The forbearance rate for mortgages backed by Fannie Mae and Freddie Mac dropped 4.94% in the first week of August. The forbearance rate is now at 7.21%, representing 3.6 million mortgages in forbearance. Economists are watching to see what impact the July 31st expiration of the $600 a week enhanced unemployment benefits will have on the forbearance numbers. Although short term forbearance numbers may be lowering, with more time we should see a clearer picture of the true forbearance levels without the aid of the CARES Act.
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