Mortgage Marketing Radio’s Geoff Zimpfer on What’s Hot in Housing
The forbearance rate for mortgages backed by Fannie Mae and Freddie Mac dropped to 4.94% in the first week of August, the first time it’s been below 5% since April, the Mortgage Bankers Association said in a report on Monday.
The rate for mortgages backed by government-sponsored enterprises, or GSEs, fell 25 basis points from the prior week, according to the report.
Overall, the forbearance rate fell 23 basis points from the prior week to 7.21%, representing 3.6 million mortgages, MBA said.
“Borrowers with conventional mortgages have been faring somewhat better throughout the current crisis, and there is no sign to date from these data that the risk to the GSEs is increasing,” said Mike Fratantoni, MBA’s chief economist.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.
HousingWire articles covered in this episode: