March 2023
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page i

Table of Contents

Inside this Month’s Global Market Analysis Report... ............................................................1

Highlights ..................................................................................................................................2

1 US AGGREGATE AND GLOBAL INDICES....................................................................2

1.1 Bloomberg US Aggregate and Global Indices.........................................................6

2 Sovereign Debt Product Performance Comparisons..................................................7

2.1 Global 10-Year Treasury Yields (Unhedged) ..........................................................7

2.2 US Treasury Hedged Yields....................................................................................8

SECONDARY MORTGAGE MARKET .......................................................................................9

3 Fixed Income Product Performance Comparisons.....................................................9

3.1 Ginnie Mae Yields – USD .......................................................................................9

3.2 Ginnie Mae Hedged Yields ...................................................................................10

3.3 Ginnie Mae Yield Spreads – Intermediate Credit ..................................................11

3.4 Global Treasury Yield Per Duration.......................................................................12

4 Prepayments................................................................................................................13

4.1 Aggregate Prepayments (CPR) ............................................................................13

4.2 Involuntary Prepayments (CDR) ...........................................................................14

4.3 Voluntary Prepayment Rates (CRR) .....................................................................15

5 Single-Family MBS Pass-Through Issuance .............................................................16

5.1 Gross Issuance of Agency MBS ...........................................................................16

5.2 Net Issuance of Agency MBS ...............................................................................18

5.3 Monthly Issuance Breakdown ...............................................................................20

5.4 Percent Refi at Issuance – Single-Family..............................................................21

6 Agency Single-Family MBS Outstanding...................................................................22

6.1 Outstanding Single-Family Agency MBS...............................................................22

6.2 Origination Volume and Share Over Time.............................................................23

6.3 Agency Issuance and Agency Outstanding by State.............................................24

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time ..........25

7 Agency REMIC Securities...........................................................................................26

7.1 Monthly REMIC Demand for Ginnie Mae MBS......................................................26

7.2 REMIC Market Snapshot ......................................................................................27

8 MBS Ownership...........................................................................................................28

8.1 Commercial Bank Holdings of Agency MBS .........................................................28

8.2 Bank and Thrift Residential MBS Holdings............................................................29

8.3 Foreign Ownership of MBS...................................................................................31
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page ii

8.4 Foreign Ownership of Agency Debt and Agency MBS ..........................................32

9 Fixed Income Liquidity Indicators..............................................................................33

PRIMARY MORTGAGE MARKET ...........................................................................................34

10 Agency Credit Breakdown..........................................................................................34

10.1 Credit Scores........................................................................................................34

10.2 Loan-to-Value (LTV) .............................................................................................36

10.3 Debt-to-Income (DTI)............................................................................................38

10.4 High LTV Loans: Ginnie Mae vs. GSEs ................................................................40

10.5 Serious Delinquency Rates...................................................................................41

10.6 Credit Box.............................................................................................................42

10.7 Credit Box: Historical ............................................................................................44

11 Forbearance Trends....................................................................................................46

12 Holders of Ginnie Mae Mortgage Servicing Rights...................................................46

13 Agency Nonbank Originators .....................................................................................48

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE............50

13.1.1 (FICO, LTV, DTI).......................................................................................50

U.S. HOUSING MARKET .........................................................................................................54

14 Housing Affordability..................................................................................................54

14.1 Housing Affordability – Home Price Appreciation..................................................54

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate and 

Rent.... .................................................................................................................55

14.2.1 Housing Affordability – Mortgage Rate Trends ..........................................57

14.3 Housing Inventory.................................................................................................58

14.4 Size and Value of the US Housing Market ............................................................59

15 Disclosure....................................................................................................................60
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 1

Inside this Month’s Global Market Analysis Report... 

This month’s Highlights section discusses the relative value of Ginnie Mae II MBS compared to US

AAA corporate bonds and the US Treasury 10-year. 

Notable insights in this month’s Global Market Analysis Report include the following: 

• The Agency REMIC Issuance section captures the continued upward trend in coupon rates for 

REMIC deals as well as the dampened issuance volume, YoY, driven by lower sales and 

refinance activity. 

• The Agency Credit Breakdown section illustrates the leading role that Ginnie Mae continues 

to play in high-LTV lending and in providing homeownership opportunities to first-time 

homebuyers. 

• The U.S. Housing Market section includes home price indices for each of the U.S. census 

regions by quarter. The market shows signs of decelerating inflation and mortgage rates this 

month, as well as home prices beginning to decline nationally. However, inflation and 

mortgage rates continue to outpace wage growth. This section also includes an analysis of 

the average price of homes sold to median income, which shows housing affordability 

remaining historically low.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 2

Highlights

The Federal Reserve raised short term rates in the United States from .25% to .50% in March

2022 to 4.5% to 4.75 % in March 2023, 450 bps increase since the beginning of 2022.The 

European Central Bank raised short term rates from 0% to 3.5% during the same period. Japan 

maintained its Policy Rate at -.10% through the period. The US Treasury yield curve remained 

inverted, with the US Treasury 2-year to 10-year note spread closing at the end of February at a 

spread of 87 basis points with the US Treasury 2-year closing at a yield of 4.797% and the US 

Treasury 10-year closing at 3.923%. These conditions have led to realignments in global fixed 

income markets during the first months of 2023. Agency MBS primary, as well as secondary 

markets, have not been immune to the realignment. 

In January and February 2023, Ginnie Mae gross MBS issuance volume was $49.8 billion in unpaid 

principal balance (UPB) compared to $108.0 billion in January and February 2022. During the 

same two-month period, Fannie Mae gross issuance volume was $44.6 billion compared to 

$166.4 billion and Freddie Mac gross issuance volume was $38.9 billion compared to $150.5 

billion. 

As illustrated in Figure 1, through January and February 2023, the GSEs were met with a sharper 

decline in monthly gross MBS issuance volume in comparison to Ginnie Mae. Freddie Mac gross 

monthly MBS issuance volume decreased by 74.2% from January/February 2022 versus 

January/February 2023 while Fannie Mae gross monthly MBS issuance volume decreased by 

73.2%. Ginnie Mae gross monthly MBS issuance volume only decreased by 53.9% during the same 

period. For the fourth consecutive month, Ginnie Mae gross issuance surpassed the GSEs.

Figure 1. Agency Single Family MBS Gross Issuance Amount

Net MBS issuance amounts for the GSEs were also significantly lower in January and February of 

2023 relative to Ginnie Mae. In fact, Fannie Mae experienced a 98.7% decline in monthly net MBS 

issuance amount from $73.4 billion in the first two months of 2022 to only $900 million in net 

issuance in the first two months of 2023. Freddie Mac net MBS issuance declined 96.7% from 

$60.3 billion in January/February 2022 to just $2.0 billion in January/February 2023. Ginnie Mae 

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

Billions

Fannie Mae Freddie Mac Ginnie Mae
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 3

maintained a net MBS issuance amount of $22.7 billion in January and February 2023 versus 

$23.7 billion in January and February 2022 as depicted in Figure 2.

Figure 2. Agency Single Family MBS Net Issuance Amount

Despite a decline in agency MBS production, US agency MBS (Ginnie Mae, Fannie Mae, and 

Freddie Mac) continue to contribute approximately 28% in 2023 (see Section 1.1) to the 

Bloomberg US Aggregate Index as shown in Figure 3. Since 2018, US MBS has remained a stable 

contributor to the index. 

Figure 3. Bloomberg US Aggregate Index 2018

The yield on the GN II SF was at 5.37% compared to 4.76% for Moody’s AAA Corporate Bond 

Index and 3.92% for the US Treasury 10-Year at month-end February 2023. This is a 113.0% YoY 

increase from 2.52% on the yield for the GN II SF and a 13.9% MoM increase from 4.72%. The 

yield for the GN II SF has also been consistently higher than the AAA Corporate Bond since August 

2022 as shown in Figure 4. Thus, showcasing the increasing value of GN II SF MBS relative to the 

US 10-Yr and AAA Corporate Bonds.

-$5.0

$5.0

$15.0

$25.0

$35.0

$45.0

$55.0

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Jan-23

Feb-23

Fannie Mae Freddie Mac Ginnie Mae

37%

28%

15%

8%

3% 2%

2%

2%

1% 1% 1% Treasury - 37%

MBS Passthrough - 28%

Industrial - 15%

Financial Institutions - 8%

Agency - 3%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 1%
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 4

Sources: Ginnie, Freddie Mac, and Fannie Mae loan level disclosure files and Bloomberg data as of February 2018

Figure 4. GN II, US 10-YR, and AAA Corporate Bond Yields

As the yield for the GN II SF increases, so has the spread between the US 10-Yr and AAA Corporate 

bond indices like Moody’s. As illustrated in Figure 5, at month-end February 2023, the spread 

between the GN II SF and US 10-Yr was 1.45% which is a 25 bps MoM increase from 1.20% at 

month-end January 2023. This also represents a 76 bps YoY increase from a spread of 0.69% at 

month-end February 2022. At month-end February, the spread between the GN II SF and the AAA 

Corporate Bond was 0.61% which represents a 30 bps MoM increase from a spread of 0.31% and 

a 135 bps YoY increase from a spread of -0.74%. 

Figure 5. Spread between GN II, US 10-Yr, and AAA Corporate Bond 

About 33% of the total SOMA portfolio consists of agency MBS. Of the $14.7 billion decrease, 

$6.1 billion were Fannie Mae holdings, $5.2 billion were Freddie Mac holdings, and $3.4 billion 

were Ginnie Mae holdings. Even though Ginnie Mae MBS comprises 24.9% of total agency MBS 

outstanding, the SOMA Ginnie Mae allocation is underweighted at 20.8% as shown in Figure 6. 

Sources: Fred and Bloomberg data as of February 2023

5.37%

3.92%

4.76%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

GN II US 10-YR AAA

1.45%

0.61%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Spread between GN II and US 10 YR Spread between GN II and AAA Corporate Bond
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 5

Figure 6. SOMA agency MBS Holdings Distribution ($ Billions)

Agency Single Family 

AMBS 

Outstanding

Feb 22, 2023

% AMBS 

Outstanding

SOMA AMBS 

Holdings

Jan 18, 2023

% SOMA 

Holdings

SOMA AMBS 

Holdings

Feb 15, 2023

% SOMA 

Holdings

Fannie Mae

Freddie Mac

Ginnie Mae

$3,578

$2,901

$2,147

41.5%

33.6%

24.9%

$1,078

$999

$544

41.2%

38.0%

20.8%

$1,071

$989

$541

41.2%

38.0%

20.8%

Total $8,626 100.0% $2,616 100.0% $2,615 100.0%

The changing demand profile from the Fed for agency MBS holdings is further shown in Figure 7. 

As of March 1, 2023, the liquidated amount of agency MBS holdings is still 58% below the 

liquidation cap of $35 billion at $14.7 billion. 

Figure 7. SOMA agency MBS Liquidations from February 1, 2023 to March 1, 2023 ($ Billions)1

MBS Holdings 

as of

February 1, 

2023

MBS Holdings 

as of 

March 1, 2023

Liquidated 

Amount

Liquidation Cap Percentage of 

Liquidation

Total $2,616.3 $2,601.6 $14.7 $35 42%

1 The liquidation cap is per calendar month.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 6

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 8. Bloomberg US Aggregate Index

At month-end February, US Treasuries contributed approximately 41% to the Bloomberg US 

Aggregate Index, stable from the prior month. US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) 

continues to contribute approximately 28%. For the US Aggregate Index, all other changes to the 

index components were no larger than 1%. 

