Home›Real Estate›Mortgages›GSE foreclosure prevention actions decline in May as r…

GSE foreclosure prevention actions decline in May as refis slow

Refinances dropped to 67,281 in May, after the average 30-year fixed rate rose to 6.44%.

Reported · Written up by our desk · Mortgages

Federal Housing Finance Agency data show Fannie Mae and Freddie Mac completed 15,855 foreclosure prevention actions in May, down from 17,201 in April, according to HousingWire. Refinance activity fell sharply as well. The GSEs recorded 67,281 refinances in May, compared with 96,028 in April, as the average 30-year fixed mortgage rate climbed to 6.44%. Within foreclosure prevention, permanent loan modifications were the largest category in May, totaling 6,616, down from 7,484 in April. Payment deferrals also declined to 5,389 from 5,729, while completed repayment plans fell to 1,384 from 1,476. Overall foreclosure prevention since the start of the enterprises' conservatorships in September 2008 reached 7.41 million actions by the end of May, with 38.7% of those actions classified as permanent loan modifications, the report noted.

More like this

Sources