According to the Mortgage Bankers Association’s Forbearance and Call Volume survey, the number of loans in forbearance fell from 8.55% to 8.48%. This represents over 100,000 less loans in forbearance this week than the week prior. The share of Fannie Mae and Freddie Mac loans in forbearance fell from 6.38% to 6.31%. Fewer homeowners being in forbearance further shows the improvement in the job market and in addition shows fundamental strength in the housing market as well. As the job market returns to normal, the number of loans in forbearance will continue to decrease and strengthen the housing market as a whole. The unemployment benefits and stimulus payments underlined in the CARES Act are likely contributors to people being able to afford their mortgage payments in these very uncertain times.
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