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) announced a significant transition of over 34,000 floating-rate securities from LIBOR to the Secured Overnight Financing Rate (SOFR), effective July 1, 2023. This shift comes as the ICE Benchmark Administration prepares to cease publication of LIBOR rates. Karen Pilewski, senior director for the LIBOR transition, emphasized that this move enhances investor confidence in the seamless transition of their investments. The securities affected include Participation Certificates, Giants, Collateralized Mortgage Obligations, and Credit Risk Transfer securities. A comprehensive list detailing the CUSIP, prior index, and replacement index for each security is available on Freddie Mac's website, along with resources that provide further insight into the LIBOR transition.
Freddie Mac (OTCQB: FMCC) reported a decrease in mortgage rates for the fifth consecutive week, according to its Primary Mortgage Market Survey (PMMS). As of April 13, 2023, the average rate for a 30-year fixed-rate mortgage stands at 6.27%, down from 6.28% the previous week, and significantly higher than 5.00% a year ago. Meanwhile, the 15-year fixed-rate mortgage averaged 5.54%, down from 5.64% last week, compared to 4.17% a year ago. These trends suggest a deceleration of inflation while fostering optimism among homebuyers as the housing market peaks in spring and summer.
Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 6.28 percent as of April 6, 2023, down from 6.32 percent the previous week, but significantly higher than 4.72 percent a year ago. The Primary Mortgage Market Survey indicates a trend of declining mortgage rates entering the spring homebuying season. Meanwhile, the 15-year fixed-rate mortgage increased to 5.64 percent from 5.56 percent last week and up from 3.91 percent the previous year. Notably, low inventory levels present challenges, especially for first-time buyers.
Freddie Mac (OTCQB: FMCC) has updated its three-year Equitable Housing Finance Plan to enhance access to sustainable housing for underserved Black and Latino communities. The plan, unveiled on April 5, 2023, highlights Freddie Mac's commitment to affordable housing and reports that in 2022, over 488,000 minority borrowers benefitted from their initiatives. Key focus areas include increasing homeownership opportunities through Special Purpose Credit Programs, supporting renters, preserving affordable housing, and promoting diversity in the housing finance sector. They aim to make notable impacts in housing equity while committing to transparency with annual progress reports.
Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) fell to 6.32% as of March 30, 2023, down from 6.42% the previous week and significantly lower than 4.67% from a year ago. The 15-year FRM also decreased to 5.56% from 5.68% last week, compared to 3.83% a year earlier. Chief Economist Sam Khater noted that while declining rates are attracting borrowers, a low inventory continues to challenge potential homebuyers as the spring season approaches.
Freddie Mac (OTCQB: FMCC) released its Monthly Volume Summary for February 2023, detailing performance metrics related to its mortgage portfolios, securities issuance, and debt activities. The company remains committed to enhancing liquidity, stability, and affordability in the housing market, aiding millions of families in homeownership since 1970. The report serves as a vital resource for investors monitoring Freddie Mac's operational health and market strategies.
Freddie Mac (OTCQB: FMCC) reported that the average 30-year fixed-rate mortgage (FRM) is at 6.42% as of March 23, 2023, down from 6.60% the previous week and significantly up from 4.42% a year ago. The 15-year FRM also decreased to 5.68% from 5.90% last week, while last year it stood at 3.63%. Chief Economist Sam Khater indicated that declining mortgage rates have bolstered homebuyer demand and stabilized home prices, potentially enhancing the spring homebuying season. The PMMS® focuses on conventional loans for borrowers with excellent credit who put 20% down.
Freddie Mac (OTCQB: FMCC) released its Primary Mortgage Market Survey on March 16, 2023, reporting a decline in the average 30-year fixed-rate mortgage (FRM) to 6.60%, down from 6.73% the previous week, and significantly lower than 4.16% a year ago. The 15-year FRM also decreased to 5.90% from 5.95% last week, with a prior average of 3.39% a year ago. Chief Economist Sam Khater noted that ongoing financial market turbulence is exerting downward pressure on rates, potentially benefiting borrowers. Homebuyers might save $600 to $1,200 annually by comparing offers from multiple lenders.
The Freddie Mac Multifamily Apartment Investment Market Index (AIMI) fell by 7.6% in Q4 2022, resulting in a 25.8% annual decline. The decrease spanned nationwide and across all 25 markets, primarily due to rising mortgage interest rates. Notably, the fourth quarter marked the sharpest annual AIMI decline since its inception in 2000. Key findings include:
- Net operating income (NOI) contracted nationally and in nearly all markets.
- Property prices dropped except in Tampa, with significant declines across most markets, the largest since 2009.
- Mortgage rates surged by 100 bps, establishing the largest quarterly increase in AIMI's history.
Freddie Mac (OTCQB: FMCC) announced on March 9, 2023, that the average 30-year fixed-rate mortgage (FRM) rose to 6.73%, up from 6.65% the previous week and significantly higher than 3.85% a year ago. Additionally, the 15-year FRM averaged 5.95%, up from 5.89% last week and 3.09% a year prior. The increase in mortgage rates is attributed to the Federal Reserve's aggressive monetary policy stance, which adversely affects the housing market. Consumers continue to struggle with affordability and low inventory, impacting homebuyer activity.