It’s important to remember that mild increases like this have been common in the middle of the month. Since the recovery started, the strongest declines have typically been seen early in the month, as expiring forbearance plans are removed.

This week’s rise was a result of a 17,000 increase in FHA/VA forbearances along with a 10,000 increase among loans in private label securities or banks’ portfolios, while GSE forbearances remained flat week over week.

Despite the increase, the number of active forbearances remains down 7% (-207,000) from last month, roughly equivalent to the declines seen in August and September.

As of November 23, there are now 2.78 million homeowners in active forbearance plans, representing approximately 5.3% of all active mortgages, up from 5.2% from last week. Together, they represent $564 billion in unpaid principal.

Some 3.6% of all GSE-backed loans and 9.2% of all FHA/VA loans are currently in forbearance plans. Another 5.1% of loans in private label securities or banks’ portfolios are also in forbearance.

Of the 2.78 million loans still in active forbearance, 81% have had their terms extended at some point since March.