 in October to 5,493 in November 2025.
- Initiated forbearance plans decreased from 17,075 in October to 16,511 in November 2025. However, the total number of loans in forbearance increased from 42,112 at the end of October to 48,737 at the end of November 2025, representing approximately 0.16 percent of the total loans serviced and 7.92 percent of the total delinquent loans.
The Enterprises' Mortgage Performance:
- The 30-59-day delinquency rate rose to 1.17 percent while the serious delinquency rate increased to 0.57 percent at the end of November 2025.
The Enterprises' Foreclosures:
- Third-party and foreclosure sales decreased 20.3 percent to 1,050 while foreclosure starts declined 21.0 percent to 7,307 in November 2025.
November 2025 Highlights - Refinance Activities
- Total refinance volume decreased in November compared with October 2025, even as mortgage rates remained stable. Mortgage rates remained flat, with the average 30-year fixed mortgage rate effectively unchanged at 6.24 percent in November, compared with 6.25 percent the prior month.
- The share of cash-out refinances held steady at 36.5 percent of total refinance in November 2025, after increasing to as much as 82.4 percent at points over the past three years.