Figure 9. Bloomberg Global Aggregate Index by Country

In the Bloomberg Global Aggregate Index by Country, the US share of fixed income remains the 

largest share of total outstanding issuance, representing approximately 41% of the total Bloomberg 

Global Aggregate Index. Japan’s share of fixed income is the second highest at 12%. For the Global 

Aggregate Index, all countries remained stable when compared to the prior month with no changes 

larger than 1%.

Source: Bloomberg [both charts]. Note: Data as of February 2023. Figures in charts may not add to 100% due to rounding.

41%

28%

14%

8%

2%

2% 2%1% 1% 1% 0% Treasury - 41%

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

41%

12% 5% 9%

4%

4%

4%

3%

2%

2%

14%

United States - 41%

Japan - 12%

China - 9%

France - 5%

United Kingdom - 4%

Germany - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 2%

Other - 14%
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 7

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged) 

The US 10-year Treasury yield moved to 3.92% at month-end February 2023, a MoM increase of 41 

bps. US Treasury yields remain the second highest of all the government treasury yields depicted in 

the figure below behind Italian Treasury yields.

The yield on the UK 10-year notes increased to 3.82% at month-end February, a MoM increase 

of 45 bps. 

The yield on the German 10-year increased to 2.65% at month-end February, a MoM increase 

of 37 bps.

The yield on the Italian 10-year increased to 4.47% at month-end February, a MoM increase of 

32 bps.

The yield on the Japanese 10-year notes increased to 0.50% at month-end February, a MoM 

increase of 1 bps.

Figure 10. Global 10-Year Treasury Yields 

Source: Bloomberg. Note: Data as of February 2023.

3.92%

3.82%

2.65%

4.47%

0.50%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

% Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 8

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY decreased MoM 8 bps to 2.13% at month-end 

February.

The hedged yield for the 10-year Treasury EUR decreased MoM 4 bps to 1.23% at month-end 

February.

Figure 11. 7–10yr Total Return Hedged Index, JPY

Figure 12. 7–10yr Total Return Hedged, EUR

Source: Bloomberg. Note: Data as of February 2023.

2.13

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

Yield (%)

1.23

1.20

1.30

1.40

1.50

1.60

1.70

Yield(%)
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 9

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 5.31% in December, decreased 59 bps to 4.72% in January, and increased 

65 bps to 5.37% at month-end February. Ginnie Mae I yields were 5.22% in December, decreased 47 

bps to 4.75% in January, and increased 52 bps to 5.27% at month-end February. The yields on the 

Ginnie Mae I were 135 bps higher than the US 10-year Treasury yield at month-end February 2023, 

an increase of 12 MoM and an increase of 59 bps YoY. Ginnie Mae II spreads over the US 10-year 

Treasury yield increased 76 bps to 145 bps over the US 10-year Treasury yield at month-end February 

2023.

Figure 13. Ginnie Mae II SF Yield, USD

Figure 14. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of February 2023.

5.37%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

5.27%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 10

3.2 Ginnie Mae Hedged Yields

The yield for the Ginnie Mae II, hedged in the Japanese Yen stood at 3.58% at month-end 

February, a 16 bps increase MoM. The yield for the Ginnie Mae II, hedged in the Euro, stood 

at 2.68% at month-end February, a 20 bps increase MoM.

The yield for the Ginnie Mae I, hedged in the Japanese Yen, stood at 3.48% at month-end 

February, a 3 bps increase MoM. The yield for the Ginnie Mae I, hedged in the Euro, stood at 

2.58% at month-end February, a 7 bps increase MoM.

Figure 15. Ginnie Mae I and II Hedged, JPY

 

Figure 16. Ginnie Mae I and II Hedged, EUR

Source: Bloomberg. Note: Data as of February 2023.

Note: Hedged yield calculations assume hedge costs for Ginnie Mae securities are equivalent to those for U.S. Treasuries.

2.58%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23

GN II Hedged EUR GN I Hedged EUR

2.58%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23

GN II Hedged EUR GN I Hedged EUR

3.58%

2.68%
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 11

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS remained relatively 

stable at 0.55% at month-end February. The GNMA II 30-year OAS increased 3 bps MoM as of monthend February. The US Intermediate credit OAS also increased 4 bps MoM as of month-end February.

Figure 17. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS

Figure 18. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS

Source: Bloomberg. Note: Data as of February 2023.

0.40%

0.95%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

US GNMA 30yr II - OAS U.S. Intermediate Credit - OAS

0.55%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 12

3.4 Global Treasury Yield Per Duration

GNMA MBS continue to offer a higher yield in comparison to other government fixed income 

securities of various tenors with similar or longer duration. Prepayment risk is a feature of MBS. 

Figure 19. Yield vs. Duration

Security Duration Yield

US 5y 4.48 4.17

US 10y 8.28 3.92

JPY 5y 4.76 0.22

JPY 10y 9.34 0.50

GER 5y 4.75 2.63

GER 10y 8.74 2.65

ITA 5y 4.49 3.97

ITA 10y 7.83 4.47

UK 5y 5.27 3.69

UK 10y 8.32 3.82

GNMA II 2% 6.97 4.22

GNMA II 2.5% 6.98 4.35

GNMA II 3% 6.70 4.50

GNMA II 3.5% 6.18 4.70

GNMA II 4% 5.97 4.82

GNMA II 4.5% 5.74 4.96

GNMA II 5% 5.28 5.14

GNMA II 5.5% 4.71 5.36

GNMA II 6% 3.85 5.50

Source: Bloomberg. Note: Yield and modified duration for GNMA II securities is based on median prepayment assumptions from 

surveyed Bloomberg participants. All data is as of February 2023. Yields are in base currency of security and unhedged. 

US 5y

US 10y

JPY 5y

JPY 10y

GER 5y

GER 10y

ITA 5y

ITA 10y

UK 5y

UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

-2.00 0.00 2.00 4.00 6.00 8.00 10.00 Yield

Duration
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 13

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds increased in February by 11.9% MoM, while 

both Fannie Mae and Freddie Mac CPRs increased by 8.5%. ARM prepayments have decreased for 

Fannie Mae and increased for Freddie Mac. ARM prepayments have also dropped for Ginnie Mae for 

the fourth straight month. 

Figure 20. Fixed Rate Aggregate 1-Month CPR

Figure 21. ARM Aggregate 1-Month CPR

 

Source: Recursion. Note: Data as of February 2023. 

4.2

4.0

5.2

0

10

20

30

40

50

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.0

8.7

10.1

0

10

20

30

40

50

60

70

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 14

4.2 Involuntary Prepayments (CDR)

Fixed rate involuntary prepayments (CDR) remain higher for Ginnie Mae than for the GSEs. The spread 

in involuntary prepayment speeds between Ginnie Mae and GSE prepayments has converged 

significantly since Ginnie Mae’s CDR peak of 12.4 CDR in June 2020. ARM CDRs for Freddie Mac 

surpassed Ginnie Mae in February 2023 for the first time since September 2022. 

Figure 22. Fixed Rate Aggregate CDR

Figure 23. ARM Aggregate CDR

Source: Recursion. Note: Data as of February 2023.

0.3

0.2

0.6

0

5

10

15

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.2

0.5

1.0

0

10

20

30

40

50

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 15

4.3 Voluntary Prepayment Rates (CRR)

Fixed rate voluntary prepayments (CRR) continue to remain higher for Ginnie Mae relative to the 

GSEs. Fannie Mae and Freddie Mac saw increases of 9.0% MoM and 9.5% MoM in fixed rate aggregate 

CRR, respectively. Freddie Mac saw a 7.8% MoM increase and Fannie Mae saw a 10.9% MoM 

decrease in ARM aggregate CRR. Ginnie Mae increased 15.5% MoM in fixed rate aggregate CRR and 

saw a 7.7% MoM decrease in ARM aggregate CRR.

Figure 24. Fixed Rate Aggregate CRR

Figure 25. ARM Aggregate CRR

Source: Recursion. Note: Data as of February 2023.

4.0

3.8

4.6

0

10

20

30

40

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

4.1

9.9

8.2

0

10

20

30

40

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

Feb-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 16

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance decreased MoM by 22.79%. Freddie Mac, Ginnie Mae and Fannie Mae all 

saw decreases in gross issuance as compared to January. 

Table 1. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2001 $506.9 $378.2 $885.1 $171.5 $1,056.6 

2002 $710.0 $529.0 $1,238.9 $169.0 $1,407.9 

2003 $1,174.4 $700.5 $1,874.9 $213.1 $2,088.0 

2004 $517.5 $355.2 $872.6 $119.2 $991.9 

2005 $514.1 $379.9 $894.0 $81.4 $975.3 

2006 $500.2 $352.9 $853.0 $76.7 $929.7 

2007 $633.0 $433.3 $1,066.2 $94.9 $1,161.1 

2008 $562.7 $348.7 $911.4 $267.6 $1,179.0 

2009 $817.1 $462.9 $1,280.0 $451.3 $1,731.3 

2010 $626.6 $377.0 $1,003.5 $390.7 $1,394.3 

2011 $578.2 $301.2 $879.3 $315.3 $1,194.7 

2012 $847.6 $441.3 $1,288.8 $405.0 $1,693.8 

2013 $749.9 $426.7 $1,176.6 $393.6 $1,570.2 

2014 $392.9 $258.0 $650.9 $296.3 $947.2 

2015 $493.9 $351.9 $845.7 $436.3 $1,282.0 

2016 $600.5 $391.1 $991.6 $508.2 $1,499.8 

2017 $531.3 $345.9 $877.3 $455.6 $1,332.9 

2018 $480.9 $314.1 $795.0 $400.6 $1,195.6 

2019 $597.4 $445.2 $1,042.6 $508.6 $1,551.2 

2020 $1,343.4 $1,064.1 $2,407.5 $775.4 $3,182.9 

2021 $1,388.0 $1,245.1 $2,633.1 $840.9 $3,474.0 

2022 $628.3 $551.6 $1,179.9 $512.3 $1,692.2

2023 YTD $44.7 $38.9 $83.6 $49.8 $133.4

Figure 26. Agency Gross Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$50

$45

$39 $0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$ in Billions 

Fannie Mae Freddie Mac Ginnie Mae
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 17

Ginnie Mae’s $22.7 billion in gross issuance in February was approximately 47% below the average 

monthly issuance for 2022. Table 2 below provides an annualized 2023 value that assumes steady 

production throughout 2023. At the current pace, Ginnie Mae’s gross issuance will be approximately 

$213.5 billion less than that of 2022. 

