Forbearances at Their Lowest Level Since April, But There’s a Catch; Election Week a Win For Rates
Another round of expirations reduced the number of active forbearance plans last week. Black Knight said the number of homeowners in COVID-19 related plans fell by 137,000 during the week, after a slight uptick the week before. The 5.0 percent improvement was about what was expected for the first week of the month. At the beginning of October over 700,000 forbearance plans had been scheduled to reach the end of their original terms over the ensuing two months. By the end of October 161,000 had expired and 366,000 remained in their original terms. Thus, it appears that 200,000 plans had been worked through and extended during the last week of the month. Black Knight's current report, covering the week ended November 3, found 2.86 million active plans, representing about 5.4 percent of all mortgages
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