Foreclosure Prevention, Refinance, and Federal Property Manager's Report - October 2024

October 2024 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

• The Enterprises completed 17,086 foreclosure prevention actions in October, bringing the total to 7,064,807 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
• There were 5,938 permanent loan modifications in October, bringing the total to 2,737,341 since the conservatorships began in September 2008.
• Approximately 71 percent of loan modifications in October involved extend term only. Modifications with principal forbearance accounted for 28 percent of all loan modifications during the month.
• The number of borrowers who received payment deferrals after completing a forbearance plan increased from 5,971 in September to 7,289 in October.
• Initiated forbearance plans rose from 9,829 in September to 21,859 in October. The total number of loans in forbearance also increased from 39,669 at the end of September to 52,320 at the end of October, representing approximately 0.17 percent of the total loans serviced and 9.8 percent of the total delinquent loans.

The Enterprises' Mortgage Performance:

• The 30-59 day delinquency rate decreased to 0.96 percent while the serious delinquency rate remained unchanged at 0.53 percent at the end of October. 

The Enterprises' Foreclosures:

• Third-party and foreclosure sales increased 13 percent to 1,055 while foreclosure starts increased slightly to 7,275 in October.

October 2024 Highlights - Refinance Activities

• Total refinance volume increased in October 2024 as mortgage rates decreased through September. Mortgage rates rose in October: the average interest rate on a 30-year fixed rate mortgage increased from 6.18 percent in September to 6.43 percent in October.
• The percentage of cash-out refinances decreased to 48 percent in October after rising as high as 82 percent over the last three years. Falling mortgage rates through September have increased the opportunities for non cash-out borrowers to refinance at lower rates and lower their monthly payments.