According to the Foreclosure Prevention, Refinance, and Federal Property Manager’s Report released by the Federal Housing Finance Agency (FHFA), in January 2026, the Enterprises executed 20,330 foreclosure prevention activities—totaling 7,339,258 since the conservatorships began in September 2008.
Permanent loan modifications have accounted for about 38.7% of these actions. Since the conservatorships started in September 2008, there have been 2,836,908 permanent loan modifications, including 6,670 in January 2026.
In January, only term extensions accounted for about 36.9% of loan modifications. Of all loan modifications made during the month, some 62.4% involved principal forbearance. After completing a forbearance plan, the number of borrowers who were granted payment deferrals increased from 6,424 in December 2025 to 7,344 in January 2026.
Between December 2025 and January 2026, the number of initiated forbearance programs dropped from 11,102 to 9,567. Additionally, the total number of loans in forbearance decreased from 46,680 at the end of December to 42,733 at the end of January, accounting for an estimated 7.61% of all delinquent loans and roughly 0.14% of all loans serviced.
January 2026 Highlights – Mortgage Performance, Refinance Activities & More
- At the end of January 2026, the significant delinquency rate rose to 0.59%, but the 30-59-day delinquency rate decreased to 0.99%.
- In January, foreclosure starts fell 10.3% to 8,603 while third-party and foreclosure sales increased 9.7% to 1,252.
- Despite ongoing mortgage rate reduction, the overall volume of refinances decreased in January 2026.
- In January, the average 30-year fixed mortgage rate dropped from 6.19% in December 2025 to 6.10%.
- After peaking at 82.4% at one time during the previous three years, the percentage of cash-out refinances rose to 41% of all refinance activity in January 2026.
To read the full report, click here.
