Last week we reported that the number of Americans applying for the government’s mortgage forbearance program had spiked to 3.74%, up from 2.73% the week before.

One week later, total home loans in pandemic-induced forbearance stand at 5.95%, an increase of 60% on the week as roughly a million more homeowners applied for help – bringing the total number of distressed borrowers under the program to roughly 3 million, according to the new Forbearance and Call Volume Survey published by the Mortgage Bankers Association.

Of those, Ginnie Mae loans grew the most week-over-week, from 5.89% to 8.26%, while the share of Fannie Mae and Freddie Mac loans grew from 2.44% to 4.64%.



Read more…