!--more-->However, the pace of new forbearance plans has slowed considerably—there was an average net increase of just under 26,000 per day over the past week. That’s a reduction of more than 85% of the rate in early April.
Using a momentum-based approach based on the one-week average and assuming an optimistic 10% daily decline moving forward, there would be 4.9 million loans in forbearance by the end of May (9.2% of active mortgages) and just under 5 million (9.4%) by the end of June.

A more pessimistic scenario, in which the two-week average rolls forward and the 10% daily decline doesn’t manifest until June 15th, could result in as many as 5.4 million loans (10.1%) in forbearance by the end of the month, and nearly 6.3 million (11.8%) by the end of June.

Together, the 4.66M represent 8.8% of all active mortgages and more than $1 trillion in unpaid principal. Some 7% of all GSE-backed loans and 12.4% of all FHA/VA loans are currently in forbearance plans.