Mortgage forbearance rate ticks up to 5.49%

According to Mike Fratantoni, MBA’s senior vice president and chief economist, more borrowers are seeking relief as restrictions on businesses and rising COVID-19 cases are triggering layoffs and slowing economic activity.

Fannie Mae and Freddie Mac loans in forbearance decreased to 3.25% – a 1-basis-point improvement, though not as steep as the 8-basis-point decline the week prior.

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