2Q25 Highlights -- Foreclosure Prevention
The Enterprises' Foreclosure Prevention Actions:
- The Enterprises completed 54,750 foreclosure prevention actions in the second quarter of 2025, bringing the total to 7,213,804 since the start of conservatorships in September 2008. Of these actions, 6,507,805 have helped troubled homeowners stay in their homes, including 2,788,002 permanent loan modifications.
- Initiated forbearance plans dropped to 22,119 in the second quarter from 31,010 in the first quarter of 2025. The total number of loans in forbearance at the end of the quarter was 34,713, representing approximately 0.11 percent of the total loans serviced and 6.5 percent of the total delinquent loans.
- Sixty one percent of modifications in the second quarter of 2025 were modifications with principal forbearance. Modifications that include extend-term only, accounted for 38 percent of all loan modifications during the quarter.
- There were 225 completed short sales and deeds-in-lieu during the quarter, bringing the total to 705,999 since the conservatorships began in September 2008.
The Enterprises' Mortgage Performance:
- The 60+ days delinquency rate decreased slightly from 0.77 percent at the end of the first quarter to 0.76 percent at the end of the second quarter of 2025.
- The Enterprises' serious (90 days or more) delinquency rate declined to 0.54 percent at the end of the second quarter of 2025. This compared with 3.80 percent for Federal Housing Administration (FHA) loans, 2.31 percent for Veterans Affairs (VA) loans, and 1.57 percent for all loans (industry average).
The Enterprises' Foreclosures:
- Foreclosure starts decreased slightly to 21,846 while third-party and foreclosure sales increased 3.7 percent to 3,194 in the second quarter of 2025.
For an interactive online map that provides state data, click on the following link:
Fannie Mae and Freddie Mac State Borrower Assistance Map
2Q25 Highlights -- Refinance Activities
- Total refinance volume increased in the second quarter of 2025, driven by relatively lower average mortgage rates compared to the first quarter. In June, mortgage rates remained stable, with the average interest rate for a 30-year fixed mortgage holding at 6.82 percent, unchanged from May.
- The share of cash-out refinances increased to 61 percent in June 2025, from 55 percent in May after rising as high as 82 percent over the last three years.