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Freddie Mac, known as FMCC in the stock market, is dedicated to making home ownership accessible and affordable for millions of families across the nation. Established in 1970 by Congress, Freddie Mac provides mortgage capital to lenders, ensuring a better housing finance system for homebuyers, renters, lenders, and taxpayers. They have partnered with various agencies to offer to purchase notes. Moreover, Freddie Mac's Single-Family Credit Risk Transfer programs channel credit risk away from taxpayers to private capital through securities and insurance policies. With a strong mission and commitment to the community, Freddie Mac plays a vital role in ensuring that individuals have access to safe and affordable housing.Freddie Mac (OTCQB: FMCC) announced that the 30-year fixed-rate mortgage averaged 6.48 percent as of January 5, 2023, up from 6.42 percent the previous week and significantly higher than 3.22 percent a year ago. The 15-year fixed-rate mortgage also rose to 5.73 percent. Chief Economist Sam Khater noted a drastic decline in mortgage application activity, reaching a 25-year low, primarily due to high mortgage rates. However, he predicts that easing inflation could lead to lower rates in 2023, with potential refinancing opportunities for recent borrowers.
Freddie Mac (OTCQB: FMCC) reported the latest findings from its Primary Mortgage Market Survey on December 29, 2022. The average 30-year fixed-rate mortgage rose to 6.42%, up from 6.27% the previous week and significantly higher than 3.11% a year ago. The 15-year fixed-rate mortgage slightly decreased to 5.68% from 5.69%. Chief Economist Sam Khater indicated that the housing market shows ongoing weakness with declining sales, inventory, and prices, while forward indicators suggest continued challenges throughout winter.
On December 28, 2022, Freddie Mac (OTCQB: FMCC) announced the NAIC 2022 year-end designations for its STACR REMIC Trust and related securities. A total of 199 STACR Notes were reviewed, with 79.89% achieving NAIC 1 Designation, 17.08% NAIC 2, and 3.01% NAIC 3. Notably, 19 STACR Notes received upgrades compared to their 2021 designations. This release indicates Freddie Mac's continued efforts to enhance its credit risk transfer programs, reinforcing its commitment to stability in the housing market.
Freddie Mac (FMCC) released its Monthly Volume Summary for November 2022, providing insights into its mortgage-related portfolios, securities issuance, delinquencies, and risk management activities. Freddie Mac, established by Congress in 1970, aims to enhance mortgage accessibility for families and individuals by supplying capital to lenders. This report reflects the organization’s ongoing commitment to creating an improved housing finance system.
On December 22, 2022, Freddie Mac (OTCQB: FMCC) reported that the average rate for a 30-year fixed-rate mortgage fell to 6.27%, down from 6.31% the previous week. This marks a significant increase from 3.05% a year ago. Conversely, the average rate for a 15-year fixed-rate mortgage rose to 5.69%, up from 5.54% last week and 2.30% a year ago. Freddie Mac's Chief Economist, Sam Khater, noted that while lower mortgage rates may benefit homebuyers, many current homeowners are reluctant to sell, with over two-thirds holding fixed rates below 4%.
Freddie Mac (OTCQB: FMCC) announced the transition of its legacy USD LIBOR-indexed contracts to a new index based on the Secured Overnight Financing Rate (SOFR), effective the day after June 30, 2023. This change impacts various financial products, including single-family adjustable-rate mortgages (ARMs), derivatives, and multifamily floating rate loans. The transition aligns with the Federal Reserve Board's recommendations and the regulations of the Adjustable Interest Rate (LIBOR) Act. Freddie Mac's efforts are crucial for maintaining mortgage capital accessibility for lenders and borrowers.
Freddie Mac's Multifamily 2023 Outlook predicts a slowing multifamily market, with rent growth moderating and vacancy rates expected to increase. The report forecasts a fall in loan originations by 4-5%, estimating a total of $440 billion in 2023. Economic uncertainty and rising 10-year Treasury rates have contributed to these trends, leading to a projected decline in property values. Despite these challenges, gross income is expected to grow by 3.5% in 2023, indicating potential market stabilization in the latter half of the year.
Freddie Mac (OTCQB: FMCC) reports a 5.4% decline in its Multifamily Apartment Investment Market Index (AIMI) for Q3 2022, marking a 23.5% decrease year-over-year, primarily due to rising mortgage rates. Nationally, net operating income (NOI) grew 2.0%, but growth is slowing, with San Diego showing 4.5% growth while Phoenix and Las Vegas experienced declines. Mortgage rates rose significantly, with a 58 bps quarterly increase and 194 bps annually, the largest since 2000. The decline indicates fewer favorable multifamily investment opportunities.
Freddie Mac (OTCQB: FMCC) reported a decrease in the average rates for 30-year fixed-rate mortgages, which fell to 6.31% from 6.33% last week. This is significantly higher than 3.12% a year ago. The 15-year fixed-rate mortgage also declined to 5.54% from 5.67% last week, compared to 2.34% a year prior. The Chief Economist, Sam Khater, noted that while the decline in rates has stabilized purchase demand, affordability issues continue to hinder market strength. The PMMS focuses on conventional loans for borrowers with excellent credit.
Freddie Mac (OTCQB: FMCC) has announced key leadership changes in its Multifamily division on December 14, 2022. Steve Johnson has been named Head of Production & Sales, a role he held on an interim basis since May. Bill Buskirk becomes Chief Operating Officer, overseeing asset management, loan administration, marketing, and business strategy. Both leaders bring a combined 42 years of experience at Freddie Mac, contributing to the growth of the Multifamily segment. The appointments aim to position the company for success in 2023 and beyond.
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