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Fewer than 4 million homeowners across the U.S. are skipping their mortgage payments, according to new estimates from the Mortgage Bankers Association released Monday.
The trade group reported that only 7.8% of mortgage loans nationwide were in forbearance as of July 12, equating to roughly 3.9 million homeowners. It represents the smallest share of loans in forbearance in more than two months.
The percentage of Americans in forbearance on their home loans has fallen for five consecutive weeks. A record number of Americans requested forbearance as the coronavirus pandemic upended the country’s economy. A provision in the CARES Act allowed anyone with a federally-backed mortgage, including loans backed by Fannie Mae FNMA, -0.71% and Freddie Mac FMCC, -1.36%, to receive forbearance.