4Q25 Highlights — Foreclosure Prevention
The Enterprises' Foreclosure Prevention Actions:
- The Enterprises completed 55,028 foreclosure prevention actions in the fourth quarter of 2025, bringing the total to 7,318,928 since the start of conservatorships in September 2008. Of these actions, 6,612,413 have helped troubled homeowners stay in their homes, including 2,830,202 permanent loan modifications.
- Initiated forbearance plans rose to 44,688 in the fourth quarter from 23,674 in the third quarter of 2025. The total number of loans in forbearance at the end of the quarter was 46,680, representing approximately 0.15 percent of the total loans serviced and 8.17 percent of the total delinquent loans.
- Sixty four percent of modifications in the fourth quarter of 2025 were modifications with principal forbearance. Modifications that include extend-term only, accounted for 35.6 percent of all loan modifications during the quarter.
- There were 278 completed short sales and deeds-in-lieu during the quarter, bringing the total to 706,515 since the conservatorships began in September 2008.
The Enterprises' Mortgage Performance:
- The 60+ days delinquency rate increased from 0.78 percent at the end of the third quarter to 0.84 percent at the end of the fourth quarter of 2025.
- The Enterprises' serious (90 days or more) delinquency rate increased to 0.58 percent at the end of the fourth quarter of 2025. This compared with 5.16 percent for Federal Housing Administration (FHA) loans, 2.58 percent for Veterans Affairs (VA) loans, and 1.85 percent for all loans (industry average).
The Enterprises' Foreclosures:
- Foreclosure starts rose 5.4 percent to 26,148 while third-party and foreclosure sales increased 4.9 percent to 3,508 in the fourth 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
4Q25 Highlights — Refinance Activities
- Total refinance volume rose in the fourth quarter, driven by the decline in mortgage rates. Mortgage rates continued to ease during the quarter, with the average 30-year fixed mortgage rate declining to 6.19 percent in December, compared with 6.35 percent in September 2025.
- The share of cash-out refinances declined to 34.8 percent of total refinance in December 2025, after increasing to as much as 82.4 percent at points over the past three years.