Foreclosure Prevention, Refinance, and Federal Property Manager’s Report – April 2025
Industry Update
July 24, 2025
Source: Federal Housing Finance Agency
April 2025 Highlights – Foreclosure Prevention
The Enterprises’ Foreclosure Prevention Actions:
The Enterprises completed 19,474 foreclosure prevention actions in April 2025, bringing the total to 7,178,528 since the start of the conservatorships in September 2008. Approximately 39 percent of these actions have been permanent loan modifications.
There were 7,791 permanent loan modifications in April 2025, bringing the total to 2,772,657 since the conservatorships began in September 2008.
Approximately 45 percent of loan modifications in April involved extend term only. Modifications with principal forbearance accounted for 54 percent of all loan modifications during the month.
The number of borrowers who received payment deferrals after completing a forbearance plan decreased from 7,885 in March to 7,218 in April 2025.
Initiated forbearance plans decreased from 8,294 in March to 7,603 in April 2025. The total number of loans in forbearance also decreased from 40,939 at the end of March to 37,807 at the end of April 2025, representing approximately 0.12 percent of the total loans serviced and 7.4 percent of the total delinquent loans.
The Enterprises’ Mortgage Performance:
The 30-59-day delinquency rate increased to 0.91 percent while the serious delinquency rate decreased slightly to 0.56 percent at the end of April 2025.
The Enterprises’ Foreclosures:
Third-party and foreclosure sales fell 3 percent to 1,024 while foreclosure starts decreased 3 percent to 7,141 in April 2025.
April 2025 Highlights – Refinance Activities
Total refinance volume increased in April 2025, following a decline in mortgage rates in March from February levels. Mortgage rates increased in April: the average interest rate on a 30-year fixed rate mortgage increased to 6.73 percent in April from 6.65 percent in March.
Cash-out refinances as a percentage of refinances decreased from 65 percent in March to 56 percent in April 2025 after rising as high as 82 percent over the last three years. Lower mortgage rates have increased the opportunities for non-cash-out borrowers to refinance at lower rates and lower their monthly payments.
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