The Federal Housing Administration has announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions until at least Jan. 31, 2021.
For the first time since March, the total number of mortgage loans in forbearance has decreased to 8.48% from the previous week of 8.55% (Mortgage Bankers Association). Currently, there are 4.2M homeowners with forbearance plans.
Encouraging news to all home sellers! Buyers are rapidly returning to the housing market, despite uncertainty due to coronavirus.
What does this mean? Well you can expect a flurry of housing activity, particularly in the refinancing sector, as homeowners around the nation capitalize on the historically low rate.