Table 2. Ginnie Mae Gross Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5 

2002 $128.6 $37.9 $2.5 $169.0 

2003 $147.9 $62.7 $2.5 $213.1 

2004 $85.0 $31.8 $2.5 $119.2 

2005 $55.7 $23.5 $2.1 $81.4 

2006 $51.2 $23.2 $2.3 $76.7 

2007 $67.7 $24.2 $3.0 $94.9 

2008 $221.7 $39.0 $6.9 $267.6 

2009 $359.9 $74.6 $16.8 $451.3 

2010 $304.9 $70.6 $15.3 $390.7 

2011 $216.1 $82.3 $16.9 $315.3 

2012 $253.4 $131.3 $20.3 $405.0 

2013 $239.2 $132.2 $22.2 $393.6 

2014 $163.9 $111.4 $21.0 $296.3 

2015 $261.5 $155.6 $19.2 $436.3 

2016 $281.8 $206.5 $19.9 $508.2 

2017 $257.6 $177.8 $20.2 $455.6 

2018 $222.6 $160.8 $17.2 $400.6 

2019 $266.9 $225.7 $16.0 $508.6 

2020 $327.0 $423.5 $24.9 $775.4 

2021 $392.2 $422.1 $26.7 $840.9 

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $28.8 $19.8 $1.2 $49.8

Figure 27. Ginnie Mae Gross Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$29

$20

$0.0 $1

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 18

5.2 Net Issuance of Agency MBS

Agency net issuance in February was approximately $2.8 billion, which represents an 87.7% MoM 

decrease in net issuance. Ginnie Mae net issuance was $8.6 billion in February, a 39.0% decrease

from January 2023. Since May 2022, FHA net issuance outpaces VA net issuance MoM, as shown in 

Table 4 and Figure 28. 

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2002 $218.9 $138.3 $357.2 -$51.2 $306.1 

2003 $293.7 $41.1 $334.9 -$77.6 $257.3 

2004 $32.3 $50.2 $82.5 -$40.1 $42.4 

2005 $62.5 $111.7 $174.2 -$42.2 $132.0 

2006 $164.3 $149.3 $313.6 $0.2 $313.8 

2007 $296.1 $218.8 $514.9 $30.9 $545.7 

2008 $213.0 $101.8 $314.8 $196.4 $511.3 

2009 $208.1 $42.5 $250.6 $257.4 $508.0 

2010 -$156.4 -$146.8 -$303.2 $198.3 -$105.0

2011 -$32.6 -$95.8 -$128.4 $149.6 $21.2 

2012 $32.9 -$75.3 -$42.4 $119.1 $76.8 

2013 $53.5 $11.8 $65.3 $89.6 $154.9 

2014 $-4.0 $30.0 $26.0 $61.6 $87.7 

2015 $3.5 $65.0 $68.4 $97.3 $165.7 

2016 $60.5 $66.8 $127.4 $126.1 $253.5 

2017 $83.7 $77.0 $160.7 $132.3 $293.0 

2018 $81.9 $67.6 $149.4 $112.0 $261.5 

2019 $87.4 $110.3 $197.7 $95.7 $293.5 

2020 $289.3 $343.5 $632.8 $19.9 $652.7 

2021 $384.9 $498.0 $882.9 $2.7 $885.6 

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $3.9 -$1.1 $2.9 $22.7 $25.6

Figure 27. Agency Net Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$23

$4

-$1

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 19

Table 4. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

2002 -$22.5 -$28.7 $0.0 -$51.2

2003 -$56.5 -$21.1 $0.0 -$77.6

2004 -$45.2 $5.1 $0.0 -$40.1

2005 -$37.3 -$12.1 $7.2 -$42.2

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $15.3 $7.7 -$0.2 $22.7

Figure 28. Ginnie Mae Net Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$8

$15

$0

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 20

5.3 Monthly Issuance Breakdown

Table 5. Ginnie Mae Net Issuance Collateral Composition ($ in billions) 

Agency Gross Issuance Amount (in $ Billions) Agency Net Issuance Amount (in $ Billions)

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

Feb-19 $27.3 $19.9 $23.5 $47.2 $70.7 $1.4 $3.4 $4.6 $4.7 $9.3

Mar-19 $29.6 $27.3 $26.6 $56.9 $83.5 $1.8 $10.3 $5.6 $12.0 $17.6

Apr-19 $33.1 $30.8 $32.9 $63.9 $96.8 $1.3 $10.8 $8.3 $12.0 $20.4

May-19 $44.5 $34.3 $38.8 $78.8 $117.6 $6.7 $9.8 $9.4 $16.6 $26.0

Jun-19 $44.6 $34.0 $43.3 $78.6 $121.9 $1.9 $5.9 $9.0 $7.8 $16.8

Jul-19 $51.7 $36.9 $45.9 $88.6 $134.5 $10.9 $10.1 $11.0 $21.0 $32.0

Aug-19 $71.1 $50.4 $51.2 $121.4 $172.6 $20.8 $17.1 $8.7 $37.9 $46.6

Sep-19 $67.1 $43.0 $52.0 $110.1 $162.1 $14.1 $7.5 $6.5 $21.5 $28.0

Oct-19 $65.0 $46.2 $58.4 $111.2 $169.6 $7.4 $7.1 $11.9 $14.6 $26.5

Nov-19 $68.1 $50.7 $54.3 $118.7 $173.1 $5.2 $8.6 $4.1 $13.8 $18.0

Dec-19 $62.1 $52.5 $52.7 $114.6 $167.3 $10.1 $17.3 $7.4 $27.3 $34.7

Jan-20 $61.7 $51.4 $56.0 $113.1 $169.0 $9.1 $16.5 $8.6 $25.6 $34.2

Feb-20 $56.5 $39.5 $51.2 $96.0 $147.2 $9.4 $7.9 $7.1 $17.4 $24.4

Mar-20 $69.5 $41.4 $53.0 $110.8 $163.9 $17.9 $6.3 $8.8 $24.2 $33.0

Apr-20 $101.6 $76.3 $61.4 $177.9 $239.3 $30.5 $27.5 $10.2 $58.0 $68.2

May-20 $124.3 $70.6 $60.8 $194.9 $255.7 $35.2 $8.2 $5.7 $43.4 $49.1

Jun-20 $118.9 $78.1 $58.5 $197.0 $255.4 $30.0 $15.9 $1.3 $45.9 $47.2

Jul-20 $125.0 $108.1 $66.5 $233.1 $299.5 $23.4 $38.0 -$15.5 $61.4 $45.9

Aug-20 $137.6 $113.6 $73.6 $251.3 $324.8 $34.2 $43.4 -$4.1 $77.6 $73.5

Sep-20 $122.9 $102.1 $72.4 $225.0 $297.5 $16.5 $29.9 $1.0 $46.5 $47.5

Oct-20 $142.3 $124.8 $72.6 $267.1 $339.7 $28.9 $48.3 -$0.3 $77.2 $76.9

Nov-20 $152.4 $131.5 $72.6 $283.9 $356.5 $31.4 $48.4 -$4.5 $79.8 $75.3

Dec-20 $130.8 $126.7 $76.9 $257.5 $334.4 $22.8 $53.1 $1.7 $75.8 $77.5

Jan-21 $141.6 $117.3 $78.2 $258.9 $337.1 $25.9 $37.9 -$6.5 $63.8 $57.3

Feb-21 $118.8 $115.5 $72.3 $234.3 $306.6 $16.8 $44.3 -$0.9 $61.1 $60.2

Mar-21 $143.9 $118.9 $76.9 $262.8 $339.7 $37.6 $44.0 $1.0 $81.6 $82.6

Apr-21 $148.0 $142.3 $85.6 $290.3 $375.9 $26.2 $57.0 -$4.2 $83.3 $79.0

May-21 $132.3 $91.4 $71.7 $223.7 $295.4 $64.9 $38.8 -$3.1 $103.7 $100.6

Jun-21 $108.5 $91.2 $67.7 $199.7 $267.4 $34.0 $33.7 $2.6 $67.8 $70.4

Jul-21 $95.4 $84.6 $69.0 $180.0 $249.0 $27.6 $31.9 -$1.4 $59.5 $58.0

Aug-21 $104.8 $109.3 $66.6 $214.1 $280.8 $27.5 $48.5 $1.4 $76.1 $77.4

Sep-21 $102.9 $105.3 $68.0 $208.3 $276.3 $26.4 $45.6 $3.1 $72.0 $75.1

Oct-21 $105.1 $102.7 $62.5 $207.8 $270.3 $34.6 $46.9 $1.9 $81.5 $83.4

Nov-21 $93.6 $81.1 $60.8 $174.7 $235.5 $29.5 $34.9 $3.1 $64.4 $67.6

Dec-21 $93.7 $85.4 $58.9 $179.1 $238.0 $33.8 $34.4 $5.7 $68.3 $73.9

Jan-22 $93.1 $85.9 $59.0 $179.0 $238.0 $45.6 $37.6 $14.0 $83.2 $97.3

Feb-22 $73.3 $64.6 $49.0 $137.9 $186.9 $27.8 $22.7 $9.7 $50.5 $60.2

Mar-22 $76.8 $62.9 $47.4 $139.7 $187.1 $22.6 $23.1 $6.9 $45.7 $52.6

Apr-22 $65.3 $53.5 $47.8 $118.8 $166.6 $19.5 $17.7 $13.2 $37.2 $50.4

May-22 $54.7 $43.7 $45.0 $98.4 $143.4 $13.6 $12.5 $15.5 $26.1 $41.6

Jun-22 $54.5 $42.0 $43.6 $96.5 $140.1 $14.8 $10.7 $16.0 $25.5 $41.5

Jul-22 $46.8 $40.3 $42.4 $87.1 $129.5 $12.1 $14.4 $18.0 $26.5 $44.5

Aug-22 $39.8 $46.3 $40.3 $86.1 $126.4 $4.8 $19.8 $16.2 $24.6 $40.8

Sep-22 $39.3 $38.2 $39.9 $77.5 $117.4 $7.6 $13.9 $18.3 $21.5 $39.8

Oct-22 $34.1 $26.1 $35.5 $60.2 $95.7 $5.8 $4.7 $17.3 $10.5 $27.8

Nov-22 $25.7 $22.7 $33.6 $48.4 $82.0 $0.3 $3.5 $18.3 $3.8 $22.1

Dec-22 $24.9 $25.5 $28.8 $50.4 $79.2 $0.2 $6.6 $14.0 $6.8 $20.8

Jan-23 $25.7 $22.4 $27.1 $48.1 $75.2 $5.3 $3.4 $14.1 $8.7 $22.8

Feb-23 $18.9 $16.5 $22.7 $35.4 $58.1 -$4.4 -$1.4 $8.6 -$5.8 $2.8

 

Source: Beginning May 2021, data for Gross and Net Issuance was sourced from Fannie Mae, Freddie Mac, and Ginnie Mae loan 

level disclosure files. Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of 

February 2023. Beginning with the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to 

reflect the current UPB of the portfolios. July 2021 through February 2023 GMAR net issuance data reflect the UPB at security 

issuance for Fannie Mae and Freddie Mac. Note: Numbers are rounded to the nearest hundred million.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 21

5.4 Percent Refi at Issuance – Single-Family 

Refinance activity increased for Ginnie Mae in February 2023. Ginnie Mae’s MoM increase was 

approximately 2.3%, with the greater increase taking place with FHA lending which was up

approximately 3.4% in February MoM. VA’s refinance share increased by approximately 2.4%. 

However, in the conventional conforming mortgage market space, Fannie Mae saw a decrease of 

5.4% MoM and Freddie Mac saw a decrease of 8.4% MoM.

Freddie Mac’s refinance percentage dropped to 12.9% in February, down from 14.1% in January.

Fannie Mae’s refinance percentage dropped to 15.3% in February, down from 16.2% in January.

Ginnie Mae’s refinance percentage rose to 14.8% in February, up from 14.5% in January

FHA’s refinance percentage rose to 14.3% in February, up from 13.8% in January.

VA’s refinance percentage rose to 16.7% in February, up from 16.3% in January.

Figure 29. Percent Refinance at Issuance – Single-Family

 

Sources: Recursion. Note: Data as of February 2023. 

