September

2022
SEPTEMBER 2022

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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 3

1.1 Bloomberg US Aggregate and Global Indices 4

2 Sovereign Debt Product Performance Comparisons 5

2.1 Global 10-Year Treasury Yields (Unhedged) 5

2.2 US Treasury Hedged Yields 6

SECONDARY MORTGAGE MARKET 7

3 Fixed Income Product Performance Comparisons 7

3.1 Ginnie Mae Yields – USD 7

3.2 Ginnie Mae Yield Spreads – Intermediate Credit 8

3.3 Global Treasury Yield Per Duration 9

4 Prepayments 10

4.1 Aggregate Prepayments (CPR) 10

4.2 Involuntary Prepayments (CDR) 11

4.3 Voluntary Prepayment Rates (CRR) 12

5 Single-Family MBS Pass-Through Issuance 13

5.1 Gross Issuance of Agency MBS 13

5.2 Net Issuance of Agency MBS 15

5.3 Monthly Issuance Breakdown 17

5.4 Percent Refi at Issuance – Single-Family 18

6 Agency Single-Family MBS Outstanding 19

6.1 Outstanding Single-Family Agency MBS 19

6.2 Origination Volume and Share Over Time 20

6.3 Agency Issuance and Agency Outstanding by State 21

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 22

7 Agency REMIC Securities 23

7.1 Monthly REMIC Demand for Ginnie Mae MBS 23

7.2 REMIC Market Snapshot 24

8 MBS Ownership 25

8.1 Commercial Bank Holdings of Agency MBS 25

8.2 Bank and Thrift Residential MBS Holdings 26

8.3 Foreign Ownership of MBS 28

8.4 Foreign Ownership of Agency Debt and Agency MBS 29
SEPTEMBER 2022

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

9 Fixed Income Liquidity Indicators 30

PRIMARY MORTGAGE MARKET 31

10 Agency Credit Breakdown 31

10.1 Credit Scores 31

10.2 Loan-to-Value (LTV) 33

10.3 Debt-to-Income (DTI) 35

10.4 High LTV Loans: Ginnie Mae vs. GSEs 37

10.5 Serious Delinquency Rates 38

10.6 Credit Box 39

10.7 Credit Box: Historical 41

11 Forbearance Trends 43

12 Holders of Ginnie Mae Mortgage Servicing Rights 46

13 Agency Nonbank Originators 47

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 49

13.1.1 (FICO, LTV, DTI) 49

U.S. HOUSING MARKET 53

14 Housing Affordability 53

14.1 Housing Affordability – Home Price Appreciation 53

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

Rent 55

14.2.1 Housing Affordability – Mortgage Rate Trends 56

14.3 Housing Inventory 57

14.4 Size and Value of the US Housing Market 58

15 Disclosure 59
SEPTEMBER 2022

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 includes an analysis of Ginnie Mae’s issuance trends in 2022 relative

to those of 2021. The section discusses the second-order effects of increasing mortgage rates and 

home prices on the Ginnie Mae guarantee book; with rates and home prices increasing, refinancing

activity has slowed significantly, and net issuance has increased.

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

• The Prepayments section illustrates the convergence of Ginnie Mae aggregate prepayment

rates to those of Fannie Mae and Freddie Mac (GSE) securities.

• The Agency REMIC issuance section continues to capture the current upward trend in coupon

rates for REMIC deals.

• The Agency Credit Breakdown section has been expanded to include a discussion of the

Agencies’ first-time homebuyer shares. Not only does Ginnie Mae remain the leader in highLTV lending, but it also plays a larger role in providing homeownership opportunities to firsttime homebuyers.

• In the Agency Nonbank Originators section, an increasing nonbank origination portion of

refinance mortgage loans for Ginnie Mae has resulted in a comparatively higher nonbank

origination share.

• In the U.S. Housing Market section, the data details a lack of affordability within the housing

market due to factors that include increasing home prices, and rising inflation that is

outpacing wage growth. The housing market metrics show a slight deceleration captured in

the section. Of note, August had the first decline in rental rates for one- and two-bedroom

dwellings in 2022.
SEPTEMBER 2022

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

Highlights

Ginnie Mae net MBS issuance has continued to rise throughout 2022, reaching $109.5 billion YTD as 

of the end of August 2022. Ginnie Mae net MBS issuance in 2021 from January 2021 to August 2021

was $8.2 billion, just 7.5% of net MBS issuance over the same period in 2022. The increase in net MBS

issuance in 2022 contrasts with Ginnie Mae gross MBS issuance volume, which has declined in 2022 

compared to 2021. During 2021, Ginnie Mae guaranteed $584.5 billion of grossissuance from January 

2021 to August 2021, but in the same period during 2022 that issuance number declined to $374.5

billion.

