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 announced the appointment of Jane E. Prokop, Ph.D. to its Board of Directors, effective January 2, 2025. Prokop, currently serving as Executive Vice President and Global Head of Small and Medium Enterprises at Mastercard, brings nearly three decades of experience in financial services, specializing in fintech, product development, and business financing.
Her extensive career includes leadership roles at notable companies, including CEO of Principis Capital, Chief Strategy Officer at Northern Leasing Systems, and executive positions at MortgageIT. Prokop holds a Ph.D. from Harvard University and a B.A. from Boston University. Board Chair Lance Drummond highlighted her strategic insights and financial technology expertise as valuable additions to support Freddie Mac's mission of promoting housing market liquidity, stability, affordability, and equity.
Freddie Mac (OTCQB: FMCC) has appointed James Whitlinger as executive vice president and chief financial officer (CFO), effective January 1, 2025. Whitlinger, who has been with the company for 10 years, previously served as senior vice president and Single-Family CFO since 2014. He has been serving as interim CFO since June 2024, following Christian Lown's departure.
Whitlinger brings over 30 years of financial management and accounting experience to the role. His previous positions include senior vice president at Univest Bank and Trust Co. and executive vice president and CFO at GMAC ResCap, Inc. The appointment represents internal promotion and continuity in Freddie Mac's financial leadership.
Freddie Mac (FMCC) reported that mortgage rates have reached their highest levels since July, with the 30-year fixed-rate mortgage (FRM) averaging 6.91%, up from 6.85% last week and 6.62% a year ago. The 15-year FRM increased to 6.13% from 6.0% last week and 5.89% a year ago.
According to Chief Economist Sam Khater, while rates are elevated and affordability challenges persist compared to last year, there are signs of increased buyer activity as pending home sales rise. The PMMS® survey focuses on conventional, conforming home purchase loans for borrowers with 20% down payments and excellent credit.
Freddie Mac (OTCQB: FMCC) has released the National Association of Insurance Commissioners (NAIC) 2024 filing year designations for STACR Notes. All 209 reviewed STACR Notes achieved NAIC 1 Designation, including all A1, M1, and M2 Notes offered through 2024 STACR transactions. Notably, 10 STACR Notes received upgrades from their previous NAIC 2 Designations in 2023 to NAIC 1 Designations in 2024, demonstrating improved credit quality across these structured securities.
Freddie Mac (FMCC) reported an increase in mortgage rates for the second consecutive week. The 30-year fixed-rate mortgage averaged 6.85%, up from 6.72% last week and higher than the 6.61% recorded a year ago. The 15-year fixed-rate mortgage rose to 6.0% from 5.92% last week, compared to 5.93% a year ago.
Chief Economist Sam Khater noted a slight improvement in new and existing home sales but highlighted persistent market challenges due to housing undersupply. Despite these challenges, a strong economy could potentially boost purchase activity in the new year.
Freddie Mac (OTCQB: FMCC) has released its Monthly Volume Summary for November 2024. The report contains detailed information about the company's mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments. The company continues its mission of promoting liquidity, stability, affordability, and equity in the housing market throughout economic cycles.
Freddie Mac (FMCC) reported an increase in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.72%, up from 6.60% last week and slightly higher than 6.67% a year ago. The 15-year FRM rose to 5.92% from 5.84% last week, compared to 5.95% a year ago.
According to Chief Economist Sam Khater, mortgage rates have fluctuated between 6% and 7% over the past 12 months. Despite higher rates, homebuyers are gradually adapting and showing increased purchase activity.
Freddie Mac's Multifamily Apartment Investment Market Index (AIMI) showed strong growth in Q3 2024, rising 5.3% quarter-over-quarter and 9.2% year-over-year. The index increased across all markets nationwide, with notable gains in West Coast markets like Oakland (17.3%) and San Francisco (15.7%), and Denver (16.1%) year-over-year.
Key findings include mixed net operating income (NOI) performance, with growth in 18 metros but decline in 6 markets quarterly. Property prices declined nationally and in 17 markets quarterly, with five markets contracting over 10% annually. Mortgage rates decreased by 35 basis points quarterly and 12 basis points annually, marking the first annual decline since Q3 2021.
Freddie Mac's latest analysis reveals that Baby Boomers hold $17 trillion (50%) of the nation's home equity, with 75% planning to leave their wealth to their children. The survey of respondents aged 60+ shows that 68% of Boomer homeowners are confident about a financially comfortable retirement, though this confidence has decreased from 76% in 2016 and 81% in 2021.
Key findings show that 68% of Boomers plan to age in place, while 66% of those planning to move intend to downsize. Of those considering alternative living arrangements, 68% would consider living in an ADU on their children's property. The study also found that half of Boomer homeowners own their homes outright, and 53% of those with mortgages have interest rates below 4%.
Freddie Mac (FMCC) reports a continued decline in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 6.60%, down from 6.69% last week and 6.95% a year ago. The 15-year FRM also decreased to 5.84% from 5.96% last week and 6.38% year-over-year.
Chief Economist Sam Khater notes that declining mortgage rates, strong consumer income growth, and a bullish stock market have boosted homebuyer demand. However, he cautions that housing market improvements remain due to persistent affordability challenges for homebuyers.