"The number of borrowers receiving payment deferrals after completing a forbearance plan rose to 6,208 in October, up from 5,616 in September. Initiated forbearance plans more than doubled month over month, increasing from 7,863 in September to 17,075 in October. The total number of loans in forbearance climbed to 42,112 at the end of October, up from 33,360 a month earlier."
"Mortgage performance for Fannie Mae and Freddie Mac showed modest improvement. The 30-59 day delinquency rate declined to 0.93% at the end of October, while the serious delinquency rate (90 days or more past due, or in the process of foreclosure) held steady at 0.55%. But foreclosure activity continued to rise as third-party and foreclosure sales ticked up 13% from September to 1,317 in October, while foreclosure starts rose 3% to 9,255."
"Refinance activity also picked up during the month, driven by lower mortgage rates. The average interest rate on a 30-year fixed-rate mortgage fell to 6.25% in October, down 8 basis points from 6.35% in September, after rates also declined from August to September. Cash-out refinances declined as a share of total refinance activity, falling to 38% in October from 55% in September. The share had climbed as high as 82% at various times over the past three years."
In October, GSEs completed 7,210 permanent loan modifications; 36% extended loan terms only and 64% included principal forbearance. Borrowers receiving payment deferrals after completing forbearance rose to 6,208 from 5,616. Initiated forbearance plans more than doubled, from 7,863 in September to 17,075 in October. Loans in forbearance increased to 42,112 from 33,360, representing about 0.14% of all loans serviced and 8% of total delinquent loans. The 30-59 day delinquency rate fell to 0.93%, while the serious delinquency rate remained at 0.55%. Foreclosure sales and starts rose, and refinance activity increased as the 30-year rate fell to 6.25%.
Read at www.housingwire.com
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