Issuance Type 2020 (in $ Billions) 2021 (in $ Billions) 2022 YTD (in $

Billions)

Ginnie Mae Net MBS Issuance ($19.3) $36.5 $109.5

Ginnie Mae Gross MBS Issuance $763.9 $840.9 $374.5

According to the Congressional Budget Office, “The total dollar value of outstanding MBSs grows each

year by net issuance, which is the difference between the amount of new MBSs issued in a year and

the amount of previously issued MBSs repaid during that year. The gap between annual new issuance

and net issuance depends mainly on the refinancing of outstanding mortgages. That gap is small in 

years with little refinancing and large in years with a great deal of refinancing.” 1

The reduction in Ginnie Mae gross issuance would generally cause net issuance to fall as well, but the

average size of new issued loans flowing into Ginnie Mae MBS now is considerably larger than prepandemic in early 2020. The increase in average loan size may offset the reduction in gross issuance

caused by higher rates and keep net issuance positive for the foreseeable future. Figure 1, below,

plots the average loan size securitized into new Single-Family Ginnie Mae MBS. Since December 2019,

the average loan size securitized into new Single-Family Ginnie Mae MBS has risen 16.6% to

$292,446.46. As larger loans are securitized into MBS and prepayment rates on smaller loans decline,

Ginnie Mae has recorded 14 straight months of positive net MBS issuance.

Figure 1. Ginnie Mae New Issued Single-Family MBS, Average Loan Size

1 https://www.cbo.gov/publication/57176

 $300,000

 $280,000

 $260,000

 $240,000

$250,850

$292,446
SEPTEMBER 2022

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

High Ginnie Mae prepayment rates result in more repaid Ginnie Mae MBS, negatively impacting net

issuance. Reduced prepayment rates in Ginnie Mae MBS contributes towards growing net issuance

numbers in 2022. As Figure 2 below demonstrates, Ginnie Mae’s one-month CPR has declined from

a high of 40.6% in March 2021 to 10.7% in August 2022. Asrefinance activity and prepayment activity 

declines or remains stable at current levels, Ginnie Mae net issuance continues to grow for an

extended period, presenting an opportunity for global investors to add Ginnie Mae MBS to their fixedincome portfolio.

Figure 2. Agency One-Month Constant Prepayment Rate

With higher average loans, lower prepayment rates and lower refinance rates, Ginnie Mae net MBS

issuance will continue to grow. In this increasing rate environment, investors with regulations around

risk thresholds, such as Banks, and investors with lower risk thresholds may look to Ginnie Mae MBS

as an avenue to generate returns while managing risk. Ginnie Mae MBS carries a 0% risk weight due

to the guarantee provided by the U.S. Government and can be used to maintain returns while limiting

risk. Figure 3 charts the increase of Ginnie Mae net issuance through August 2022.

Figure 3. Ginnie Mae MBS Gross and Net Issuance (in $ Billions)

Source: Recursion. Data as of August 31, 2022.

45

30

15

0

Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Aug-22

10.7

7.9

Constant Prepayment Rate (%)

7.5

Freddie Mac Fannie Mae Ginnie Mae

$147 $163 $158

$113

$77

$178

$209 $219 $224 $224

200

150

100

50

0

-50

$15 $17 $15 $23 $21

-$14 -$11 -$15 -$12

$204

$14

$188

$11

$155

$23

$136

$83

$31 $45 $34

250

2019 2019 2019

Q1 Q2

2019

Q3 Q4

2020

Q1

2020

Q2

2020

Q3

2020 2021 2021 2021 2021 2022 2022 2022

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (as

of

8/31)

Amount (in $ Billions)

Ginnie Mae Gross Issuance ($ B) Ginnie Mae Net Issuance ($ B)
SEPTEMBER 2022

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 4. Bloomberg US Aggregate Index.

US Treasuries continue to contribute approximately 40% to the Bloomberg US Aggregate Index. US

MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) also continues to contribute approximately 28% to

the Bloomberg US Aggregate Index. For the US Aggregate Index, the month over month (MoM)

changes to the index components were no larger than 1% and were relatively stable.

Figure 5. 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 increased to 13% from 12% while all other

categories remained stable when compared to the prior month.