16.7%

15.3%

14.3%

12.9%

14.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Aug/14

Nov/14

Feb/15

May/15

Aug/15

Nov/15

Feb/16

May/16

Aug/16

Nov/16

Feb/17

May/17

Aug/17

Nov/17

Feb/18

May/18

Aug/18

Nov/18

Feb/19

May/19

Aug/19

Nov/19

Feb/20

May/20

Aug/20

Nov/20

Feb/21

May/21

Aug/21

Nov/21

Feb/22

May/22

Aug/22

Nov/22

Feb/23

Freddie Fannie Ginnie FHA VA
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 22

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING 

6.1 Outstanding Single-Family Agency MBS

As of February 2023, outstanding single-family MBS in the agency market totaled $8.628 trillion: 

41.4% Fannie Mae, 33.6% Freddie Mac, and 25.0% Ginnie Mae MBS. Over the past twelve months, 

Fannie Mae’s, Freddie Mac’s, and Ginnie Mae’s total outstanding MBS increased by approximately 

2.9%, 4.7%, and 8.9%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s 

and Ginnie Mae’s by approximately $674 billion and $1.4 trillion, respectively.

Ginnie Mae MBS collateral composition has changed dramatically over the past five years. In February

2018, 60.5% of Ginnie Mae outstanding collateral was FHA and 33.3% was VA. In February 2023, FHA 

collateral comprised 53.0% of Ginnie Mae MBS outstanding and VA collateral comprised 42.1% of 

Ginnie Mae MBS outstanding. 

Figure 30. Outstanding Agency Mortgage-Backed Securities

Figure 31. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

Sources: Recursion. Note: Data as of February 2023. 

$3,573

$2,900

$2,159

$8,628

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,144

$909

$106

0

200

400

600

800

1000

1200

1400

Feb/15 Feb/16 Feb/17 Feb/18 Feb/19 Feb/20 Feb/21 Feb/22 Feb/23

$ in Billions

 FHA VA OTHER
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 23

6.2 Origination Volume and Share Over Time

First lien origination volume continued to decline in Q4 2022, with $335 billion in originations in Q4, 

which represents a decline in issuance from Q3 2022 of approximately 34%. Ginnie Mae’s share of 

total origination increased from 21.6% to 25.6% in Q4 2022, while Portfolio origination decreased

from 26.4% to 25.3% in Q4 2022. 

Figure 32. First Lien Origination Volume

Figure 33. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q4 2022.

$0.16

$0.08

$0.01

$0.08

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

47.4%

25.6%

1.7%

25.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 24

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 31% of new agency issuance over the past year. The share 

of Ginnie Mae’s new agency issuance varies across states, with the highest Ginnie Mae share being 

in Alaska (53%) and the lowest in the District of Columbia and Virgin Islands (20%). The highest Ginnie 

Mae outstanding share is also in Alaska (48%) and the lowest also in the District of Columbia (13%). 

There is currently a 5% difference between Ginnie Mae’s share of new agency issuance (31%) and 

Ginnie Mae’s share of agency outstanding (26%). 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

31% 2,037,415 279.90 289.13 26% 10,740,948 

 

 

204.94 210.84

AK 53% 6,618 332.16 298.60 48% 37,540 261.72 221.01

AL 45% 45,871 223.06 237.86 40% 236,817 157.34 177.68

AR 41% 24,051 191.07 220.62 39% 136,963 132.63 160.89

AZ 29% 60,758 316.03 323.86 24% 273,783 219.86 226.17

CA 24% 135,885 442.59 439.38 16% 685,088 328.03 320.55

CO 29% 45,190 399.71 388.66 23% 213,890 292.45 277.73

CT 30% 19,114 263.49 276.90 25% 106,288 202.67 209.42

DC 20% 1,669 489.79 427.45 13% 8,924 382.25 349.93

DE 34% 9,749 268.16 294.14 31% 51,944 204.37 211.58

FL 34% 181,934 295.47 296.38 32% 850,805 212.68 211.79

GA 38% 106,339 255.57 288.95 33% 498,142 180.63 207.00

HI 40% 6,015 613.57 497.21 32% 33,525 469.18 358.10

IA 30% 14,315 181.15 195.65 22% 82,664 134.12 148.36

ID 28% 11,819 333.16 323.75 23% 63,635 218.63 223.07

IL 27% 68,319 209.13 241.85 22% 367,512 160.21 179.28

IN 33% 52,252 190.99 210.14 30% 279,220 134.54 151.09

KS 33% 16,567 193.14 222.48 29% 96,302 140.27 163.91

KY 39% 31,404 197.36 214.28 34% 165,226 143.92 155.99

LA 46% 38,621 205.15 236.56 40% 200,980 157.97 177.56

MA 24% 21,604 374.59 368.21 16% 113,853 285.22 268.73

MD 40% 55,001 337.82 327.66 33% 292,530 265.59 249.69

ME 31% 6,878 244.55 267.74 26% 37,948 178.19 191.84

MI 25% 50,132 185.74 213.43 20% 275,751 134.14 156.92

MN 21% 25,627 246.99 275.04 18% 159,801 182.50 198.58

MO 33% 44,001 197.83 219.30 29% 244,596 142.43 162.15

MS 52% 22,897 201.15 217.53 48% 122,580 143.87 161.30

MT 26% 5,401 307.29 312.17 23% 32,325 209.43 216.46

NC 32% 82,693 250.97 285.14 29% 414,220 176.39 202.36

ND 32% 3,051 242.11 240.17 24% 17,070 193.27 184.33

NE 30% 10,463 218.09 222.47 26% 64,947 149.60 161.11

NH 26% 6,630 310.87 304.69 22% 38,307 226.91 215.18

NJ 28% 45,091 317.63 334.30 21% 232,051 241.04 254.60

NM 40% 16,550 241.29 251.60 38% 95,181 167.26 178.51

NV 33% 28,226 342.46 332.17 30% 132,909 248.54 235.74

NY 23% 48,325 300.41 340.77 20% 307,398 209.73 248.57

OH 32% 73,976 183.67 201.14 29% 423,679 130.68 149.29

OK 42% 32,120 202.19 223.25 42% 188,940 141.49 162.63

OR 23% 20,487 350.38 360.11 19% 110,513 254.43 253.63

PA 27% 61,413 201.36 245.67 25% 388,753 149.21 182.14

RI 38% 6,917 322.89 297.81 30% 35,698 235.11 213.23

SC 38% 51,015 252.19 261.15 34% 235,056 183.91 192.33

SD 33% 5,053 242.77 244.24 29% 29,355 173.55 177.79

TN 33% 53,574 257.66 280.69 31% 269,654 176.19 204.65

TX 31% 199,462 265.74 300.44 31% 1,092,682 183.11 212.92

UT 22% 19,232 374.40 383.25 18% 95,333 260.87 264.20

VA 43% 82,502 330.62 320.45 36% 446,729 257.25 250.28

VI 20% 121 347.15 412.94 23% 790 248.46 302.04

VT 22% 1,986 236.76 262.90 19% 12,155 181.51 180.92

WA 27% 43,035 395.88 401.96 21% 232,235 285.33 289.58

WI 22% 21,609 210.55 227.18 17% 123,869 157.01 163.39

WV 48% 11,121 194.31 196.32 44% 59,758 144.51 145.55

WY 38% 4,732 265.73 267.95 35% 25,034 206.46 201.84

Source: Recursion. Note: Outstanding balance is based on loan balance as of February 2023. Ginnie Mae issuance is based on the last 12 months, 

from January 2022 to February 2023. Values above are based on loan level disclosure data, thus excluding loan balances for the first 6 months that 

loans are in a pool. This accounts for the difference in share of outstanding MBS represented above & in Outstanding Single-Family Agency MBS.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 25

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time

As of February 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS increased 

slightly from 3.13% in January 2023 to 3.16% in February 2023. Figure 35 illustrates that loans 

originated since 2019 account for 76% of Ginnie Mae MBS collateral outstanding.

Figure 34. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 35. Outstanding Ginnie Mae MBS Balance, by Vintage

Sources: Recursion. Note: February 2023 data points reflect the current composition of balances by coupon and vintage; factor data 

is not applied to prior date balance compositions. Average coupon is weighted by remaining principal balance.

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb/17

Apr/17

Jun/17

Aug/17

Oct/17

Dec/17

Feb/18

Apr/18

Jun/18

Aug/18

Oct/18

Dec/18

Feb/19

Apr/19

Jun/19

Aug/19

Oct/19

Dec/19

Feb/20

Apr/20

Jun/20

Aug/20

Oct/20

Dec/20

Feb/21

Apr/21

Jun/21

Aug/21

Oct/21

Dec/21

Feb/22

Apr/22

Jun/22

Aug/22

Oct/22

Dec/22

Feb/23

Avg Coupon %

<3 >=3 and <3.5 >=3.5 and <4 >=4 Average Coupon %

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb/15

May/15

Aug/15

Nov/15

Feb/16

May/16

Aug/16

Nov/16

Feb/17

May/17

Aug/17

Nov/17

Feb/18

May/18

Aug/18

Nov/18

Feb/19

May/19

Aug/19

Nov/19

Feb/20

May/20

Aug/20

Nov/20

Feb/21

May/21

Aug/21

Nov/21

Feb/22

May/22

Aug/22

Nov/22

Feb/23

Pre 2008 2008-2013 2014-2018 2019-2022
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 26

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In February 2023, $11.7 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage 

Investment Conduits (REMICs) as underlying collateral. This represents a roughly 23.5% decrease YoY 

from $15.3 billion in February 2022, but an 82.8% MoM increase from $6.4 billion in January 2023. 

Of that, approximately $932.2 million were multifamily MBS having coupons over 4.01%. $8.9 billion 

were single-family MBS having coupons over 5.01%.

Figure 36. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Table 7. February 2023 REMIC Collateral Coupon Distribution

Source: Ginnie Mae Disclosure Files

2Totals may not sum due to rounding.

$15.3

$10.4 $11.2

$5.9 $7.4 $8.8 $6.0 $8.0 $5.9 $3.4 $7.5 $6.4

$11.7

$0

$5

$10

$15

$20

$25

Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23

Net Coupon (%) Approx. Ginnie Mae MBS amount securitized into 

REMIC Deals ($MM)2

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

3.01-3.50 158.0 8.7%

3.51-4.00 584.3 32.3%

4.01-4.50 817.2 45%

4.51-5.00 115.0 6%

5.01-5.50

Subtotal 1,807.9 100%

Single-Family

2.51-3.00 113.2 1.14%

3.01-3.50 44.3 0.45%

3.51-4.00 11.2 0.11%

4.01-4.50 113.8 1.15%

4.51-5.00 651.3 6.58%

5.01-5.50 1,465.8 14.80%

5.51-6.00 5,397.9 54.51%

6.01-6.50 1,937.5 19.57%

6.51-7.00 168.1 1.70%

Subtotal 9,903.0 1.14%

Grand Total 11,710.9 100.0%
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 27

7.2 REMIC Market Snapshot

In February 2023, Ginnie Mae's Single-Family REMIC collateral WAC decreased MoM by 13 bps

which is the first decrease since October 2022. Additionally, Freddie Mac's Single-Family REMIC 

collateral WAC decreased by 35 basis points while Fannie Mae increased 43 bps MoM. This is the 

first decrease for Freddie Mac since October 2022 and the third consecutive month of an increase 

in rates for Fannie Mae.

 In February 2023, Ginnie Mae REMIC issuance volume was $13.0 billion, the first month 

since April 2022 where REMIC issuance volume was more than $10.0 billion.

