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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 (FMCC) reported that the 30-year fixed-rate mortgage averaged 3.01% for the week ending September 30, 2021, an increase from 2.88% the prior week. The 15-year fixed-rate mortgage rose to 2.28% from 2.15%, while the 5-year ARM averaged 2.48%, up from 2.43%. Chief Economist Sam Khater noted that rising mortgage rates are influenced by the 10-year U.S. Treasury yield and tapering of Federal Reserve support. He anticipates that home prices will moderate as mortgage rates continue to rise.
Freddie Mac (OTCQB: FMCC) released its Monthly Volume Summary for August 2021, detailing its mortgage-related portfolios, securities issuance, and risk management activities. The report highlights Freddie Mac's role in enhancing home accessibility and affordability for many households. Since its establishment by Congress in 1970, the organization has focused on building a robust housing finance system for homebuyers, renters, and lenders across the nation.
Freddie Mac (OTCQB: FMCC) will extend its COVID-19 forbearance agreements for Multifamily loans beyond the original September 30, 2021 deadline. This program helps multifamily operators facing pandemic-related hardships to defer loan payments and includes renter protections against eviction during the forbearance period. Currently, only 1.1% of Freddie Mac's securitized loans are in forbearance, with no new agreements started in August, highlighting a decrease in demand. Freddie Mac's efforts aim to support the multifamily market and provide relief to renters in financial distress.
Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates, specifically K-1521 Certificates, amounting to approximately $777 million. The issuance is expected to settle on or about September 30, 2021. The structure of the K-1521 Certificates aims to transfer risk from taxpayers to private investors, thereby enhancing liquidity in the multifamily mortgage-backed securities market. Key players in the offering include Wells Fargo and Deutsche Bank, which serve as co-lead managers.
Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey for the week ending September 23, 2021. The 30-year fixed-rate mortgage averaged 2.88%, a slight increase from last week’s 2.86%. The 15-year fixed-rate mortgage rose to 2.15% from 2.12%, while the 5-year adjustable-rate mortgage decreased to 2.43%. Chief Economist Sam Khater noted that foreign investments in U.S. Treasuries have stabilized mortgage rates amid global economic slowdown. However, home supply is expected to tighten due to labor and material shortages.
Freddie Mac (OTCQB: FMCC) has successfully priced its inaugural offering of Multifamily WI K-Deal Certificates, Series WI-K132, amounting to approximately $170 million. The certificates, backed by cash assets, will ultimately be supported by a pool of fixed-rate multifamily mortgages. The offering is expected to settle around September 28, 2021. This initiative aims to provide investors access to bonds prior to K-Deal issuance, while also helping Freddie Mac minimize risk and enhance execution efficiency.
Freddie Mac (FMCC) reported the early tender results for its cash offer to purchase up to $650 million of its STACR Debt Notes. As of the Early Tender Time on September 20, 2021, the company accepted 100% of the $1,629 million validly tendered, exceeding the Tender Cap of $650 million. The company increased this cap to $1.63 billion to accommodate all valid tenders. Settlement is scheduled for September 22, 2021.
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Freddie Mac (OTCQB: FMCC) has announced the pricing of its SB90 offering, expected to issue approximately $403 million in SB Certificates. This securitization is backed by small balance loans, typically between $1 million and $7.5 million, primarily for properties with five or more units. This transaction marks the ninth SB Certificate offering in 2021, set to settle on or about September 24, 2021. Freddie Mac guarantees four senior classes of securities, while additional classes will be sold to private investors.
Freddie Mac (OTCQB: FMCC) announced a $1.3 billion sale of non-performing loans (NPLs) from its mortgage-related investments portfolio. The offering consists of six pools, including four Standard Pool Offerings and two Extended Timeline Pool Offerings, aimed at attracting smaller investors such as MWDOBs. Bidders must be approved by Freddie Mac and complete a qualification package to access bidding information. Since its inception, Freddie Mac has sold $8.7 billion of NPLs and securitized $74.2 billion of re-performing loans (RPLs), contributing to improved borrower outcomes.