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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 Multifamily announced the issuance of $186 million in Social Bonds to support 641 rental homes for individuals with intellectual and developmental disabilities across 26 states. The initiative aims to provide safe, affordable housing, with 79% of beds affordable to people with very low incomes, making 50% or below of the area median income. The bonds are structured as a PC-REMIC, Series 2024-P016, backed by six Multifamily Participation Certificates. Since 2020, Freddie Mac has issued over $7.2 billion in Social Bonds. This transaction aligns with their Social Bonds Framework, advancing their mission to support underserved communities.
The Freddie Mac Multifamily Apartment Investment Market Index (AIMI) rose by 8.7% in Q1 2024, reversing the previous quarter's decline. Year-over-year, the index increased 8.1%. The nationwide rise and gains in 25 regional markets indicate improved investment conditions. Lower property prices and mortgage rates were key contributors. Mortgage rates dropped by 56 basis points, the largest decline since 2010. Net Operating Income (NOI) performance was mixed, with slight growth in some regions and contractions in others. Property prices fell across all markets. This positive shift suggests a more favorable environment for multifamily investments.
Freddie Mac (OTCQB: FMCC) announced their Primary Mortgage Market Survey® results, revealing that the 30-year fixed-rate mortgage (FRM) averaged 6.95% as of June 13, 2024, down slightly from 6.99% the previous week. The 15-year FRM also saw a decrease, averaging 6.17%. Chief Economist Sam Khater attributes the fall in mortgage rates to signs of a cooling economy, although shelter inflation increased, indicating ongoing housing affordability challenges.
Freddie Mac (OTCQB: FMCC) announced it will voluntarily delist its last NYSE-traded security, the Debt Securities Due 2025 (CUSIP 3134A2HG6), ticker symbol FMCC 25Z, issued in 1998. The delisting process involves filing a Form 25 with the SEC and NYSE after a ten-day notice period, with the last trading day expected around July 1. Freddie Mac has not arranged for listing the bond on another exchange or quotation medium. This move follows the delisting of its common stock from the NYSE in 2010, directed by the Federal Housing Finance Agency. The delisting is meant to avoid unnecessary rules and administration related to its government conservatorship.
Freddie Mac (OTCQB: FMCC) reported issuing $1.85 billion in Single-Family Green Mortgage-Backed Securities (MBS) in 2023, marking a 35% increase from 2022, despite a general market decline. This issuance now represents a core business segment, doubling its share of Freddie Mac's total MBS issuance.
The 2023 Green MBS program has significant impacts, including energy savings equating to powering 2,000 homes annually, avoiding greenhouse gas emissions akin to removing 2,700 cars, and saving homeowners nearly $700 on yearly utility costs.
From 2021 through 2023, the program's total issuance reached $3.8 billion, covering over 10,000 mortgages. The 2024 plans include refining energy efficiency criteria, streamlining offerings, and establishing standards for continued growth.
Updated reports for 2021 and 2022 reflect corrected energy savings and emissions reduction estimates. The mission of Freddie Mac is to ensure housing market liquidity, stability, affordability, and equity.
Freddie Mac (OTCQB: FMCC) has reported a decrease in mortgage rates in its latest Primary Mortgage Market Survey® (PMMS®). As of June 6, 2024, the 30-year fixed-rate mortgage (FRM) averaged 6.99%, down from 7.03% the previous week. Additionally, the 15-year FRM averaged 6.29%, a slight decrease from 6.36% last week. Despite a slower growth rate in the economy, Freddie Mac's Chief Economist, Sam Khater, anticipates modest declines in mortgage rates for the remainder of 2024. Potential homebuyers are advised to shop around for the best rates. A year ago, the 30-year FRM was 6.71%, and the 15-year FRM was 6.07%.
Freddie Mac (OTCQB: FMCC) released its Monthly Volume Summary for April 2024. The report includes data on mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities, and other investments. This initiative aligns with the company's mission to enhance market liquidity, stability, and affordability for U.S. families. Freddie Mac has been instrumental in helping millions of families buy, rent, or keep their homes since 1970.
For more details, access the full report on Freddie Mac's website or contact their media or investor representatives.
Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®) reveals an increase in mortgage rates. As of May 30, 2024, the 30-year fixed-rate mortgage (FRM) averaged 7.03%, up from 6.94% the previous week and 6.79% a year ago. Similarly, the 15-year FRM averaged 6.36%, rising from last week's 6.24% and last year's 6.18%. Chief Economist Sam Khater attributes the hike to inflation concerns and tepid demand for longer-dated Treasury auctions, which pushed market yields up. These factors, coupled with stagnant economic signals, have led to higher mortgage rates. The PMMS® focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit and a 20% down payment.
Freddie Mac (OTCQB: FMCC) has awarded INB, N.A. one of its Home Possible RISE Awards®. This annual recognition celebrates Freddie Mac's top clients who excel in providing affordable lending solutions for very low- to low-income homebuyers through the Home Possible® and HFA Advantage® mortgage products.
INB, N.A., recognized for its dedication to first-time buyers and families who face homeownership affordability challenges, distinguishes itself as a key player in making homeownership attainable. The award highlights INB's sustained excellence and impactful work in helping families secure sustainable homeownership.
The comprehensive list of award winners can be viewed at SF.FreddieMac.com/RISE. For more information on INB and its services, visit www.inb.com.
Freddie Mac (OTCQB: FMCC) reported a decline in mortgage rates in its Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage (FRM) averaged 6.94% as of May 23, 2024, down from 7.02% the prior week. The 15-year FRM also dropped to 6.24% from 6.28%. This significant drop below 7% for the first time in over a month offers a potential boost for the housing market. Despite a decline in previously owned home sales, the inventory of both new and existing homes has increased. Freddie Mac aims to enhance liquidity, stability, affordability, and equity in the housing market.