 In February 2023, Ginnie Mae, Fannie Mae, and Freddie Mac all had an increase in total REMIC 

issuance volume; this is the first month since September 2021 where the GSEs and Ginnie 

Mae saw an increase in REMIC issuance. 

Figure 37. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF 

REMIC 

Issuance 

Volume 

($B)

% of SF 

REMIC 

Issuance

Volume

Number of 

SF REMIC 

Transactions

MF REMIC 

Issuance 

Volume ($B)

% of MF 

REMIC 

Issuance

Volume

Number of 

MF REMIC 

Transactions

Ginnie Mae 6.4 84.9 9 1.2 29.7 7

Freddie Mac 0.5 6.8 6 2.7 70.3 3

Fannie Mae 0.6 8.4 3 0.0 0.0 0

Total3 7.6 100 18 3.9 100 10

Source: Ginnie Mae, Fannie Mae, and Freddie Mac Disclosure Files

3 Totals may not sum due to rounding.

1.8

2.8

0.3

10.2

1.8

1.6

February

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 28

8 MBS OWNERSHIP 

As of Q4 2022, the largest holders of agency debt (agency MBS + agency notes and bonds) included 

commercial banks (22%), the Federal Reserve (21%), and foreign investors (12%). The Federal 

Reserve’s share decreased slightly to 21% in the fourth quarter of 2022 from 23% in the third quarter. 

Along with the Federal Reserve, commercial banks are also the largest holders of agency MBS. Out of 

their approximately $2.8 trillion in holdings as of the end of December 2022, $2.1 trillion was held by 

the top 25 domestic banks. 

Figure 38. Who Owns Total Agency Debt?

Source: Federal Reserve Flow of Funds. Note: The “other” category includes primarily life insurance companies, state and local 

governments, households and nonprofits. Data as of Q4 2022. 

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 8-Feb 15-Feb 22-Feb 1-Mar

Largest 25 

Domestic Banks 2,122.4 2,117.0 2,115.5 2,096.8 2,067.6 2,052.0 2,056.5 2,054.5 2,058.5 2,062.3 2,052.6 2,048.5 

Small Domestic 

Banks 735.8 731.8 738.3 712.4 692.2 690.9 677.3 663.5 668.3 665.9 668.2 657.6

Foreign Related 

Banks 36.5 38.0 35.1 37.4 35.9 39.3 36.6 30 24.5 26.1 25.7 25.7 

Total, Seasonally 

Adjusted 2,894.7 2,886.8 2,888.9 2,846.6 2,795.7 2,782.2 2,770.4 2,748.0 2,751.3 2,754.3 2,746.5 2,731.8 

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the 

top 25. Data as of February 2023. 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Other

Foreign Investment

Credit Unions

Money Market Funds &

Pension Funds

Mutual Funds

REITs

GSEs

Dealers

Commercial Banks

Fed
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 29

8.2 Bank and Thrift Residential MBS Holdings

In Q3 2022, MBS holdings at banks and thrifts continued to decrease. Like Q2 2022, the decrease was 

driven by GSE pass-throughs, Private MBS, and agency CMO holdings, with GSE pass-throughs seeing 

the largest decrease. In contrast, Ginnie Mae pass-throughs saw an increase of 0.2%. Total bank and 

thrift MBS holdings decreased by approximately 14.9% from Q3 2021 and 7.3% from Q2 2022. Out of 

the $2.4 trillion in MBS holdings at banks and thrifts as of Q3 2022, $1.5 trillion were GSE passthroughs and $352 billion were Ginnie Mae pass-throughs.

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

2001 $730.84 $270.59 $109.53 $37.62 $236.91 $76.18 $606.91 $203.37

2002 $832.50 $376.11 $101.46 $20.08 $244.98 $89.88 $702.44 $209.66

2003 $899.89 $461.72 $75.11 $19.40 $236.81 $106.86 $775.66 $206.45

2004 $1,011.01 $572.40 $49.33 $20.55 $208.18 $160.55 $879.75 $234.31

2005 $1,033.77 $566.81 $35.92 $29.09 $190.70 $211.25 $897.06 $242.69

2006 $1,124.46 $628.52 $31.13 $42.32 $179.21 $243.28 $983.49 $223.42

2007 $1,149.10 $559.75 $31.58 $26.26 $174.27 $357.24 $971.42 $264.59

2008 $1,218.77 $638.78 $100.36 $12.93 $207.66 $259.04 $1,088.00 $211.73

2009 $1,275.52 $629.19 $155.00 $7.53 $271.17 $212.64 $1,161.67 $184.07

2010 $1,433.38 $600.80 $163.13 $7.34 $397.30 $181.61 $1,233.28 $200.09

2011 $1,566.88 $627.37 $214.81 $3.28 $478.82 $167.70 $1,359.24 $207.64

2012 $1,578.86 $707.87 $242.54 $17.16 $469.27 $138.67 $1,430.63 $148.22

2013 $1,506.60 $705.97 $231.93 $26.11 $432.60 $114.15 $1,363.65 $142.94

2014 $1,539.32 $733.71 $230.45 $20.33 $449.90 $104.94 $1,409.84 $129.48

2015 $1,643.56 $823.10 $292.30 $11.14 $445.39 $71.63 $1,512.67 $130.89

2016 $1,736.93 $930.67 $323.46 $7.40 $419.80 $55.60 $1,576.07 $160.86

2017 $1,844.15 $1,010.83 $367.70 $4.63 $413.97 $47.01 $1,672.93 $171.22

1Q17 $1,762.38 $950.72 $329.91 $7.03 $419.34 $55.39 $1,589.93 $172.45

2Q17 $1,798.66 $985.12 $335.47 $6.38 $417.89 $53.79 $1,635.11 $163.55

3Q17 $1,838.93 $1,012.89 $351.86 $5.65 $418.08 $50.45 $1,661.84 $177.09

4Q17 $1,844.15 $1,010.83 $367.70 $4.63 $413.97 $47.01 $1,672.93 $171.22

1Q18 $1,809.98 $991.57 $360.71 $3.92 $412.41 $41.37 $1,635.52 $174.46

2Q18 $1,806.58 $976.92 $368.88 $7.45 $414.41 $38.92 $1,631.65 $174.93

3Q18 $1,794.39 $966.52 $373.21 $2.42 $416.20 $36.04 $1,618.29 $176.10

2018 $1,814.97 $980.56 $380.43 $2.69 $416.59 $34.69 $1,634.99 $179.98

1Q19 $1,844.99 $1,001.61 $383.49 $3.06 $422.18 $34.65 $1,673.40 $171.59

2Q19 $1,907.13 $1,037.93 $407.97 $2.90 $421.56 $36.76 $1,727.65 $179.47

3Q19 $1,975.78 $1,079.82 $427.10 $4.74 $428.69 $35.44 $1,786.74 $189.04

2019 $1,985.38 $1,089.41 $426.85 $4.62 $428.99 $35.52 $1,796.29 $189.09

1Q20 $2,107.66 $1,173.36 $448.34 $4.65 $443.73 $37.57 $1,907.02 $200.64

2Q20 $2,195.19 $1,228.87 $441.06 $5.00 $478.11 $42.14 $1,946.36 $248.83

3Q20 $2,310.42 $1,349.48 $415.24 $4.43 $499.50 $41.78 $2,040.61 $269.81

4Q20 $2,520.90 $1,537.54 $390.66 $3.94 $548.65 $40.10 $2,210.22 $310.68

1Q21 $2,690.92 $1,713.78 $374.63 $4.88 $555.35 $42.28 $2,350.94 $339.98

2Q21 $2,781.91 $1,825.80 $352.77 $4.77 $555.45 $43.12 $2,431.76 $350.15

3Q21 $2,858.59 $1,886.78 $353.12 $4.24 $565.51 $48.95 $2,487.32 $371.27

4Q21 $2,906.04 $1,915.48 $352.71 $4.45 $577.98 $55.42 $2,529.78 $376.26

1Q22 $2,799.22 $1,817.72 $368.43 $4.04 $548.60 $60.43 $2,476.12 $323.10

2Q22 $2,623.79 $1,665.94 $369.20 $3.81 $523.01 $61.83 $2,321.17 $302.62

3Q22 $2,431.57 $1,520.24 $352.02 $3.29 $496.72 $59.30 $2,156.16 $275.41

Change:

2Q22-3Q22 -7.3% -8.7% -4.7% -13.6% -5.0% -4.1% -7.1% -9.0%

3Q21-3Q22 -14.9% -19.4% -0.3% -22.3% -12.2% 21.1% -13.3% -25.8%

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022 
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 30

Table 11. Top 20 Bank and Thrift Residential MBS Investors ($ in millions)

Institution Total GSE PT GNMA PT Agency 

CMO

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

$448,327.00 $376,124.00 $65,016.00 $7,038.00 $149.00 18.4%

2 WELLS FARGO & COMPANY $230,903.00 $161,579.00 $66,412.00 $2,847.00 $65.00 9.5%

3 CHARLES SCHWAB $173,008.00 $97,210.00 $6,137.00 $69,661.00 $0.00 7.1%

4 JPMORGAN CHASE & CO. $146,574.00 $70,263.00 $61,958.00 $91.00 $14,262.00 6.0%

5 Truist Bank $108,697.00 $53,669.00 $12,382.00 $39,508.00 $3,138.00 4.5%

6 U.S. BANCORP $103,431.40 $67,470.00 $22,443.20 $13,518.10 $0.10 4.3%

7 CITIGROUP INC. $83,110.00 $73,174.00 $6,488.00 $2,530.00 $918.00 3.4%

8 PNC Bank, National 

Association

$68,253.30 $56,515.30 $4,389.40 $6,219.70 $1,129.00 2.8%

9 Silicon Valley Bank $65,587.00 $48,005.00 $7,860.00 $9,722.00 $0.00 2.7%

10 CAPITAL ONE FINANCIAL 

CORPORATION

$61,577.50 $29,729.40 $14,004.70 $17,478.10 $365.40 2.5%

11 MORGAN STANLEY $49,019.00 $34,203.00 $7,652.00 $7,164.00 $0.00 2.0%

12 BANK OF NEW YORK 

MELLON CORP

$41,178.00 $30,530.00 $1,302.00 $7,203.00 $2,143.00 1.7%

13 USAA Federal Savings Bank $40,447.00 $34,160.00 $2,027.00 $4,260.00 $0.00 1.7%

14 State Street Bank and Trust 

Company

$36,143.50 $14,552.00 $5,553.00 $14,349.50 $1,689.00 1.5%

15 TD Bank USA/TD Bank NA $29,579.30 $947.80 $81.70 $28,508.70 $41.00 1.2%

16 The Huntington National Bank $28,292.80 $11,753.20 $9,272.30 $7,125.50 $141.80 1.2%

17 KeyBank National Association $24,956.00 $3,940.80 $211.20 $20,804.00 $0.00 1.0%

18 Citizens Bank, National 

Association

$22,339.10 $12,379.30 $4,908.60 $5,051.20 $0.00 0.9%

19 HSBC Bank USA, National 

Association

$22,123.40 $6,672.60 $9,532.50 $5,917.30 $1.00 0.9%

20 Ally Bank $20,683.00 $12,868.00 $1,967.00 $1,707.00 $4,141.00 0.9%

Total Top 20 $1,804,229.3 $1,195,745.4 $309,597.6 $270,702.1 $28,183.3 74.2% 

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022. 
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 31

8.3 Foreign Ownership of MBS

For the month of January 2023, foreign ownership of MBS represents $1.20 trillion in agency MBS, 

up approximately $36 billion from December 2022. Total foreign ownership includes $567 billion held 

by foreign private institutions and $635 billion held by foreign official institutions. The pre-Covid 

foreign ownership peak of approximately 17.5% has fallen to 14.0% as of January 2023.

