Although there are still 4.2 million borrowers in forbearance, that number fell last week for the first time since March.
Ginnie Mae mortgages have had the highest share of loans in forbearance for three consecutive weeks at 11.83%.
While a decline in the number of homeowners in forbearance indicates progress in the economy and housing market, 8.48% of borrowers who are currently in forbearance is a far cry from the just .25% of borrowers who were in forbearance previous to the pandemic.
“The big unknown with respect to this positive development is the extent to which it relies upon policy measures put in place to help families through this crisis,” Fratantoni said. “Particularly the stimulus payments and enhanced unemployment insurance benefits that were key parts of the CARES Act.”