Both Fannie Mae and Freddie Mac (the GSEs) reported substantial increases in their financial results for 2021 when compared to 2020 and a greatly improved net worth. Fannie Mae’s performance also improved from the third quarter of 2021 to the fourth, but Freddie Mac reported lower results. Fannie Mae had a net comprehensive income of $22.18 billion in 2021, nearly double the 2020 total of $11.81 billion. Fourth quarter results were up 7.0 percent from the prior quarter at $5.19 billion. Net interest income rose by $4.72 billion year-over-year to $29.59 billion and was 9.0 percent higher quarter-over-quarter at $7.59 billion. Fee and other income fell 46 percent from the third quarter to $60 million and was 22 percent lower for the year at $361 million. Credit related income shifted from an expense of $855 million in 2020 to revenue of $5.10 billion last year, driven by actual and forecasted home price growth, an increase in the volume of redesignations, and a reduction in expected losses occasioned by the pandemic. Single-family acquisition volume was $1.4 trillion in 2021 with purchase acquisitions accounting for $451.30 billion, the highest on record. Almost half of the purchase acquisitions involved first-time homebuyers. Refinance acquisitions dropped from $947.8 billion in 2020 to $903.7 billion. At the end of December, the company had 117,440 loans in forbearance , 0.7 percent of its single-family guaranty book of business. This is down from 3.0 percent at the end of 2020. The single-family delinquency rate declined to 1.25 percent at the end of the fourth quarter from 1.62 percent the prior quarter, but seriously non-current loans increased over that period as loans exited from forbearance and entered trial loan modifications. That rate was 0.81 at the end of the reporting period.
| Housing News | | GSEs' Net Worth Surged in 2021 | | Both Fannie Mae and Freddie Mac (the GSEs) reported substantial increases in their financial results for 2021 when compared to 2020 and a greatly improved net worth. Fannie Mae’s performance also improved from the third quarter of 2021 to the fourt... (read more) |
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| Housing News | | Construction, Housing Permit Backlogs Rose in January | | Residential construction numbers for January were mixed . Permits were up slightly from December but starts fell back from December’s near 12-point surge and completions were down significantly from both December and January of last year. The U.S.... (read more) |
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| Mortgage Rates Remain Over 4% | | It's Thursday and thus time once again for the weekly installment of Freddie Mac's Primary Mortgage Market Survey. For the 2nd time this year, Freddie's 30yr fixed survey rate rose by 0.23%. If we disregard the extreme market volatility in March 2020, we'd have to go all the way back to late 2016 to see rates rise this much in a single week.&nb... (read more) |
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| 30 Yr. Fixed Rate | | 4.09% -0.01% |
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| Rate | Change | Points |
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| Mortgage News Daily | | 30 Yr. Fixed | 4.09% | -0.01 | 0.40 | | 15 Yr. Fixed | 3.34% | 0.00 | 0.00 | | 30 Yr. FHA | 3.70% | 0.00 | 0.00 | | 30 Yr. Jumbo | 3.57% | -0.01 | 0.00 | | 5/1 ARM | 3.69% | -0.01 | 0.50 | | Updates Daily - Last Update: 2/17 |
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| 15 Yr. Fixed Rate | | 3.34% +0.00% |
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| Rate | Change | Points |
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| Freddie Mac | | 30 Yr. Fixed | 3.92% | +0.23 | 0.80 | | 15 Yr. Fixed | 3.15% | +0.22 | 0.80 | | 5/1 Yr. ARM | 2.98% | +0.18 | 0.30 | | Updates Weekly - Last Update: 2/17 |
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| Mortgage Bankers Assoc. | | 30 Yr. Fixed | 4.05% | +0.22 | 0.45 | | 15 Yr. Fixed | 3.37% | +0.21 | 0.50 | | 30 Yr. Jumbo | 3.81% | +0.19 | 0.39 | | Updates Weekly - Last Update: 2/16 |
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| UMBS 30YR 3.0 | | 100.42 +0.38 |
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| Price / Yield | Change |
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| MBS | | UMBS 3.0 | 100.42 | +0.38 | | UMBS 3.5 | 102.58 | +0.27 | | GNMA 3.0 | 101.16 | +0.28 | | GNMA 3.5 | 102.84 | +0.19 | | Pricing as of: 2/17 5:21PM EST |
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| 10 Year US Treasury | | 1.9650 -0.0749 |
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| Price / Yield | Change |
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| US Treasury | | 2 YR Treasury | 1.470 | -0.057 | | 5 YR Treasury | 1.843 | -0.079 | | 7 YR Treasury | 1.942 | -0.079 | | 10 YR Treasury | 1.965 | -0.075 | | 30 YR Treasury | 2.297 | -0.046 | | Pricing as of: 2/17 5:21PM EST |
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