Figure 39. Foreign Share of Agency MBS Market

Figure 40. Monthly Foreign MBS Holdings

Sources: Recursion and Treasury International Capital (TIC) [Top Chart], Treasury International Capital (TIC) [Bottom Chart] Notes: 

In December 2017, there was a data correction that moved about $120 billion from privately held U.S. agency bonds to officially held 

U.S. agency bonds; this resulted in a series break at December 2017 in the split between the portion held by foreign private and the 

portion held by foreign official. Data as of January 2023.

635

567

1,202

0

200

400

600

800

1,000

1,200

1,400

$ Billions

Foreign Official MBS Foreign Private MBS Total Agency MBS Held by Foreigners

13.97%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Percent of Agency MBS Owned 

by Foreigners

Foreign Share of MBS
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 32

8.4 Foreign Ownership of Agency Debt and Agency MBS

The largest holders of agency MBS were Japan, China and Taiwan. As of December 2022, these three 

own 58% of all foreign owned US MBS. Between December 2021 and December 2022, Japan and 

Taiwan have decreased their agency MBS holdings while China’s holdings have increased. Japan’s 

holdings have decreased by $23.4 billion, Taiwan’s holdings have decreased by $33.7 billion, and 

China’s holdings have increased by $50.9 billion. 

Table 12. All Agency Debt

Country Level of Holdings ($ Millions) Change in Holdings ($ Millions)

3/1/2022 6/1/2022 9/1/2022 12/1/2022 Q1 

2022 Q2 2022 Q3 2022 Q4 2022

Japan 259,844 231,432 232,765 278,612 -42,135 -28,412 1,333 45,847

China 219,549 244,320 241,461 253,532 16,881 24,771 -2,859 12,071

Taiwan 233,340 222,670 209,453 210,687 -11,035 -10,670 -13,217 1,234

Canada 73,723 76,391 89,313 100,601 -4,501 2,668 12,922 11,288

United Kingdom 48,436 66,195 56,323 62,982 -24,575 17,759 -9,872 6,659

Luxembourg 33,384 42,630 38,350 50,205 -1,174 9,246 -4,280 11,855

South Korea 40,328 37,963 35,643 38,777 -1,723 -2,365 -2,320 3,134

Cayman Islands 31,972 34,965 35,067 35,475 -3,234 2,993 102 408

Ireland 20,589 20,200 17,680 22,687 -734 -389 -2,520 5,007

France 17,127 16,718 16,212 19,947 257 -409 -506 3,735

Other 186,810 199,603 191,418 207,063 -8,079 12,793 -8,185 15,645

Total 1,165,102 1,193,087 1,163,685 1,280,568 -80,052 27,985 -29,402 116,883

Table 13. Agency MBS

Country Level of Holdings ($ Millions)

12/1/2021 12/1/2022 YoY Change in Holdings ($ Millions)

Japan 301,979 278,612 -23,367

China 202,668 253,532 50,864

Taiwan 244,375 210,687 -33,688

Canada 78,224 100,601 22,377

United Kingdom 73,011 62,982 -10,029

Luxembourg 34,558 50,205 15,647

South Korea 42,051 38,777 -3,274

Cayman Islands 35,206 35,475 269

Ireland 21,323 22,687 1,364

France 16,870 19,947 3,077

Other 194,889 207,063 12,174

Total 1,245,154 1,280,568 35,414

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q4 2022. Agency MBS as of 

December 2022. Revised to include top 10 holders of agency debt listed as of December 2022.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 33

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume in February 2023 was $255 billion, which is up from a 

monthly average of $241 billion for calendar year 2022. In February 2023, agency MBS average daily 

trading volume saw a 3.4% decrease MoM. See footnote below for update on “Average Daily Turnover 

by Sector” data. 

Figure 41. Average Daily Trading Volume by Sector

Figure 42. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of February 2023 for Average Daily Trading Volume by Sector and as of December 2021 for agency 

MBS in Average Daily Turnover by Sector. The MBS outstanding database for Turnover by Sector is under maintenance and is not 

updated in this report. 

$255

$652

$47

$0

$100

$200

$300

$400

$500

$600

$700

$ Billions

Agency MBS trading vol ($B) Treasury trading volume ($B) Corporates trading volume ($B)

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 34

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

The tables below outline the population distributions of FICOs, DTIs, and LTVs between the agencies 

and between FHA, VA, and other Ginnie Mae loan sources as of the end of February 2023. The 

distribution statistics capture some key differences in the populations served by the agencies. 

10.1 Credit Scores 

Table 14. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 184,732 647 687 738 776 797 729

Fannie 58,810 692 724 759 786 800 752

Freddie 56,812 694 725 759 785 800 752

Ginnie 69,110 624 648 682 731 775 690

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,860 625 656 702 751 785 702

Fannie 16,649 661 695 736 772 795 731

Freddie 13,081 649 680 719 760 788 719

Ginnie 15,130 594 623 652 687 727 656

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,592 642 680 731 773 795 724

Fannie 75,459 683 717 754 783 800 747

Freddie 69,893 682 716 753 782 799 746

Ginnie 84,240 619 643 676 723 770 684

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 69,110 624 648 682 731 775 690

FHA 41,793 620 642 668 702 739 674

VA 24,378 635 669 723 770 795 718

Other 2,939 633 656 690 730 761 694

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 15,130 594 623 652 687 727 656

FHA 9,332 588 617 644 672 700 645

VA 5,781 607 636 671 713 753 675

Other 17 670 688 719 750 773 720

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 84,240 619 643 676 723 770 684

FHA 51,125 612 637 664 697 735 668

VA 30,159 628 660 710 763 792 710

Other 2,956 634 656 691 730 762 694

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 35

 Figure 43. FICO Distributions by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.00%

3.25%

14.12%

30.51%

43.35%

8.76%

0.09%

2.92%

13.33%

30.62%

43.75%

9.28%

2.36%

18.21%

25.39%

22.86%

24.96%

5.38%

5.92%

32.06%

38.72%

15.59%

5.54%

0.49%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 36

10.2 Loan-to-Value (LTV)

Table 15. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 184,923 65 80 93 98 100 86

Fannie 58,873 57 75 80 95 95 80

Freddie 56,845 54 75 80 95 95 80

Ginnie 69,205 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,976 36 53 68 80 84 64

Fannie 16,653 31 46 60 70 80 58

Freddie 13,082 32 47 60 73 80 58

Ginnie 15,241 56 69 80 85 93 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,899 54 75 88 97 98 82

Fannie 75,526 47 65 80 90 95 75

Freddie 69,927 47 67 80 91 95 76

Ginnie 84,446 77 91 98 100 100 93

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 69,205 90 97 98 100 100 96

FHA 41,837 92 97 98 98 98 96

VA 24,417 86 100 100 100 102 97

Other 2,951 93 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 15,241 56 69 80 85 93 76

FHA 9,386 52 66 76 81 81 72

VA 5,838 64 77 89 91 100 84

Other 17 51 60 83 98 100 78

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 84,446 77 91 98 100 100 93

FHA 51,223 75 90 98 98 98 91

VA 30,255 79 90 100 100 102 94

Other 2,968 92 98 101 101 101 98

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 37

Figure 44. Loan-to Value by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 38

10.3 Debt-to-Income (DTI)

Table 16. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 184,583 27 35 42 48 51 41

Fannie 58,873 25 32 40 46 49 38

Freddie 56,845 25 32 40 45 49 38

Ginnie 68,865 32 39 46 52 56 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,877 26 33 41 45 50 40

Fannie 16,653 23 31 39 44 48 38

Freddie 13,082 25 33 40 45 48 39

Ginnie 15,142 29 36 44 50 54 43

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,460 27 34 42 47 51 40

Fannie 75,526 24 32 40 45 49 38

Freddie 69,927 25 32 40 45 49 38

Ginnie 84,007 32 39 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 68,865 32 39 46 52 56 45

FHA 41,832 34 40 47 52 55 45

VA 24,079 31 38 46 52 57 45

Other 2,954 27 32 37 40 42 36

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 15,142 29 36 44 50 54 43

FHA 9,359 29 37 44 50 55 43

VA 5,766 29 36 43 49 54 42

Other 17 27 34 38 41 43 36

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 84,007 32 39 45 51 55 44

FHA 51,191 33 40 46 52 55 45

VA 29,845 31 38 45 51 56 44

Other 2,971 27 32 37 40 42 36

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number. 
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 39

Figure 45. Debt-to Income by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 40

10.4 High LTV Loans: Ginnie Mae vs. GSEs

From December 2020 – February 2021 to December 2022 – February 2023, the share of high-LTV 

agency loans going to borrowers with: 

 FICO scores above 750 has decreased by approximately 0.7% 

 DTIs below 35% decreased by approximately 30% 

In that period, the share of high-LTV loans increased in the Ginnie Mae guarantee book by 

approximately 27% and in the GSE portfolios by approximately 190%. Still, Ginnie Mae maintains its 

key role of expanding credit access to low-to-moderate income borrowers as it continuesto dominate 

high-LTV lending, with 70.99% of its issuances between December 2022 and February 2023 having 

LTVs of 95 or above, compared to 23.90% for the GSEs. 

Table 17. Share of Loans with LTV > 95

 Ginnie Mae GSE All

Dec 2020 - Feb 2021 55.80% 8.25% 19.22%

Dec 2022 - Feb 2023 70.99% 23.90% 41.32%

Table 18. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Dec 2020-Feb 2021)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.90% 4.38% 6.06% 9.89% 0.13% 22.37%

35-45 4.11% 8.84% 9.74% 10.36% 0.03% 33.08%

≥45 3.91% 7.93% 6.80% 5.59% 0.02% 24.25%

NA 1.68% 3.45% 3.24% 3.66% 8.29% 20.31%

All 11.60% 24.60% 25.84% 29.50% 8.47% 100.00%

Table 19. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Dec 2022-Feb 2023)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.01% 3.02% 4.23% 6.30% 0.06% 15.61%

35-45 5.70% 8.62% 10.36% 11.25% 0.05% 35.98%

≥45 8.26% 14.01% 13.05% 11.54% 0.06% 46.91%

NA 0.29% 0.21% 0.15% 0.19% 0.67% 1.50%

All 16.25% 25.86% 27.79% 29.27% 0.83% 100.00%

Sources: Recursion and Ginnie Mae. Data as of February 2023. 
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 41

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE and VA loans continued to fall in Q4 2022, while FHA 

loans saw an increase for the first time since Q4 2020. From Q3 2022 to Q4 2022, Fannie and Freddie 

serious delinquencies decreased by 4 and 1 bps, respectively. Ginnie Mae collateral’s serious 

delinquency rates decreased less than the GSE rates in absolute terms, with VA dropping 8 bps but 

FHA increasing 18 bps. This overall decline in serious delinquency rates is consistent with the decrease 

in the number of loans in forbearance captured in Section 11 below. 

Figure 46. Serious Delinquency Rates: Single-Family Loans

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q3 2022.

