Forbearance Frequency

During the week of 3/2/20, before Covid-19 had much impact on the US economy, 0.25% of all mortgage loans were in forbearance. During the week of 4/19/20 the rate was 6.99%, up from 5.95% the previous week! At 6.99%, 3.5 million mortgages are in forbearance. Forbearance requests peaked the week of 3/30/20 and have declined since but will again spike the week of 4/27/30 as mortgage payments are due 5/1/20.