Source: Bloomberg [both charts]. Note: Data as of September 2022. Figures in charts may not add to 100% due to rounding.

2% 2%1% 1% 1%

0%

2%

8%

14%

28%

40%

Treasury - 40%

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 0.9%

ABS - 0%

2% 14%

2%

3%

4%

4%

4%

5%

9%

13%

41%

United States - 41.1%

Japan - 12.5%

China - 9%

France - 4.9%

United Kingdom - 4.3%

Germany - 4%

Canada - 3.6%

Italy - 2.9%

Spain - 2.1%

Netherlands - 1.9%

Other - 14%
SEPTEMBER 2022

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The US 10-year Treasury yield moved to 3.10% at month end August 2022, a MoM increase of 45 bps.

US Treasury yields continue to remain 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 2.70% at month-end August, a MoM increase of 

84 bps.

The yield on the German 10-year notes increased to 1.50% at month-end August, a MoM 

increase of 69 bps.

The yield on the Italian 10-year note increased to 3.88% at month-end August, a MoM increase

of 87 bps.

The yield on the Japanese 10-year notes increased to 0.22% at month-end August, a MoM 

increase of 4 bps.

Figure 6. Global 10-Year Treasury Yields.

Source: Bloomberg. Note: Data as of September 2022.

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0% % Yield

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

3.88%

3.10%

2.70%

1.50%

0.22%
SEPTEMBER 2022

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

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY decreased MoM 10 bps to 2.27% at month-end August.

The hedged yield for the 10-year Treasury EUR decreased MoM 5 bps to 1.30% at month-end August.

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

Figure 8. 7–10yr Total Return Hedged, EUR.

Source: Bloomberg. Note: Data as of September 2022.

270

260

250

240

230

220

280

160

150

140

130

120

170

227.74

130.12
SEPTEMBER 2022

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae fixed rate MBS yields increased MoM in August 2022. Ginnie Mae II yields were at 4.12%

at month-end June, decreased to 3.63% at month-end July, and have now increased 85 bps MoM to 

4.48%. Ginnie Mae I yields were at 4.08% at month-end June, decreased to 3.61% at month-end July,

and have now increased 88 bps to 4.49%. Over the past year, Ginnie Mae spreads over US 10-year

Treasury yields have widened. Ginnie Mae II spreads over the US 10-year Treasury yield, just 38 bps

at month end August 2021, had increased 91 bps to 129 bps over the US 10-year Treasury yield at

month end August 2022. The yields on the Ginnie Mae I SF were 130 bps higher than the US 10-year

Treasury yield at month end August, an increase in spread of 70 bps MoM and an increase of 89 bps

YoY.

Figure 9. Ginnie Mae II SF Yield, USD

Figure 10. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of September 2022

5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

% Yield

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

5.0%

% Yield

4.48%

4.49%
SEPTEMBER 2022

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

3.2 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS decreased by 15 bps

to 0.73% at month end August. The Ginnie Mae II 30-year OAS increased 10 bps MoM. The US

Intermediate credit OAS has decreased 5 bps MoM.

Figure 11. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS.

Figure 12. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS.

Source: Bloomberg. Note: Data as of September 2022.

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

% Yield

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

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

% Yield

0.73

0.33%

1.06%
SEPTEMBER 2022

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

3.3 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. In 

the aftermath of the recent interest rate hikes, sharp declines in duration, particularly for lower

coupon GNMA II securities, have been observed. Yields have increased sharply as well.

Figure 13. Yield vs. Duration.

Security Duration Yield

US 5y 4.57 3.27

US 10y 8.55 3.10

JPY 5y 4.80 0.01

JPY 10y 9.58 0.22

GER 5y 4.89 1.30

GER 10y 9.03 1.50

ITA 5y 4.73 3.12

ITA 10y 8.58 3.80

UK 5y 4.66 2.66

UK 10y 7.94 2.70

GNMA II 2% 3.23 7.29

GNMA II 2.5% 3.35 7.18

GNMA II 3.0% 3.47 6.86

GNMA II 3.5% 3.67 6.53

GNMA II 4.0% 3.87 6.05

GNMA II 4.5% 4.30 5.59

GNMA II 5.0% 4.54 4.73

GNMA II 5.5% 4.86 4.64

GNMA II 6.0% 5.28 3.83

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 August 2022. Yields are in base currency of security and unhedged.