4.33%

0.66%

0.65%

2.43%

0%

2%

4%

6%

8%

10%

12%

2Q064Q062Q074Q072Q084Q082Q094Q092Q104Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q162Q174Q172Q184Q182Q194Q192Q204Q202Q214Q212Q224Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 42

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.7% in February 2023, up slightly 

from 53.9% in January 2023 and up from 52.4% in February 2022. Ginnie Mae and Fannie Mae’s firsttime homebuyer shares, 68.7% and 46.7% respectively in February 2023, have remained relatively 

flat YoY. Freddie Mac’s first-time homebuyer share has increased 17.6% YoY. Table 20 shows that 

based on mortgages originated in February 2023, the average GSE first-time homebuyer was more 

likely to have a lower credit score, and higher LTVs compared to the average GSE repeat homebuyer. 

Ginnie Mae’s first-time homebuyers were more likely to have lower loan amounts and credit scores 

while DTI and loan rate were very similar. 

Figure 47. First-Time Homebuyer Share: Purchase Only Loans

Table 20. Agency First-Time Homebuyer Share Summary

 Fannie Mae Freddie Mac Ginnie Mae All

 First-Time Repeat First-Time Repeat First-Time Repeat First-Time Repeat

Loan Amount $ 320,953 329,562 328,480 329,810 298,112 355,359 313,991 334,861 

Credit Score 744.7 757.3 747.0 756.3 683.3 703.1 720.9 746.0

LTV (%) 86.3 75.3 85.6 76.2 97.4 94.4 90.5 79.5

DTI (%) 37.2 37.4 36.7 37.1 43.6 44.4 39.6 38.7

Loan Rate (%)

5.5 5.5 5.4 5.5 5.3 5.2 5.4 5.4

46.7%

68.7%

54.7%

25%

35%

45%

55%

65%

75%

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Feb-23

First-Time Homebuyer Share

Freddie Fannie Ginnie All

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

46.5%
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 43

Within the Ginnie Mae purchase market, 76.4% of FHA loans, 53.2% of VA loans, and 84.4% of other 

loans provided financing for first-time home buyers in February 2023. While other and VA loans 

increased MoM, FHA loans remained relatively stable MoM. Table 21 shows that based on mortgages 

originated in February 2023 the credit profile of the average VA first-time homebuyer differed from 

the average VA repeat buyer. The average VA first-time homebuyer took out 15.2% smaller loans, 

had a 22-point lower credit score, 4.5% higher LTVs and had a 10 bps higher interest rate. FHA’s firsttime homebuyers are much more like their repeat buyers, with only 4.9% smaller loans, 10 bps higher 

in interest rate, and 2.4% higher LTVs. Because FHA provides one of few credit options for borrowers 

with lower credit scores, repeat borrowers with weaker credit profiles are often limited to FHA 

financing; FHA’s repeat buyers continue to have lower credit scores than their first-time home buyers. 

For VA and conventional borrowers alike, repeat buyers tend to have higher credit scores than firsttime homebuyers.

Figure 48. First-time Homebuyer Share: Ginnie Mae Breakdown

Table 21. Ginnie Mae First-Time Homebuyer Share Breakdown Summary

 FHA VA Other Total

 First-Time Repeat First-Time Repeat First-Time Repeat First-Time Repeat

Loan Amount $ 290,406 305,532 341,390 402,407 185,606 200,132 298,112 355,359 

Credit Score 672.1 669.1 707.6 729.7 695.9 704.3 683.3 703.1

LTV (%) 96.7 94.3 98.8 94.3 98.4 98.5 97.4 94.4

DTI (%) 44.8 45.6 42.7 43.9 35.0 35.7 43.6 44.4

Loan Rate (%) 5.4 5.3 5.2 5.1 5.3 5.3 5.3 5.2

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

76.4%

53.2%

84.4%

68.7%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Feb-23

First-time Homebuyer Share

FHA VA Other All
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 44

10.7 Credit Box: Historical

The median FICO score for all agency loans originated in February 2023 was 727, which represents an 

11-point decline YoY from February 2022. The trend in declining median FICO scores has been much 

more pronounced for refinance loans. Ginnie Mae median FICO scores have decreased 3 points 

between February 2022 and February 2023 to 671. As of February 2023, average FICO scores for 

refinances have dropped for Fannie Mae and Freddie Mac borrowers by 9 and 20 points YoY 

respectively. 

Figure 49. FICO Scores for All Loans

 Figure 50. FICO Scores for Purchase Loans Figure 51. FICO Scores for Refinance Loans

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files

753

757

671

727

660

680

700

720

740

760

780

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Feb-23

Freddie Median FICO Fannie Median FICO Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Feb-18

Jul-18

Dec-18

May-19

Oct-19

Mar-20

Aug-20

Jan-21

Jun-21

Nov-21

Apr-22

Sep-22Feb-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Feb-18

Jul-18

Dec-18

May-19

Oct-19

Mar-20

Aug-20

Jan-21

Jun-21

Nov-21

Apr-22

Sep-22Feb-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 45

In February 2023, the median LTV for Ginnie Mae loans was 98.2% compared to 80% for Fannie Mae 

and Freddie Mac, owing primarily to the lower down-payment requirements for government loan 

programs. Freddie Mac and Fannie Mae each saw increases in median LTV YoY from 73% and 71% 

respectively in February 2023 whereas Ginnie Mae LTVs remained relatively flat from 97.8% over that 

same period. In February 2023, median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 

44.7%, 40.0%, and 39.0% respectively. In February 2022, median DTIs for Ginnie Mae, Fannie Mae, 

and Freddie Mac was 42.9%, 36.0%, and 37.0%. 

Figure 52. LTV Ratio for All Loans

Figure 53. DTI Ratio for All Loans

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

80.0

98.2

90.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Feb-23

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

39.0

44.7

42.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Feb-23

Freddie Median Fannie Median Ginnie Median All Median

80.0
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 46

11 FORBEARANCE TRENDS

At the end of February 2023, 117,774 Ginnie Mae loans were in forbearance. The number of loans in 

forbearance removed from MBS pools in February was 513 while 117,261 loans in forbearance still 

remain in pools. The number of loans in forbearance, removed from pools, and loans that remained 

in pools has decreased compared to the month prior. The median current principal balance for Ginnie 

Mae, FHA, and VA was higher for loans in forbearance originated by nonbanks than banks in all 

subsets. 

Table 22. Forbearance Snapshot

All Loans in Forbearance – February 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.6 $204,742 74.1 75.0 117,774 

Bank 672 3.8 $148,393 81.4 85.9 12,048 

Nonbank 655 3.5 $211,505 73.5 74.2 105,715 

FHA 652 3.6 $200,641 77.7 78.4 86,278 

Bank 670 3.9 $145,920 84.5 88.4 9,781 

Nonbank 651 3.6 $207,948 77.1 77.6 76,489 

VA 666 3.3 $259,036 58.9 61.4 22,660 

Bank 677 3.5 $192,399 61.1 70.8 1,525 

Nonbank 666 3.3 $263,533 58.8 61.0 21,133 

Loans in Forbearance and Removed from Pools – February 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 668 3.5 $165,890 66.4 62.2 513 

Bank 664 4.3 $90,940 77.4 77.2 163 

Nonbank 668 3.4 $201,929 63.7 59.6 350 

FHA 659 3.7 $158,174 69.3 68.7 340 

Bank 663 4.3 $99,654 75.1 75.9 124 

Nonbank 657 3.5 $191,459 67.5 67.0 216 

VA 684 3.1 $263,633 54.4 46.8 120 

Bank 689 3.7 $157,251 91.7 74.6 14 

Nonbank 683 3.1 $270,252 50.8 44.9 106 

Loans in Forbearance that Remain in Pools – February 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.6 $204,903 74.1 75.0 117,261 

Bank 672 3.8 $149,073 81.4 86.0 11,885 

Nonbank 655 3.5 $211,515 73.5 74.2 105,365 

FHA 652 3.6 $200,924 77.7 78.4 85,938 

Bank 670 3.9 $146,502 84.6 88.4 9,657 

Nonbank 651 3.6 $208,000 77.1 77.6 76,273 

VA 666 3.3 $259,003 58.9 61.5 22,540 

Bank 677 3.5 $192,456 60.9 70.8 1,511 

Nonbank 666 3.3 $263,510 58.8 61.1 21,027 

Sources: Ginnie Mae loan level MBS disclosure and forbearance file and Ginnie Mae Issuer Operational Performance Profile (IOPP) 

-Peer Group Listings. Notes: Data as of February 2023; *Averages weighted by remaining principal balance of the loans.
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 47

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

Table 23 shows the 30 largest owners of mortgage servicing rights (MSR) by UPB for loans 

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 86.28% of Ginnie Mae MSRs (see 

Cumulative Share). Twenty-three of these top 30 are non-depository institutions, the remaining 7 are 

depository institutions. As of February 2023, over half (53.47%) of the Ginnie Mae MSRs are owned 

by the top six firms.

Table 23. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

MSR Holder

 

Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 3 $280,187,901,914 13.0% 12.98% 5.13% 0.45% 

DBA FREEDOM HOME MOR 2 1 $262,871,385,336 12.2% 25.15% 5.96% 0.93% 

PENNYMAC LOAN SERVIC 3 2 $249,902,941,595 11.6% 36.72% 5.09% 0.55% 

NATIONSTAR MORTGAGE, 4 6 $128,400,622,380 5.9% 42.67% 6.19% 0.68% 

NEWREZ LLC 5 7 $121,843,686,646 5.6% 48.31% 4.89% 0.59% 

WELLS FARGO BANK, NA 6 4 $111,337,153,097 5.2% 53.47% 5.21% 0.22% 

ROCKET MORTGAGE, LLC 7 5 $104,986,613,951 4.9% 58.33% 6.85% 0.38% 

CARRINGTON MORTGAGE 8 9 $91,138,578,871 4.2% 62.55% 5.93% 0.76% 

U. S. BANK, NA 9 11 $52,264,793,577 2.4% 64.97% 4.13% 0.50% 

UNITED WHOLESALE MOR 10 10 $47,439,028,645 2.2% 67.16% 3.13% 0.18% 

PLANET HOME LENDING, 11 15 $44,856,159,223 2.1% 69.24% 3.82% 0.18% 

LOANDEPOT.COM,LLC 12 12 $37,027,463,140 1.7% 70.96% 4.92% 0.67% 

MORTGAGE RESEARCH CE 13 13 $34,036,834,207 1.6% 72.53% 4.91% 0.23% 

AMERIHOME MORTGAGE C 14 20 $32,556,811,533 1.5% 74.04% 3.10% 0.24% 

NAVY FEDERAL CREDIT 15 16 $29,242,834,933 1.4% 75.39% 5.22% 0.37% 

GUILD MORTGAGE COMPA 16 19 $22,488,176,705 1.0% 76.44% 4.94% 0.45% 

THE MONEY SOURCE INC 17 18 $20,935,736,912 1.0% 77.41% 5.84% 0.70% 

TRUIST BANK 18 17 $20,273,367,217 0.9% 78.34% 5.81% 1.10% 

 CROSSCOUNTRY 19 21 $18,322,573,266 0.8% 79.19% 3.98% 0.31% 

NEW AMERICAN FUNDING 20 22 $17,969,037,024 0.8% 80.02% 5.08% 0.48% 

VILLAGE CAPITAL & IN 21 23 $16,947,939,402 0.8% 80.81% 6.48% 0.64% 

MOVEMENT MORTGAGE,LL 22 29 $16,755,815,483 0.8% 81.59% 3.38% 0.22% 

CMG MORTGAGE, INC. 23 28 $15,810,873,452 0.7% 82.32% 3.99% 0.57% 

IDAHO HOUSING AND FI 24 25 $14,781,948,299 0.7% 83.00% 4.11% 0.79% 

CITIZENS BANK N.A. 25 24 $13,866,095,231 0.6% 83.64% 4.27% 0.33% 

PHH MORTGAGE CORPORA 26 30 $13,250,230,792 0.6% 84.26% 4.99% 0.58% 

FLAGSTAR BANK, N.A. 27 N/A $11,890,032,536 0.6% 84.81% 3.55% 0.12% 

MIDFIRST BANK 28 26 $11,347,585,892 0.5% 85.33% 5.99% 1.33% 

JP MORGAN CHASE BANK 29 N/A $10,285,951,092 0.5% 85.81% 5.78% 1.63% 

SUN WEST MORTGAGE CO 30 N/A $10,127,312,803 0.5% 86.28% 5.22% 0.20% 

Source: Deloitte. Data as of February 2023 
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 48

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination share experienced a decrease in February 2023, by approximately 

3.2% MoM. This decrease in non-bank origination share was driven primarily by Freddie Mac (nonbank origination share down 8.2% MoM). The Ginnie Mae non-bank share fell to 87.5% as of February

2023 but has remained consistently higher than the GSEs, largely driven by origination share of 

refinance mortgage loans. GSE origination volume of purchase mortgage loans has been the primary 

driver in the MoM decline of agency non-bank origination share. 

