About 3.4 million homeowners remain in COVID-19 related forbearance plans.
The U.S. forbearance rate measuring the share of mortgages with suspended payments fell to 6.81% in the last week of September, the lowest since mid-April, according to the Mortgage Banker Association.
The forbearance rate for Fannie Mae and Freddie Mac loans dropped seven basis points to 4.39%, while the rate for Ginnie Mae loans that include loans backed by the Federal Housing Administration increased one basis point to 9.16%.
About 29% of total loans in forbearance are in the initial plan stage, while 70% are in a forbearance extension. The remaining 1.4 are forbearance re-entries.
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