Roughly 4.1 million U.S. mortgage borrowers have had their payments paused or reduced as the novel coronavirus outbreak hits household finances, but the increase in the number of people needing such help is slowing, the latest weekly survey from the Mortgage Bankers Association showed on Monday.
The share of mortgages in forbearance rose to 8.16% from 7.91% in the May 4-10 period, the industry lobbying group said, the smallest increase since March 16. The number of new requests for relief also fell relative to the prior week for the fifth consecutive survey period, the MBA said.
The U.S. economy has cratered since mid-March as many stay-at-home orders were enacted across the country to limit the spread of the virus. Job losses have continued to mount, with more than 30 million people newly thrown out of work, although a majority of states have now partially reopened commerce.
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