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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 in its latest Primary Mortgage Market Survey that the 30-year fixed-rate mortgage averaged 3.89% for the week ending February 24, 2022, down from 3.92% the previous week. The 15-year fixed-rate mortgage averaged 3.14%, and the 5-year ARM remained unchanged at 2.98%. Despite the decline in rates, they have risen over a full percent in the past six months. Rising inflation is impacting consumer sentiment as Freddie Mac anticipates firm home price growth.
Freddie Mac (OTCQB: FMCC) announced the release of its Primary Mortgage Market Survey on February 17, 2022, revealing a surge in mortgage rates. The 30-year fixed-rate mortgage averaged 3.92%, up from 3.69% last week and significantly higher than 2.81% a year ago. The 15-year fixed-rate mortgage rose to 3.15%, while the 5-year Treasury-indexed ARM averaged 2.98%. The increase is attributed to high inflation and unexpected consumer spending, creating challenges for homebuyers due to reduced affordability.
Freddie Mac (OTCQB: FMCC) has introduced an innovative automated capability for mortgage lenders to assess homebuyer income using direct deposit data. This solution, available through the Loan Product Advisor (LPA), simplifies the loan process by reducing documentation requirements, thereby accelerating loan closures. With 93% of U.S. workers using direct deposit, this capability enhances efficiency, accuracy, and borrower experience. The system is designed to reduce underwriting errors and improve capacity for lenders. Initial service providers include Finicity and FormFree.
Freddie Mac (OTCQB: FMCC) appointed Heidi Mason as executive vice president and general counsel, effective March 7, 2022. Mason, with 25 years of experience in mortgage lending and securities law, takes over from Jerry Weiss, who has served as interim general counsel since March 2021. She previously worked at ElevateNext Law and Wells Fargo, where she was a senior deputy general counsel. CEO Michael DeVito praised Mason's expertise and anticipated her integral role in the executive team, while thanking Weiss for his service during a complex period.
Freddie Mac (OTCQB: FMCC) has updated the results for its tender offer to purchase STACR® Debt Notes, as detailed in the Offer to Purchase dated Feb. 1, 2022. By the Expiration Time on Feb. 7, 2022, approximately $2,144 million in original principal amount of Notes were validly tendered. However, not all expected Notes were delivered by the Guaranteed Delivery Deadline on Feb. 9, 2022. Detailed results indicate various acceptance percentages across different securities, highlighting the ongoing capital management strategies of Freddie Mac.
Freddie Mac (OTCQB: FMCC) has appointed Kevin G. Chavers and Luke S. Hayden to its Board of Directors, effective February 15, 2022. Chavers, a former managing director at BlackRock, brings extensive mortgage finance and capital markets expertise, while Hayden, CEO of Hayden Consulting, has vast experience in residential real estate finance. Chavers will serve on the Audit and Nominating committees, and Hayden will join the Operations and Technology Committee as well as the Risk Committee. Both are expected to add valuable insights to enhance Freddie Mac's operations.
Freddie Mac (OTCQB: FMCC) reports the 30-year fixed-rate mortgage averaged 3.69% for the week ending February 10, 2022, up from 3.55% the previous week and significantly higher than 2.73% a year ago. The 15-year fixed-rate mortgage increased to 2.93%, while the 5-year ARM rose to 2.80%. Chief Economist Sam Khater indicated that rising mortgage rates, driven by a strong labor market and high inflation, may adversely impact homebuyer demand. The PMMS® focuses on conventional loans for borrowers with excellent credit.
Freddie Mac (OTCQB: FMCC) announced its fourth quarter and full-year 2021 financial results, alongside its Annual Report on Form 10-K filed with the SEC. The report highlights the company’s ongoing efforts to enhance housing accessibility and affordability across the nation. The earnings call is scheduled for 9 a.m. ET on Feb. 10, 2022, and will be available for replay for 30 days. Freddie Mac has been instrumental in providing mortgage capital since its establishment in 1970, supporting millions of families and individuals.
Freddie Mac (OTCQB: FMCC) has announced the pricing of its new offering of Multifamily WI K-Deal Certificates (Series WI-K141), projected to raise approximately $845 million. These certificates will be primarily backed by fixed-rate multifamily mortgages with 10-year terms. The issuance is expected to settle around February 16, 2022. This marks the second execution involving A-M and A-2 class bonds, aligning with Freddie Mac's strategy to transfer risk from taxpayers to private investors. Key underwriters include Wells Fargo Securities and J.P. Morgan Securities.
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