The Federal Finance Finance Agency (FHFA) reports that the Enterprises completed 17,929 foreclosure prevention actions in July 2025, according to FHFA’s latest data.
July’s transactions bring the total of foreclosure prevention actions to 7,231,733 since the start of the conservatorships in September 2008, according to the July Federal Property Manager’s Report. Nearly four in 10 (39%) of these actions have been permanent loan modifications.
How modifications will be handled if Fannie Mae and Freddie Mac are privatized, as has been discussed, is unknown at this time.
There were 8,089 permanent loan modifications in July 2025, bringing the total to 2,796,127 since the conservatorships began. About one-third (34%) of loan modifications in the month were limited to extended terms. Modifications with principal forbearance accounted for 65% of all loan modifications during the month.
The number of borrowers who received payment deferrals after completing a forbearance plan increased from 5,735 in June to 6,275 in July 2025. Initiated forbearance plans rose, growing from 7,145 in June to 8,030 in July. Despite the increase, the total number of loans in forbearance decreased from 34,713 at the end of June to 33,927 at the end of July 2025. That is approximately 0.11% of the total loans serviced and 6.6% of the total delinquent loans.
Enterprises’ Mortgage Performance
The 30-59-day delinquency rate decreased to 0.92%, though the serious delinquency rate remained steady at 0.54% at the end of the month.
Third-party and foreclosure sales decreased slightly to 1,091, while foreclosure starts increased 11 percent to 8,073 in July 2025.
Refinance Activities
Total refinance volume decreased during the month, which the report attributed to rates remaining relatively high. The report also pointed out that mortgage rates improved slightly in July, with the average interest rate on a 30-year fixed-rate mortgage falling to 6.72% from 6.82% the previous month.
Additionally, cash-out refinances as a percentage of refinances increased from 62% in June to 65% in July 2025 after rising as high as 82% over the last three years.
