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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) reported that the 30-year fixed-rate mortgage averaged 2.81% for the week ending February 18, 2021, a rise from 2.73% the previous week. This rate is significantly lower than the 3.49% average a year ago. The 15-year fixed-rate mortgage also increased to 2.21%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage decreased slightly to 2.77%. Chief Economist Sam Khater attributed the rising rates to improved economic spending and supply chain shortages causing inflation. Despite fluctuations, rates are expected to remain low throughout the year.
On February 18, 2021, Freddie Mac (OTCQB: FMCC) announced the pricing of its Structured Pass-Through Certificates (K-J33 Certificates), backed by supplemental multifamily mortgages, totaling approximately $286 million. The issuance is expected to settle on or about February 26, 2021. The K-J33 certificates include various classes with respective details: A-1 class with a $92 million notional amount and a 0.4400% coupon, and A-2 class with a $194.153 million notional amount with a 1.5700% coupon. J.P. Morgan Securities and Morgan Stanley are co-lead managers.
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Freddie Mac (OTCQB: FMCC) has announced the pricing of its SB83 offering, a multifamily mortgage-backed securitization valued at approximately $360 million. The SB Certificates are expected to settle around February 19, 2021. This offering represents the second SB Certificate transaction within 2021 and primarily includes small balance loans ranging from $1 million to $7.5 million, supporting properties with five or more units. Freddie Mac is also acting as the mortgage loan seller and master servicer for the trust.
Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 2.73% for the week ending February 11, 2021, unchanged from last week and down from 3.47% a year prior. The 15-year fixed-rate mortgage decreased to 2.19%, while the 5-year adjustable-rate mortgage rose slightly to 2.79%. Chief Economist Sam Khater noted the residential real estate market remains strong due to healthy purchase demand, despite challenges in the services economy and inventory shortages. The PMMS focuses on conventional loans for borrowers with excellent credit.
Freddie Mac (OTCQB: FMCC) announced its fourth quarter and full-year 2020 financial results on February 11, 2021. The annual report was filed with the SEC, accessible on their website. The company, established by Congress in 1970, continues to provide vital mortgage capital to lenders, ensuring housing remains affordable for millions. Freddie Mac aims to enhance the housing finance system for homebuyers, renters, lenders, and taxpayers. A media call discussing the results will take place at 9 a.m. ET on the same day.
Freddie Mac (OTCQB: FMCC) has created two new leadership positions to enhance equity in housing. Pamela Perry is appointed Vice President for Single-Family Equitable Housing, while Amanda Nunnink takes on the role of Vice President for Equity in Multifamily Housing. Both leaders will focus on addressing systemic barriers to homeownership for minority families and promoting diversity, equity, and inclusion in the housing sector. Perry brings 25 years of legal experience, and Nunnink has extensive knowledge from her work with Freddie Mac's Optigo® network.
Freddie Mac (OTCQB: FMCC) has priced a new offering of approximately $942 million in K Certificates (K-F99 Certificates), expected to settle on February 19, 2021. These certificates are backed by floating-rate multifamily mortgages with a 10-year term indexed to the Secured Overnight Financing Rate (SOFR). The offering includes one senior principal and interest class and an interest-only class entitled to static prepayment premiums. The K-F99 Certificates, co-managed by Citigroup and Goldman Sachs, will not be rated.
Freddie Mac (OTCQB:FMCC) will report its fourth quarter and full-year 2020 financial results before the U.S. markets open on February 11, 2021. A media call is set for the same day at 9 a.m. ET, which will also be webcast, with a replay available on the company’s website for 30 days. Established by Congress in 1970, Freddie Mac aims to enhance housing accessibility and affordability for millions of families through mortgage capital provision. More information can be found at FreddieMac.com.
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