Foreclosure Prevention, Refinance, and Federal Property Manager’s Report – January 2026
Industry Update
April 16, 2026
Source: Federal Housing Finance Agency
January 2026 Highlights – Foreclosure Prevention
The Enterprises’ Foreclosure Prevention Actions:
The Enterprises completed 20,330 foreclosure prevention actions in January 2026, bringing the total to 7,339,258 since the start of the conservatorships in September 2008. Approximately 38.7 percent of these actions have been permanent loan modifications.
There were 6,670 permanent loan modifications in January 2026, bringing the total to 2,836,908 since the conservatorships began in September 2008.
Approximately 36.9 percent of loan modifications in January involved extend term only. Modifications with principal forbearance accounted for 62.4 percent of all loan modifications during the month.
The number of borrowers who received payment deferrals after completing a forbearance plan rose from 6,424 in December 2025 to 7,344 in January 2026.
Initiated forbearance plans decreased from 11,102 in December 2025 to 9,567 in January 2026. The total number of loans in forbearance also fell from 46,680 at the end of December to 42,733 at the end of January, representing approximately 0.14 percent of the total loans serviced and 7.61 percent of the total delinquent loans.
The Enterprises’ Mortgage Performance:
The 30-59-day delinquency rate fell to 0.99 percent while the serious delinquency rate increased to 0.59 percent at the end of January 2026.
The Enterprises’ Foreclosures:
Third-party and foreclosure sales rose 9.7 percent to 1,252 while foreclosure starts declined 10.3 percent to 8,603 in January 2026.
January 2026 Highlights – Refinance Activities
Total refinance volume declined in January 2026 despite continued easing in mortgage rates. The average 30‑year fixed mortgage rate fell to 6.10 percent in January, down from 6.19 percent in December 2025.
The share of cash‑out refinances increased to 41.0 percent of total refinance activity in January 2026, after previously reaching a peak of 82.4 percent at one point during the preceding three years.
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