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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 Multifamily issued $56 billion in securities through its multifamily risk transfer platform in 2024, effectively transferring various risks from U.S. taxpayers to private investors. The company settled $27.7 billion in K-Deals and $22.1 billion in Multi PC issuances.
Key developments in 2024 included the introduction of Giant PCs and multi-sponsor Q-Deals, along with reaching $24 billion in total Impact Bond issuances since 2019. The company issued $4.3 billion of Impact Bonds in 2024 alone, demonstrating its commitment to affordable housing.
Notable achievements include winning GlobalCapital's CMBS Issuer of the Year award and Environmental Finance's Sustainability Bond of the Year for ML-20. Since 2009, Freddie Mac has settled $738 billion in Multifamily securities through various risk-transfer offerings, with over 90% of eligible rental units funded being affordable to families with low-to-moderate incomes.
Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage (FRM) averaged 6.93% as of January 9, 2025, showing an increase from 6.91% last week and 6.66% a year ago. The 15-year FRM also rose to 6.14%, up from 6.13% last week and 5.87% from the previous year.
According to Sam Khater, Freddie Mac's Chief Economist, the economy's continued strength has put upward pressure on mortgage rates. Combined with high home prices, these factors are affecting housing affordability. The situation is particularly challenging for first-time homeowners due to the lack of entry-level supply in the market.
Freddie Mac (OTCQB: FMCC) has released its 2025 Multifamily Outlook, forecasting an increase in originations despite market challenges. The report predicts rent growth of 2.2%, below the long-term average, and vacancy rates rising to 6.2%. Gross rental income growth is projected at 2% for 2025.
Multifamily origination volume is expected to reach $320 billion in 2024 and increase to $370-380 billion in 2025. The market shows varying performance across regions, with Sun Belt and Mountain West markets experiencing high supply levels and weaker performance, while smaller Sun Belt markets and coastal areas are expected to perform stronger.
Despite short-term pressures from high interest rates and record supply levels, multifamily remains a favored asset class due to economic strength, demographic trends, and housing alternatives.
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.