Yield 8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

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%

US 5y ITA 5y

ITA 10y

US 10y

UK 5y UK 10y

GER 5y

GER 10y

JPY 5y

JPY 10y

-3.00 2.00 7.00 12.00

Duration
SEPTEMBER 2022

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in August by 2.7% MoM, while Fannie

Mae and Freddie Mac CPRs increased by 1.3% and 2.8%, respectively. ARM prepayments have

dropped for all Agencies, due to decreased refinance activity in the current higher interest rate

environment.

Figure 14. Fixed Rate Aggregate 1-Month CPR.

Figure 15. ARM Aggregate 1-Month CPR.

Source: Recursion, Note: Data as of August 2022

40

30

20

10

0

10.7

7.9

7.4

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

Constant Prepayment Rate (%)

 Fannie Mae Freddie Mac Ginnie Mae

65

55

45

35

25

15

5

-5

15.8

14.8

14.2

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

Constant Prepayment Rate (%)

 Fannie Mae Freddie Mac Ginnie Mae
SEPTEMBER 2022

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

4.2 Involuntary Prepayments (CDR)

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

in prepayment speeds between Ginnie Mae’s and GSE prepayments has converged significantly since

Ginnie Mae’s CDR peak of 12.4 CDR in June 2020. ARM CDRs for Ginnie Mae’s remained higher than

those of the GSEs, due to the lower credit quality of the Ginnie Mae loans but did decrease by 58%

from July to August.

Figure 16. Fixed Rate Aggregate CDR.

Figure 17. ARM Aggregate CDR.

Source: Recursion, Note: Data as of August 2022

15

10

CDR (

%) 5

0

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

1.0

0.4

0.3

 Fannie Mae

 Freddie Mac

 Freddie Mac Ginnie Mae

0.4

0.6

CDR (

%)

45

35

25

15

5

-5

1.3

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

 Fannie Mae Ginnie Mae
SEPTEMBER 2022

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

4.3 Voluntary Prepayment Rates (CRR)

Voluntary prepayments (CRR) continue to remain higher for Ginnie Mae relative to the GSEs. In the

existing market of increasing interest rates and higher prices (see section on Housing Affordability –

Mortgage Rate Trends), voluntary prepayments are facing downward trendsfor both Ginnie Mae and 

the GSEs. Fannie Mae and Freddie Mac saw slight increases of 1.4% and 2.9% MoM in fixed rate

aggregate CRR, respectively. Freddie Mac saw a 3.4% MoM increase and Fannie Mae saw a 2.1% MoM 

increase in ARM aggregate CRR. Ginnie Mae remained consistent in fixed rate aggregate CRR and saw 

a 9.1% MoM decrease in ARM aggregate CRR. 

Figure 18. Fixed Rate Aggregate CRR.

Figure 19. ARM Aggregate CRR.

Source: Recursion, Note: Data as of August 2022

40

30

20

10

0

9.8

7.5

7.1

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

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

13.0

15.3

40

30

20

10

0

14.4

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

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
SEPTEMBER 2022

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance decreased MoM by 2.4% (from July to August). Fannie Mae and Ginnie

Mae saw decreases in gross issuance as compared to July, while Freddie Mac saw an increase of

14.9%. 

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 YTD $504.4 $439.0 $943.4 $374.5 $1,317.9

2022 Annualized $756.6 $658.6 $1,415.1 $561.8 $1,976.9

Figure 20. Agency Gross Issuance

*2022 values have been annualized – the annualization methodology is not seasonally adjusted.

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.

$1,500.0

$1,000.0

$500.0

$0.0

$757

$659

$562

$ in

Billio

n

s

Fannie Mae Freddie Mac Ginnie Mae
SEPTEMBER 2022

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

Ginnie Mae’s $40.3 billion in gross issuance in August was approximately 43% below the average 

monthly issuance for 2021. Thus far in 2022, Ginnie Mae is on pace to have lower gross issuance than

2021 by approximately $279.1 billion.

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 YTD $198.2 $165.1 $11.2 $374.5

2022 Annualized $297.3 $247.7 $16.8 $561.8

Figure 21. Ginnie Mae Gross Issuance

*2022 values have been annualized – the annualization methodology is not seasonally adjusted.

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.

$450.00

$400.00

$350.00

$300.00

$250.00

$200.00

$150.00

$100.00

$50.00

$0.00

$297

$248

$17

$ in Billions

FHA VA Other
SEPTEMBER 2022

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

5.2 Net Issuance of Agency MBS

Agency net issuance in August was approximately $40.8 billion, which represents an 8.3% MoM 

decrease in net issuance. Ginnie Mae net issuance was $16.2 billion in August. FHA net issuance now

slightly outpaces VA, as shown in Table 4 and Figure 23.

