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Foreclosure Prevention, Refinance, and FPM Report

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

Published: 02/11/2025

November 2024 Highlights - Foreclosure Prevention

The Enterprises' Foreclosure Prevention Actions:

  • The Enterprises completed 15,888 foreclosure prevention actions in November, bringing the total to 7,080,695 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
  • There were 4,585 permanent loan modifications in November, bringing the total to 2,741,926 since the conservatorships began in September 2008.
  • Approximately 74 percent of loan modifications in November involved extend term only. Modifications with principal forbearance accounted for 25 percent of all loan modifications during the month.
  • The number of borrowers who received payment deferrals after completing a forbearance plan decreased from 7,289 in October to 6,800 in November.
  • Initiated forbearance plans decreased from 21,859 in October to 15,820 in November. However, the total number of loans in forbearance increased from 52,320 at the end of October to 57,627 at the end of November, representing approximately 0.19 percent of the total loans serviced and 9.9 percent of the total delinquent loans.

The Enterprises' Mortgage Performance:

  • The 30-59 day delinquency rate increased to 1.09 percent while the serious delinquency rate increased slightly to 0.54 percent at the end of November.

The Enterprises' Foreclosures:

  • Third-party and foreclosure sales decreased 14 percent to 908 while foreclosure starts also declined to 5,823 in November.

November 2024 Highlights - Refinance Activities

  • Total refinance volume increased in November 2024 as mortgage rates rose but remained below the peak of 7.62 percent observed in October 2023. Mortgage rates rose in November: the average interest rate on a 30-year fixed rate mortgage increased from 6.43 in October to 6.81 percent in November.
  • The percentage of cash-out refinances decreased to 44 percent in November after rising as high as 82 percent over the last three years. Mortgage rates have remained below the peak levels observed in late 2023, providing opportunities for non cash- out borrowers to refinance at lower rates and lower their monthly payments.
Attachments:
Foreclosure Prevention, Refinance, and FPM Report - November 2024