The mortgage loan forbearance program was just extended indefinitely. This is based on a new announcement that cancels the September 30th, 2021 mortgage forbearance deadline (to request an initial forbearance).
In today’s housing market update, I discuss the latest real estate market news and I also share the latest housing update regarding mortgage interest rates.
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Black Knight announced that the number of homeowners in forbearance dropped by the largest weekly decline in 12 months. They fell by 171,000 this week and 294,000 in the last 30 days. There remains 1.39M homeowners in mortgage forbearance which represents 2.6% of active US mortgages per Black Knight.
If history repeats itself then approximately 7.4% of those ending their forbearance will either refi or sell their houses (MBA stat). Therefore, about 22k of the 294k would be selling their houses or doing a refi. This would have a negligible impact on our housing market given the fact that 1.29M homes are listed for sale as of the end of August 2021 (the most recent data we have available).
On top of this, according to the Consumer Financial Protection Bureau (CFPB), if your loan is backed by HUD/FHA , USDA, or VA , you may request an initial forbearance as long as the COVID-19 National Emergency is in place. The previous deadline was 9/30/21. In addition, if your loan is backed by Fannie Mae or Freddie Mac, there is not currently a deadline for requesting an initial forbearance. Therefore, forbearance will be around for a long time.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 3.17% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Why Aren’t Home Prices Dropping? Housing Market 2020
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BEWARE - Why I Cancelled My Mortgage Loan Forbearance Offer
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Mortgage Loan Forbearance Update (5 MAJOR CONS of Mortgage Loan Forbearance & More):
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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