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.
On October 13, 2022, Freddie Mac (OTCQB: FMCC) reported an increase in the average rates for 30-year fixed-rate mortgages, hitting 6.92%, the highest since April 2002. The 15-year fixed-rate mortgage also rose to 6.09%, while the 5-year ARM increased to 5.81%. Strong job growth contrasts with inflation and housing affordability concerns, significantly impacting housing demand. Freddie Mac plans to enhance its Primary Mortgage Market Survey (PMMS) starting November 2022, shifting data collection methods to improve accuracy.
Freddie Mac (OTCQB: FMCC) announced the results of its tender offer to purchase STACR® Notes, with approximately $944 million in principal amount validly tendered by the expiration deadline of October 7, 2022. The settlement date for accepted notes is expected on October 12, 2022, with additional purchases on October 13, 2022. The offer was conducted under the terms of the Offer Documents dated October 3, 2022, and involved various STACR trusts. The company is managing the offer through dealer managers BofA Securities and Barclays Capital.
Freddie Mac (OTCQB: FMCC) is enhancing its financing to support the construction and rehabilitation of affordable multifamily housing units. With new flexibilities from FHFA, Freddie Mac plans to increase the use of forward commitments, allowing lenders and developers to better navigate market uncertainties. The FHFA has exempted $3 billion of these commitments from Freddie Mac's $78 billion annual production cap for 2022. This initiative aims to counteract the housing shortage and drive the creation of viable housing options across the U.S.
Freddie Mac (OTCQB: FMCC) reported a slight decrease in mortgage rates as of October 6, 2022, with the 30-year fixed-rate mortgage averaging 6.66%, down from 6.70% last week. In contrast, a year ago, the rate was 2.99%. The 15-year fixed-rate mortgage averaged 5.90%, down from 5.96%, while the 5-year ARM increased to 5.36%. Freddie Mac is set to enhance its Primary Mortgage Market Survey to improve data quality, transitioning to a system based on applications from thousands of lenders starting November 2022.
Summary not available.
Freddie Mac (OTCQB: FMCC) has initiated a fixed-price cash tender offer for its STACR® Notes, effective from October 3, 2022. This offer aims to purchase any outstanding Notes listed in the accompanying table, with participation facilitated by lead dealer managers BofA Securities and Barclays Capital. The tender offer will last until October 7, 2022, with a settlement date expected on October 12, 2022. Holders tendering Notes will receive accrued interest, but the Offer is subject to specific conditions detailed in the Offer Documents.
Freddie Mac (FMCC) announced on September 29, 2022, that the average rate for a 30-year fixed-rate mortgage rose to 6.70%, an increase from 6.29% the previous week and significantly higher than 3.01% a year ago. The 15-year fixed-rate mortgage also saw a rise, averaging 5.96%, up from 5.44%. Additionally, the 5-year ARM increased to 5.30%. This volatility emphasizes the importance for homebuyers to compare rates among lenders. Freddie Mac will adjust its PMMS methodology in November 2022 to enhance data quality, focusing on applications from various lenders.
Freddie Mac (FMCC) released its Monthly Volume Summary for August 2022, detailing its mortgage-related portfolios and securities issuance. The report highlights Freddie Mac's ongoing efforts to enhance housing accessibility and affordability across the nation. The organization has been pivotal in providing mortgage capital to lenders since its inception in 1970, ensuring millions have access to home financing. Investors can find detailed financial insights, including risk management and delinquencies, on its official website.
Freddie Mac (OTCQB: FMCC) reported on September 22, 2022, that the 30-year fixed-rate mortgage averaged 6.29%, up from 6.02% the previous week and significantly higher than 2.88% a year ago. The 15-year fixed-rate mortgage rose to 5.44%, while the 5-year ARM increased to 4.97%. The housing market faces challenges as sales decline due to rising rates, although housing inventory remains low. Freddie Mac will enhance its Primary Mortgage Market Survey in November to improve data collection.
Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey® on September 15, 2022. The 30-year fixed-rate mortgage averaged 6.02%, a rise from 5.89% the previous week and significantly higher than the 2.86% average a year ago. The 15-year fixed-rate mortgage reached 5.21%, up from 5.16%, while the 5-year ARM increased to 4.93% from 4.64%. These rates reflect heightened inflation, leading to dampened demand and potential downward pressure on home prices, despite insufficient housing inventory.