The total number of loans in forbearance has reached the lowest level since April, according to the Mortgage Bankers Association, with an estimated 3.4 million homeowners in forbearance plans.

The MBA’s latest Forbearance and Call Volume Survey showed that the total number of loans in forbearance decreased from 6.93 percent of servicers’ portfolio volume in the prior week to 6.87 percent on Sept. 20. The MBA’s survey in July indicated that approximately 4.1 million homeowners were in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 16th week in a row to 4.46 percent, a nine-basis-point improvement. Ginnie Mae loans in forbearance remained flat compared to the previous week at 9.15 percent, and the forbearance share for portfolio loans and private-label securities (PLS) also remained flat, at 10.52 percent. The percentage of loans in forbearance for depository servicers decreased 7 basis points to 7.11 percent, and the percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 3 basis points to 7.23 percent.

“The share of loans in forbearance continues to decline and is now at a level not seen since mid-April,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement. “Many homeowners with GSE loans are exiting forbearance into a deferral plan and resuming their original mortgage payment, but waiting to pay the forborne amount until the end of the loan.”

But Fratantoni also said that the overall picture on forbearances was somewhat of a mixed bag. The recent uptick in forbearance requests, particularly affecting FHA or VA loans, he said, has left the Ginnie Mae share of forbearances elevated, adding that the pace of new requests has met or exceeded the pace of exits from forbearance.

“The continued churn in the job market is likely keeping many homeowners who have been in forbearance reluctant to exit, given the level of economic uncertainty,” Fratantoni said.