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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) 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.
Freddie Mac (OTCQB: FMCC) reported a record $675 million in Low-Income Housing Tax Credit (LIHTC) equity investments for 2021, supporting over 4,800 affordable rental units in underserved U.S. markets. The investment portfolio includes units for various special needs households, such as those impacted by homelessness and domestic violence. The Federal Housing Finance Agency raised the annual LIHTC cap to $850 million, enabling Freddie Mac to quickly scale its program, adding an additional $175 million to its investments. This funding enhances affordable housing supply in crucial communities.
Freddie Mac (OTCQB: FMCC) announced the results of its tender offer for STACR Debt Notes, validly tendering approximately $2,144 million in total principal amount by the expiration time of February 7, 2022. The settlement date for accepted notes is expected on February 9, 2022. The offer details, including the specific securities involved, have been outlined in the Offer Documents dated February 1, 2022. BofA Securities and Barclays Capital are the lead dealer managers for the offer.
Freddie Mac (FMCC) will report its Q4 and full-year 2021 financial results on February 10, 2022, before U.S. markets open. A conference call to discuss the results will take place at 9 a.m. ET on the same day, with a webcast available for public access. The company aims to enhance housing accessibility through mortgage capital provision, reinforcing its role since its establishment in 1970. More information will be accessible on the Investor Relations page of Freddie Mac's website.
Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 3.55% for the week ending February 3, 2022, stable for three consecutive weeks. This stagnation reflects the economic challenges posed by the Omicron variant of COVID-19. Chief Economist Sam Khater anticipates that as the economy improves, mortgage rates will begin to rise again. In the meantime, strong homebuyer demand persists despite low supply, contributing to increased home prices. Comparatively, the 30-year FRM was 2.73% a year ago, with the 15-year FRM at 2.77%.
Freddie Mac (OTCQB: FMCC) selected Comunidad Partners as its inaugural Impact Sponsor of the Year for 2021. This award honors those enhancing affordable rental housing while advancing tenant interests. Comunidad, alongside Bellwether Capital, launched a $300 million Tenant Advancement Commitment in 2021 to ensure affordable rents for thousands of units and provide social services. The firm, which is 100% minority and women-owned, focuses on revitalizing affordable housing with an emphasis on cultural management and community investment.