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Freddie Mac (OTCQB: FMCC), formally the Federal Home Loan Mortgage Corporation, regularly issues news and updates that reflect its role in U.S. housing finance. The company describes its mission as making home possible for families across the nation by promoting liquidity, stability and affordability in the housing market throughout all economic cycles. Since 1970, it reports having helped tens of millions of families buy, rent or keep their home.
News about Freddie Mac often covers mortgage rate trends through its Primary Mortgage Market Survey® (PMMS®). These releases provide average rates for products such as the 30-year and 15-year fixed-rate mortgage, focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. Such updates can give readers insight into movements in mortgage costs and the company’s commentary on housing demand.
Another key news theme is Freddie Mac’s activity in credit risk transfer and securities issuance. The company publishes updates on its Single-Family Credit Risk Transfer (CRT) programs, including STACR® and ACIS® transactions, and on multifamily securities such as K-Deals®, Multi PCs®, SB-Deals®, M-Deals, ML-Deals, Q-Deals, MSCR notes and MCIP policies. These announcements describe how Freddie Mac transfers credit, interest-rate and liquidity risk away from U.S. taxpayers to private investors and (re)insurers.
Freddie Mac also releases information on its Monthly Volume Summary, tender offers for STACR notes, and exchange offers for Gold PCs and Giant PCs. Governance and leadership developments, such as changes in executive roles or board membership, are disclosed through press releases and related SEC filings. Investors and observers can use this news feed to follow Freddie Mac’s mortgage market surveys, securities issuance, risk transfer activity and corporate updates in one place.
Freddie Mac (OTCQB: FMCC) has announced the results of its tender offer to purchase Structured Agency Credit Risk (STACR) Notes. As of February 7, 2025, approximately $1.3 billion aggregate original principal amount of Notes had been validly tendered and not properly withdrawn.
The tender offer included multiple classes of Notes from various STACR trusts, with acceptance rates ranging from 46.12% to 100%. Notable transactions include $455.2 million from STACR 2022-HQA1 M-1B (92.71% acceptance) and $361.1 million from STACR 2022-DNA1 M-1A (75.55% acceptance).
The Settlement Date is expected on February 11, 2025, with guaranteed delivery settlements occurring on February 13, 2025. BofA Securities and Morgan Stanley are serving as lead dealer managers, with Academy Securities as co-dealer manager.
Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.89%, down from 6.95% last week. This rate is higher compared to 6.64% recorded a year ago. The 15-year FRM also decreased to 6.05% from 6.12% last week, though higher than the 5.90% rate from a year ago.
According to Sam Khater, Freddie Mac's Chief Economist, mortgage rates have remained stable over the past month, with the economy showing resilience. Despite higher rates compared to last year, purchase applications for the last two weeks are modestly exceeding year-ago levels, indicating latent market demand.
Freddie Mac (OTCQB: FMCC) has announced a fixed-price cash tender offer to purchase any and all of certain STACR® (Structured Agency Credit Risk) Notes. The offer commenced on February 3, 2025, and will expire at 5 p.m., New York City time, on February 7, 2025.
The company has engaged BofA Securities, Inc. and Morgan Stanley & Co. as lead dealer managers and Academy Securities, Inc. as co-dealer manager. The settlement date is expected to be February 11, 2025, with guaranteed delivery settlement on February 13, 2025.
The tender offer includes multiple classes of Notes from various STACR Trusts, with tender offer considerations ranging from $1,004.90 to $1,155.13 per $1,000 original principal amount. Holders who tender their Notes will receive accrued and unpaid interest from the last interest payment date to the settlement date.
Freddie Mac (OTCQB: FMCC) reported minimal movement in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.95%, slightly down from 6.96% last week but up from 6.63% a year ago. The 15-year FRM decreased to 6.12% from 6.16% last week, compared to 5.94% a year ago.
Chief Economist Sam Khater noted that the 30-year fixed-rate has remained between 6% and 7% for approximately two and a half years. The current market faces significant challenges due to higher rates and persistent supply shortages, creating affordability barriers that keep many potential buyers sidelined.
Freddie Mac (OTCQB: FMCC) has released its Monthly Volume Summary for December 2024, providing comprehensive information about the company's key operational metrics. The report includes details on mortgage-related portfolios, securities issuance, risk management practices, delinquency rates, debt activities, and various investments.
Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.96%, down from 7.04% last week. This marks the first decline in six weeks after crossing the 7% threshold. The 15-year FRM also decreased to 6.16% from 6.27% last week.
Compared to a year ago, the 30-year FRM is higher (previously 6.69%), and the 15-year FRM has also increased from its previous rate of 5.96%. According to Chief Economist Sam Khater, while affordability challenges persist, this rate decrease is positive news for potential homebuyers, as evidenced by an increase in purchase applications.
Freddie Mac (OTCQB: FMCC) reported that mortgage rates have increased for the fifth consecutive week, with the 30-year fixed-rate mortgage (FRM) reaching 7.04%, surpassing 7% for the first time since May 2024. This represents an increase from last week's 6.93% and is higher than the 6.60% rate recorded a year ago.
The 15-year FRM also saw an increase, averaging 6.27%, up from last week's 6.14% and significantly higher than the 5.76% rate from a year ago. According to Sam Khater, Freddie Mac's Chief Economist, the underlying strength of the economy is contributing to the rate increase. Despite rising rates, Freddie Mac's research indicates that consumers can potentially save money by shopping around for different lender quotes.
Freddie Mac Multifamily reported a strong performance in 2024 with total production volume reaching $66 billion, marking a 34% increase from 2023. The volume comprised $65 billion in multifamily financing and $1 billion in Low-Income Housing Tax Credit (LIHTC) equity investments.
The company supported 507,191 affordable rental units across the United States, with 65% of production volume qualifying as mission-driven affordable housing, exceeding the FHFA's 50% goal. Notable achievements include:
- 93% of financed units were affordable at or below 120% of AMI
- Record $17 billion in Targeted Affordable Housing volume, supporting nearly 133,000 rent-restricted units
- Creation of affordable units for over 23,000 families through forward commitments
- Seven new credit facilities generating almost $2 billion in new funding
Freddie Mac (OTCQB: FMCC) and Intercontinental Exchange (NYSE:ICE) announced technological enhancements to streamline mortgage loan underwriting processes. The collaboration integrates Freddie Mac's Loan Product Advisor® (LPA®) with ICE's Encompass® digital lending platform, offering lenders improved efficiency in loan origination.
The enhanced Encompass Underwriting Center provides access to LPA ChoiceSM feedback messages, employment warranty relief eligibility, and automated collateral evaluation options. The system delivers detailed information about debt-to-income ratios, loan-to-value ratios, and reserves.
According to Freddie Mac's analysis, loans originated using their automated offerings are up to four times less likely to have defects compared to loans without this technology. This automation is particularly valuable for income verification, as income-related issues represent nearly one-third of all purchase transaction defects.
Freddie Mac (OTCQB: FMCC) has announced mortgage relief options for homeowners affected by wildfires in the Los Angeles area. The company's forbearance program offers up to 12 months of mortgage relief without late fees or penalties. Affected homeowners with Freddie Mac mortgages can access these disaster relief options if their property experiences an insurable loss or is located in Presidentially-Declared Major Disaster Areas.
The relief package includes suspension of foreclosure proceedings and multiple options for repayment:
- Lump sum reinstatement (not required)
- Repayment plan with additional monthly payments
- Payment deferral with missed payments added to loan end
- Loan modification for long-term financial hardships
Homeowners are encouraged to contact their mortgage servicers to discuss available options, including those whose employment has been impacted by the disaster.