Figure 54. Agency Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of February 2023. 

78.6%

70.9%

74.7%

87.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Fannie Freddie Ginnie

Figure 55. Nonbank Origination Share: 

Purchase Loans

Figure 56. Nonbank Origination Share: 

Refi Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Fannie Freddie Ginnie
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 49

Ginnie Mae’s total non-bank originator share remained relatively stable in February 2023. Ginnie Mae 

continues to have a very high proportion of nonbank originations, with a rate of 87.5% in February

2023. The percent of Ginnie Mae’s Other non-bank refinanced loans remained at 88.4% in February

2023. 

Figure 57. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

 

Sources: Recursion. Notes: Data as of February 2023.

88.7%

87.5%

85.6%

88.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

FHA VA Other All

Figure 58. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 59. Ginnie Mae Nonbank Share: 

Refi Loans

0%

20%

40%

60%

80%

100%

120%

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All FHA VA Other
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 50

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 

13.1.1 (FICO, LTV, DTI)

The mortgage loan originations of non-banks continue to have a consistently lower median FICO 

score than their bank counterparts across all agencies. The spread between non-bank and bank FICO 

scores increased by 4 pointsfrom January 2023 to February 2023. The agency median FICO decreased 

by 2 points to 727 MoM.

Figure 60. Agency FICO: Bank vs. Nonbank

Sources: Recursion: Notes: Data as of February 2023.

Figure 61. GSE FICO: Bank vs. Nonbank Figure 62. Ginnie Mae FICO: Bank vs. Nonbank

727

746

720

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median FICO Bank Median FICO

Nonbank Median FICO
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 51

The median LTV for all GSE originators remained the same in February 2023 MoM at 80%. Ginnie Mae 

median bank and non-bank LTV remained flat at 98.19% MoM. Ginnie Mae median DTI decreased

MoM to approximately 45% in February 2023 in non-bank originations. 

 Figure 63. GSE LTV: Bank vs. Nonbank Figure 64. Ginnie Mae LTV: Bank vs. Nonbank

Sources: Recursion. Notes: Data as of February 2023.

Figure 65. GSE DTI: Bank vs. Nonbank Figure 66. Ginnie Mae DTI: Bank vs. Nonbank

90

92

94

96

98

100

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median LTV Bank Median LTV

Nonbank Median LTV

64

66

68

70

72

74

76

78

80

82

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median DTI Bank Median DTI

Nonbank Median DTI
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 52

In February 2023, the median FICO score for Ginnie Mae bank decreased 4 points to 685 and nonbank decreased 2 points to 669 MoM. The median FICO for all Ginnie originations decreased 2 points 

to 671 MoM. The gap between banks and non-banks is most apparent in VA lending (28-point 

spread).

Sources: Recursion. Notes: Data as of February 2023.

Figure 68. Ginnie Mae FHA FICO Score: 

Bank vs. Nonbank

Figure 67. Ginnie Mae FICO Score: 

Bank vs. Nonbank

Figure 69. Ginnie Mae VA FICO Score: 

Bank vs. Nonbank

Figure 70. Ginnie Mae Other FICO Score: 

Bank vs. Nonbank

640

650

660

670

680

690

700

710

720

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 53

Median DTI for Ginnie Mae nonbank originations has been consistently higher than the median DTI 

for Ginnie Mae bank originations. This is a trend evident for all Ginnie Mae-eligible loan types except 

for the “Other” category, where the spread between median bank and nonbank DTI is relatively small. 

 Sources: Recursion. Notes: Data as of February 2023.

Figure 71. Ginnie Mae DTI: 

Bank vs. Nonbank

Figure 73. Ginnie Mae VA DTI: 

Bank vs. Nonbank

Figure 74. Ginnie Mae Other DTI: 

Bank vs. Nonbank

Figure 72. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

All Median DTI Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 54

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices are beginning to decelerate, with HPI’s dropping in all regions but the Mountain, Pacific, 

and New England regions between October 2022 and December 2022. Notably, the Pacific region 

experienced a -1.11% Q/Q change in HPI between 2022 Q3 and 2022 Q4 compared to -2.20% Q/Q 

change in HPI from 2022 Q2 to 2022 Q3. The New England and Pacific regions saw a 40 bps and 103 

bps increase in the Q/Q change in HPI, respectively.

Figure 75. Regional HPI Trend Analysis Q/Q

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau. 

Figure 76. FHFA US Census Subregions as defined by the US Census Bureau

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau.

-1.19%

0.42%

-3.00%

-1.00%

1.00%

3.00%

5.00%

7.00%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2017 2018 2019 2020 2021 2022

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central

0.59%

0.51%

0.42%

0.38%

0.25%

0.22%

-1.11%
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 55

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate and 

Rent 

As of February 2023, inflation was 6.0%, down from 6.3% the month prior. Nationally, rents are down

0.25% YoY as of month-end February 2023. However, the MoM declining rent trend in January 2023 

did not continue in February as February 2023 observed a 1.7% MoM increase in median rent. Wage 

growth saw a minor decrease from 6.2% in January 2023 to 6.1% in February 2023. December 2022 

reporting data shows YoY home price appreciation has now slowed to 5.7%, down from 7.7% in

November 2022.

Figure 77. Inflation | 12-Month Percent Change in CPI

Figure 78. Asset Price Appreciation vs. Wage Increases

Sources: Bureau of Labor Statistics – Consumer Price Index and Wage-Growth Data; Rent.com - 

Rental Price Appreciation; S&P/Case-Schiller U.S. National Home Price Index – Home Price 

Appreciation.

6.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Aug-21

Feb-22

Aug-22

Feb-23

6.0%

6.1%

5.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Feb-23

General Inflation Wage Growth Home Appreciation

Metric Statistic

General Inflation 6.0% 

Home Price 

Appreciation

(YoY)

5.7% 

Rental Price 

Appreciation

(Median Rent 

Change YoY) 

-0.25% 

Wage Growth 6.1% 
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 56

Home affordability remains at a historic low, as the ratio of the average price of sold homesto median 

incomes is at a historically high level. Historically, this ratio has been around 5:1; the current 7:1 sales 

price to median income ratio exceeds the maximum value observed during the housing bubble

(6.4:1). With the increase in mortgage rates, declining home price appreciation, and home prices even 

dropping in some regions in the country, this ratio may drop back down to historically normal levels.

Figure 79. Average Price of Homes Sold to Median Income Ratio

Source: FRED Average Home Sales Data, FRED Median Income Data

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

1984198519861987198919901991199219941995199619971999200020012002200420052006200720092010201120122014201520162017201920202021

Housing Bubble COVID-19 Pandemic
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 57

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate was increased by 25 bps on March 22, 2023 to a range of 4.75% and 

5.00% per the FOMC.4 As of March 16, 2023, the average 30-year and 15-year fixed rate mortgage 

rates were 6.60% and 5.90% respectively. The average 30-year fixed rate mortgage rate increased 28

bps and the average 15-year fixed rate mortgage rate increased 39 bps MoM from February 16, 2023.

Figure 80. Average Fixed Rate Mortgage Rates

Sources: FRED data as of March 2023 

4https://www.federalreserve.gov/newsevents/pressreleases/monetary20230322a.htm

6.60

5.90

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23

30-Year 15-Year
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 58

14.3 Housing Inventory

As of January 2023, there was 7.9 months of housing inventory on the market, a decrease from 9.0

in December 2022. As housing affordability continues to remain high (See above section 14.2) singlefamily home sales are unlikely to play a large role in the resolution of the housing shortfall. 

Multifamily construction volume metrics, shown in Figure 82 increased in 2022; number of starts 

increased by 15.0% and numbers of permits increased by 10.7% while number of completions 

remained relatively stable. 

Figure 81. Single-Family Housing Inventory

Figure 82. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED data as of December 2022 and New Residential Construction, US Census Bureau

7.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

in thousands

Number of Starts Number of Completions Number of Permits
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 59

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market reached $42.5 trillion in 2022. The total value of 

the US housing market is up 123% from its trough in 2011. From 2021 to 2022 mortgage debt 

outstanding increased from $11.4 trillion to $12.2 trillion and household equity increased from $24.5 

trillion to $30.3 trillion. Thus, the expansion in the housing market is being driven primarily by 

increases in home values, as illustrated in the Housing Affordability Section. At $8.7 trillion in 2022, 

agency single family MBS continues to account for a growing percentage of the total mortgage debt 

outstanding, up to 67% of total mortgage debt from just 52% in 2011. 

Figure 83. Value of the US Housing Market

Figure 84. Size of the US Residential Mortgage Market. 

Source: Federal Reserve Flow of Funds Data as of Q4 2022. 

$12.2

$30.3

$42.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

200220032004200520062007200820092010201120122013201420152016

2017

20182019202020212022

$ Trillions

Debt Household Equity Total Value

$0.4

$8.7

$3.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

20002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
MARCH 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

15 DISCLOSURE

“The data provided in the Global Markets Analysis Report (hereinafter, the “report”) should be 

considered as general information only and is current only as of its specified date, unless otherwise 

noted. No information contained herein is, and should not be construed to be, investment advice. 

Nor does any information contained herein constitute an offer to sell, or is a solicitation of an offer 

to buy, securities. 

The information contained herein is based upon information generally available to the public from 

sources believed to be reliable as of the specified date. The accuracy of the information contained 

herein is based on the corresponding accuracy of the issuer data as reported to the Government 

National Mortgage Association (hereinafter, “Ginnie Mae”).

Therefore, if there is insufficient or inaccurate data to support calculations of any specific disclosure 

information, Ginnie Mae disclaims any and all liability relating to that information, including, without 

limitation, any express or implied representations or warranties for statements or errors contained 

in, or omissions from, the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of March 31, 

2023. Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any forwardlooking statement or underlying assumption contained in the report to reflect any change in its 

expectations or any change in circumstances upon which such statement is based. 

Past performance is not a guarantee of future results. Accordingly, there are no assurances given, nor 

representations or warranties made, that all estimated returns or projections will be realized, or that 

actual returns or performance results will not materially differ from those estimated herein.”