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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 (OTCQB: FMCC) has priced a new offering of Multifamily WI K-Deal Certificates, expected to generate approximately $185 million in funding. This offering, known as Series WI-K137, is scheduled to settle on or about November 16, 2021. The certificates will initially be backed by cash assets and then by a pool of fixed-rate multifamily mortgages predominantly with 10-year terms. Co-lead managers for this offering are BofA Securities and Wells Fargo Securities.
Freddie Mac (OTCQB: FMCC) has priced a new offering of approximately $933 million in Structured Pass-Through Certificates (K-746 Certificates), backed by fixed-rate multifamily mortgages with mainly 7-year terms. The issuance is expected to settle around November 18, 2021. The K-746 Trust will issue additional certificates not guaranteed by Freddie Mac. The K-746 Certificates are designed to transfer some risk away from taxpayers to private investors, making them a strategic part of Freddie Mac's business model.
Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates, specifically K-G06 Certificates, expected to generate approximately $428 million. The issuance is scheduled to settle on or about November 18, 2021. The K-G06 Certificates will be backed by loans from Freddie Mac’s Green Advantage program, which focuses on environmental and social impacts. Key details include a weighted average life of 9.22 years and varying yields across different classes of certificates. This offering aims to transfer risk from taxpayers to private investors.
Freddie Mac (OTCQB: FMCC) has priced its SB92 offering, which involves a multifamily mortgage-backed securitization worth approximately $349 million. The SB Certificates will settle around November 19, 2021, and are backed by small balance loans typically ranging from $1 million to $7.5 million for properties with five or more units. This marks the eleventh SB Certificate transaction for 2021. Freddie Mac guarantees multiple classes of securities and acts as both a mortgage loan seller and master servicer for the trust involved.
Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey as of November 10, 2021. The 30-year fixed-rate mortgage averaged 2.98%, down from 3.09% the previous week. The 15-year fixed-rate mortgage averaged 2.27%, decreasing from 2.35%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.53%, slightly lower than last week's 2.54%. Although low mortgage rates are expected to sustain strong demand, affordability remains a concern for homebuyers.
Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates (K-133 Certificates) backed by fixed-rate multifamily mortgages with a total value of approximately $1.2 billion. The expected settlement date is November 12, 2021. The K-133 certificates offer multiple classes with varying principal amounts, weighted average life, spreads, and yields. Co-lead managers for the offering include Morgan Stanley and J.P. Morgan. The issuance is part of the company’s strategy to transfer risk from taxpayers to private investors, enhancing cash flow stability for investors.
Freddie Mac (OTCQB: FMCC) has announced the pricing of a new offering of Multifamily WI K-Deal Certificates, totaling approximately $185 million in Series WI-K136. These certificates are primarily backed by cash assets used to purchase the A-M class of an upcoming reference K-Deal. The issuance is set to settle on or about November 9, 2021. The weighted average life is projected at 10.29 years with a spread of S+28 bps and a yield of 1.85239%. Key managers include Credit Suisse and Barclays, among others.
On November 4, 2021, Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 3.09%, down from 3.14% the previous week, but higher than 2.78% a year ago. The 15-year fixed-rate mortgage averaged 2.35%, slightly down from 2.37% last week, while the 5-year ARM stood at 2.54%. Freddie Mac's Chief Economist, Sam Khater, anticipates future rate increases due to strong economic data and reduced Federal Reserve stimulus, although the housing market remains favorable with rates below pre-pandemic levels.
Freddie Mac (OTCQB: FMCC) has announced the pricing of its new offering of Structured Pass-Through Certificates (K Certificates), specifically the K-F124 Certificates amounting to approximately $766 million. These certificates are backed by floating-rate multifamily mortgages with a 10-year term and are indexed to the Secured Overnight Financing Rate (SOFR). Settlement is expected on or about November 12, 2021. The K-F124 Certificates will feature one senior principal and interest class, and although they will not be rated, they are guaranteed by Freddie Mac.
Freddie Mac has launched a groundbreaking initiative in collaboration with Esusu to report on-time rent payments to credit bureaus, aiming to help renters build credit. Currently, less than 10% of renters' timely payments impact their credit scores, affecting their access to credit. This initiative will offer closing cost credits on multifamily loans to property owners who participate, incentivizing rent reporting through Esusu’s platform. The platform not only eases administrative burdens for owners but also enhances renters' financial stability by reporting up to 24 months of historical payments.