3Q25 Highlights — Foreclosure Prevention
The Enterprises' Foreclosure Prevention Actions:
- The Enterprises completed 50,096 foreclosure prevention actions in the third quarter of 2025, bringing the total to 7,263,900 since the start of conservatorships in September 2008. Of these actions, 6,557,663 have helped troubled homeowners stay in their homes, including 2,809,639 permanent loan modifications.
- Initiated forbearance plans increased to 23,674 in the third quarter from 22,119 in the second quarter of 2025. The total number of loans in forbearance at the end of the quarter was 33,360, representing approximately 0.11 percent of the total loans serviced and 6.2 percent of the total delinquent loans.
- Sixty five percent of modifications in the third quarter of 2025 were modifications with principal forbearance. Modifications that include extend-term only, accounted for 35 percent of all loan modifications during the quarter.
- There were 238 completed short sales and deeds-in-lieu during the quarter, bringing the total to 706,237 since the conservatorships began in September 2008.
The Enterprises' Mortgage Performance:
- The 60+ days delinquency rate increased from 0.76 percent at the end of the second quarter to 0.78 percent at the end of the third quarter of 2025.
- The Enterprises' serious (90 days or more) delinquency rate increased to 0.55 percent at the end of the third quarter of 2025. This compared with 4.10 percent for Federal Housing Administration (FHA) loans, 2.30 percent for Veterans Affairs (VA) loans, and 1.61 percent for all loans (industry average).
The Enterprises' Foreclosures:
- Foreclosure starts rose to 24,802 while third-party and foreclosure sales increased 4.7 percent to 3,344 in the third 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
3Q25 Highlights — Refinance Activities
- Total refinance volume increased in September; however, overall third-quarter activity declined relative to the second quarter. The decrease was driven by elevated mortgage rates in June and July. Mortgage rates continued to ease in September, with the average interest rate on a 30-year fixed rate mortgage falling to 6.35 percent from 6.59 percent in August.
- Cash-out refinances as a percentage of total refinances decreased from 63 percent in August to 55 percent in September 2025 after rising as high as 82 percent over the last three years.