The share of mortgage loans in forbearance increased to 0.50% in November, up from 0.48% in October. This slight rise indicates a growing number of homeowners seeking relief from their mortgage payments. The Mortgage Bankers Association (MBA) reported that the total number of loans now in forbearance stands at approximately 250,000. This uptick comes amidst economic uncertainties, with many homeowners facing financial difficulties. The MBA’s data also shows that the increase was primarily driven by a rise in forbearance requests from borrowers with loans backed by Fannie Mae and Freddie Mac, which saw an increase from 0.33% to 0.35%. Meanwhile, forbearance rates for loans held by banks and other financial institutions remained steady at 0.65%. These statistics highlight the ongoing challenges in the housing market and the need for continued support for struggling homeowners.
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