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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) reported a slight decrease in mortgage rates as of October 6, 2022, with the 30-year fixed-rate mortgage averaging 6.66%, down from 6.70% last week. In contrast, a year ago, the rate was 2.99%. The 15-year fixed-rate mortgage averaged 5.90%, down from 5.96%, while the 5-year ARM increased to 5.36%. Freddie Mac is set to enhance its Primary Mortgage Market Survey to improve data quality, transitioning to a system based on applications from thousands of lenders starting November 2022.
Freddie Mac (OTCQB: FMCC) has initiated a fixed-price cash tender offer for its STACR® Notes, effective from October 3, 2022. This offer aims to purchase any outstanding Notes listed in the accompanying table, with participation facilitated by lead dealer managers BofA Securities and Barclays Capital. The tender offer will last until October 7, 2022, with a settlement date expected on October 12, 2022. Holders tendering Notes will receive accrued interest, but the Offer is subject to specific conditions detailed in the Offer Documents.
Freddie Mac (FMCC) announced on September 29, 2022, that the average rate for a 30-year fixed-rate mortgage rose to 6.70%, an increase from 6.29% the previous week and significantly higher than 3.01% a year ago. The 15-year fixed-rate mortgage also saw a rise, averaging 5.96%, up from 5.44%. Additionally, the 5-year ARM increased to 5.30%. This volatility emphasizes the importance for homebuyers to compare rates among lenders. Freddie Mac will adjust its PMMS methodology in November 2022 to enhance data quality, focusing on applications from various lenders.
Freddie Mac (FMCC) released its Monthly Volume Summary for August 2022, detailing its mortgage-related portfolios and securities issuance. The report highlights Freddie Mac's ongoing efforts to enhance housing accessibility and affordability across the nation. The organization has been pivotal in providing mortgage capital to lenders since its inception in 1970, ensuring millions have access to home financing. Investors can find detailed financial insights, including risk management and delinquencies, on its official website.
Freddie Mac (OTCQB: FMCC) reported on September 22, 2022, that the 30-year fixed-rate mortgage averaged 6.29%, up from 6.02% the previous week and significantly higher than 2.88% a year ago. The 15-year fixed-rate mortgage rose to 5.44%, while the 5-year ARM increased to 4.97%. The housing market faces challenges as sales decline due to rising rates, although housing inventory remains low. Freddie Mac will enhance its Primary Mortgage Market Survey in November to improve data collection.
Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey® on September 15, 2022. The 30-year fixed-rate mortgage averaged 6.02%, a rise from 5.89% the previous week and significantly higher than the 2.86% average a year ago. The 15-year fixed-rate mortgage reached 5.21%, up from 5.16%, while the 5-year ARM increased to 4.93% from 4.64%. These rates reflect heightened inflation, leading to dampened demand and potential downward pressure on home prices, despite insufficient housing inventory.
Freddie Mac (OTCQB: FMCC) announced the establishment of a Low-Income Housing Tax Credit (LIHTC) Syndicator Fund in collaboration with Berkadia. This initiative aims to invest up to $850 million annually in equity for creating and preserving affordable housing, particularly in underserved communities, including rural areas. Since 2018, this marks Berkadia as the first LIHTC Syndicator named by Freddie Mac. In 2021, Freddie Mac set a record with $675 million in LIHTC equity investments, supporting over 4,800 affordable rental units, a trend expected to continue.
Freddie Mac (FMCC) has priced its second Seasoned Credit Risk Transfer Trust (SCRT) offering for 2022, amounting to approximately $536 million. This securitization includes both guaranteed senior and non-guaranteed subordinate securities backed by seasoned re-performing loans (RPLs). The offering consists of $492 million in guaranteed senior certificates and $45 million in subordinate certificates. The transaction is set to settle on September 14, 2022, and aims to reduce credit and market risks.
To date, Freddie Mac has securitized over $76 billion in RPLs.
The Freddie Mac Multifamily Apartment Investment Market Index (AIMI) fell by 11.7% in Q2 2022, declining 17.9% year-over-year due to record mortgage rate growth. All 25 markets experienced decreases, with notable impacts reflecting the largest annual AIMI decline since 2000. Over the past year, property prices rose by 21.8% and Net Operating Income (NOI) grew by 17.7%. Despite a strong NOI growth of 3.0% nationwide, the substantial increase in mortgage rates—95 bps quarterly and 131 bps annually—has moderated investment conditions.
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