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

2001 $216.6 $151.8 $368.4 -$9.9 $358.5

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 YTD $171.6 $147.7 $319.3 $109.5 $428.8

2022 Annualized $257.4 $221.6 $479.0 $164.3 $643.3

Figure 22. Agency Net Issuance

*2022 values have been annualized – the annualization methodology is not seasonally adjusted.

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.

$257

$222

$600.00

$500.00

$400.00

$300.00

$200.00

$100.00

$0.00

-$100.00

-$200.00

$164

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
SEPTEMBER 2022

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

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 YTD $55.7 $55.5 -$1.7 $109.5

2022 Annualized $83.6 $83.2 -$2.5 $164.3

Figure 23. Ginnie Mae Net Issuance

*2022 values have been annualized – the annualization methodology is not seasonally adjusted.

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.

$250.00

$200.00

$150.00

$100.00

$50.00

$0.00

-$50.00

-$100.00

$84

$83

-$3

$ in Billions

FHA VA Other
SEPTEMBER 2022

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

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

Aug-18 $50.4 $29.9 $37.5 $80.3 $117.8 $15.8 $7.9 $12.5 $23.6 $36.1

Sep-18 $41.8 $30.1 $34.8 $71.8 $106.6 $5.9 $6.2 $9.0 $12.1 $21.1

Oct-18 $39.8 $27.4 $33.2 $67.1 $100.3 $9.7 $7.1 $11.4 $16.8 $28.2

Nov-18 $35.1 $30.1 $32.4 $65.2 $97.6 $3.6 $11.0 $9.8 $14.6 $24.4

Dec-18 $36.9 $23.9 $28.4 $60.7 $89.1 $8.2 $6.4 $8.2 $14.6 $22.8

Jan-19 $33.3 $19.2 $29.0 $52.6 $81.6 $5.9 $2.5 $9.2 $8.3 $17.6

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

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

August 2022. 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 August 2022 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.
SEPTEMBER 2022

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity has dropped or remained stagnant for all of the agencies. In the conventional

mortgage market space, Freddie Mac saw a decline of approximately 10% MoM while Fannie Mae’s

refinance share remained stable MoM. Ginnie Mae’s MoM decline has been approximately 6%, with

the greater decline taking place with VA lending which was down almost 10% in August MoM. FHA’s

refinance share remained consistent. The decline in refinance activity is leading to, particularly in the

case of Ginnie Mae, a sharp increase in net issuance.

Freddie Mac’s refinance percentage has dropped to 19% in August, down from 21% in July.

Fannie Mae’s refinance percentage has stayed consistent at 22% in August.

Ginnie Mae’s refinance percentage dropped to 17% in August, down from 18% in July.

FHA’s refinance percentage has stayed consistent at 16% in August.

VA’ s refinance percentage has dropped to 19% in August, down from 21% in July.

Figure 24. Percent Refinance at Issuance – Single-Family.

Sources: Recursion. Notes: Data as of August 2022

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

22%

19%

19%

17%

16%

Feb/14

May/14

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

Freddie Fannie Ginnie FHA VA
SEPTEMBER 2022

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of August 2022, outstanding single-family MBS in the Agency market totaled $8.492 trillion: 41.9%

Fannie Mae, 33.8% Freddie Mac, and 24.3% Ginnie Mae MBS. Over the past twelve months, Freddie

Mac’s, Fannie Mae’s, and Ginnie Mae’s total outstanding MBS increased by approximately 13.0%, 

7.2% and 7.2%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s and

Ginnie Mae’s by approximately $693 billion and $1.5 trillion, respectively.

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

2017, 61.4% of Ginnie Mae outstanding collateral was FHA and 32.3% was VA. In August 2022, FHA

collateral comprised 52.5% of Ginnie Mae MBS outstanding and VA collateral comprised 42.4% of 

Ginnie Mae MBS outstanding.

Figure 26. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities.

Figure 25. Outstanding Agency Mortgage-Backed Securities.

Sources: Recursion. Notes: Data as of August 2022.

