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Freddie Mac reports recurring developments tied to U.S. housing finance, mortgage liquidity and its role as the Federal Home Loan Mortgage Corporation. Company news commonly covers the Primary Mortgage Market Survey® for conventional conforming mortgage rates, quarterly financial results, monthly volume summaries and activity across mortgage-related portfolios, securities issuance, delinquencies, debt activities and risk management.
Freddie Mac also reports capital markets activity connected to its Single-Family credit risk transfer programs. Updates include STACR® Structured Agency Credit Risk notes, ACIS® reinsurance transactions and tender offers for certain STACR securities, reflecting the company’s use of private capital markets to transfer residential mortgage credit risk.
Freddie Mac (OTCQB: FMCC) released its latest Primary Mortgage Market Survey (PMMS®) on January 19, 2023, revealing a decrease in the average 30-year fixed-rate mortgage (FRM) to 6.15%, down from 6.33% the previous week. This marks a significant increase from 3.56% a year ago. Similarly, the 15-year FRM averaged 5.28%, down from 5.52% last week. Sam Khater, Freddie Mac’s Chief Economist, noted that declining mortgage rates are enhancing homebuyer demand, despite ongoing concerns about housing supply. The PMMS® tracks conventional, fully amortizing loans with a 20% down payment.
Freddie Mac's Multifamily division achieved a record production volume of $73.8 billion in 2022, including nearly $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments. It significantly increased affordable loan purchases to $15.3 billion, a 60% rise from 2021. Freddie Mac financed 693,000 rental units, with over 420,000 affordable to low-income households, surpassing its goals. Notably, 69% of its volume was mission-driven affordable housing. The company made $1.9 billion in forward commitments to support future affordable units, converting 137 commitments in 2022 totaling $1.7 billion. Freddie Mac also securitized $65 billion in assets.
Freddie Mac (FMCC) announced the transition of its legacy USD LIBOR-indexed contracts to the Secured Overnight Financing Rate (SOFR) after June 30, 2023, the final publication date for USD LIBOR rates. This transition aligns with the Federal Reserve Board's final rule and the guidance of its Conservator, the FHFA. Freddie Mac will not adopt term SOFR as a benchmark for new loans or floating-rate securities, nor will it convert existing 30-day Average SOFR-indexed instruments to term SOFR. The company plans to update its LIBOR Transition Playbook and FAQs to assist the housing finance industry with this transition.
Freddie Mac (OTCQB: FMCC) announced the 30-year fixed-rate mortgage averaged 6.33% as of January 12, 2023, down from 6.48% the previous week. A year earlier, the average was 3.45%. The 15-year fixed-rate mortgage also decreased to 5.52% from 5.73% last week, compared to 2.62% a year ago. Chief Economist Sam Khater noted that the market is sensitive to rate shifts, with buyers frequently entering and exiting based on slight rate changes. Freddie Mac continues to provide mortgage capital to enhance housing affordability and access across the U.S.
Freddie Mac (OTCQB: FMCC) reported the issuance of $65.1 billion in securities through its Multifamily risk transfer platform in 2022. Notably, the company settled $46.5 billion in K-Deals and $14.7 billion through When-Issued K-Deals. Multi PC issuance reached a record $11.6 billion, rising from $7 billion in 2021. Freddie Mac's commitment to affordable housing is evident, with $4.8 billion issued across Impact Bonds. Since 2009, it has settled $629 billion in Multifamily securities.
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%.