American Homeowners Grab at Mortgage Forbearance During Lockdown
- Conventional and Ginnie loans see weekly increase around 2.25%
- Forbearance inquiries likely to continue to rise, MBA says
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Almost 6% of U.S. mortgage borrowers have stopped making their payments following the passage of the CARES Act, which allows for easy forbearance.
The share of home loans in forbearance jumped to 5.95% during the week ended April 12, up from 3.74% the previous week, according to a survey from the Mortgage Bankers Association. Only 0.25% of all loans were in forbearance during the week of March 2.