FHFA’s Foreclosure Prevention and Refinance Activity Report

The Federal Housing Finance Agency (FHFA) released the Federal Property Manager’s 21-page Foreclosure Prevention, Refinance Report for October 2020. The full document details the entire month, but here are some highlights.  When it came to refinancing, October continued to raise numbers. A record-breaking month for refinancing, decreasing mortgage rates incentivized more people to refinance their existing properties. In fact, the already-low September mortgage rate of 2.89% fell a few more hundredths of a point to 2.83%.  Since the program’s inception in September of 2008, 107 refinances were completed through the High LTV refinance option. Two were completed in October.  Cash-out refinances were on the rise, but only marginally. After hitting a low of 25% in August and steadily increasing during September, they hit 26% in October. With the continuous decrease in mortgage rates, there are more opportunities for on cash-out borrowers to get lower rates and lower monthly payments when they refinance.  https://dsnews.com/daily-dose/01-28-2021/fhas-report-on-foreclosure-prevention-and-refinance