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

$8,492

$3,560

$2,867

$ in 

$2,065

Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,086

1200

1000

800

600

400

200

0

$876

$106

1400

$ i

n

Billions

Aug/14 Aug/15 Aug/16 Aug/17 Aug/18 Aug/19 Aug/20 Aug/21 Aug/22

 FHA VA OTHER
SEPTEMBER 2022

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

6.2 Origination Volume and Share Over Time

Origination volume continued to decline in Q2 2022, with $650 billion in originations in Q2, which

represents a decline in issuance from Q1 2022 of approximately 10%. Ginnie Mae’s share of total

origination increased slightly from 17.4% to 17.8% in Q2 2022, while Portfolio origination more than

doubled from 14.7% to over 30.8% in Q2 2022. 

Figure 27. First Lien Origination Volume

Figure 28. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q2 2022.

$5.0

$4.5

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.12 $0.0 $0.31

$0.20

$0.02

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

30.8%

3.3%

17.8%

48.1%

GSE securitization FHA/VA securitization PLS securitization Portfolio
SEPTEMBER 2022

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 27% 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 still

being in Alaska (51%) and the lowest still in the District of Columbia (16%). The highest Ginnie Mae

outstanding share is in Alaska and Mississippi (47%) and the lowest still in the District of Columbia

(13%). There is currently a 2% difference between Ginnie Mae’s share of new agency issuance and

Ginnie Mae’s share of agency outstanding. 

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)

27% 2,883,500 269.68 277.91 25% 10,481,638 201.63 210.55

AK 51% 9,765 326.40 288.74 47% 36,923 260.14 221.25

AL 40% 61,311 213.21 229.18 40% 231,414 154.08 177.07

AR 37% 33,051 181.82 211.57 38% 134,580 129.93 160.32

AZ 25% 88,146 293.73 301.05 24% 265,744 214.00 224.68

CA 19% 208,364 425.03 418.80 16% 665,621 323.48 321.70

CO 26% 68,129 379.42 362.29 23% 209,064 286.79 276.63

CT 27% 27,567 254.30 272.17 25% 103,595 200.12 209.71

DC 16% 2,347 496.73 435.15 13% 8,743 378.41 352.37

DE 32% 14,155 256.76 276.69 31% 50,572 201.95 210.66

FL 31% 252,235 273.40 277.25 31% 825,152 207.37 209.69

GA 34% 143,851 237.99 272.07 33% 485,832 175.70 205.34

HI 37% 9,813 599.21 478.14 31% 32,946 467.52 359.33

IA 24% 19,698 178.85 194.43 22% 80,974 132.22 148.98

ID 23% 17,363 319.71 306.59 23% 62,382 213.35 221.96

IL 23% 96,584 205.38 239.43 21% 356,556 158.13 179.67

IN 30% 71,383 181.42 200.00 30% 273,048 131.34 150.09

KS 29% 23,359 188.45 217.42 28% 94,735 138.08 163.80

KY 34% 41,894 190.35 206.69 34% 161,339 141.31 155.63

LA 43% 52,118 200.97 230.70 39% 195,697 156.41 177.90

MA 19% 32,612 359.39 357.18 15% 110,584 281.13 269.98

MD 36% 83,604 328.45 320.12 33% 285,305 263.33 250.31

ME 26% 9,869 233.56 256.83 25% 37,086 175.05 191.47

MI 20% 68,638 180.45 208.50 20% 269,195 131.64 156.90

MN 18% 38,911 239.34 263.93 17% 157,078 180.32 198.52

MO 29% 60,323 191.27 213.00 28% 239,818 139.83 162.02

MS 47% 30,172 194.46 209.00 47% 119,660 141.35 160.98

MT 23% 8,177 289.63 296.33 23% 31,912 205.31 215.68

NC 28% 112,923 235.54 269.05 28% 405,183 172.05 200.87

ND 28% 4,628 240.04 238.31 23% 16,707 192.19 185.47

NE 26% 14,764 207.71 211.94 26% 63,920 146.67 160.95

NH 22% 9,783 293.28 290.43 22% 37,570 223.04 214.76

NJ 24% 65,120 302.22 326.13 21% 226,066 237.25 254.95

NM 36% 22,642 228.73 239.06 37% 93,259 164.11 177.77

NV 30% 42,334 320.98 310.35 29% 129,257 243.82 234.22

NY 20% 63,406 299.10 339.00 19% 301,168 206.50 248.41

OH 28% 101,604 175.55 197.76 28% 413,930 128.21 148.95

OK 39% 43,074 193.91 213.04 41% 185,954 138.95 161.60

OR 20% 31,461 335.26 340.68 19% 108,263 250.69 253.14

PA 24% 84,972 196.35 240.71 25% 381,306 147.53 181.93

RI 33% 9,940 303.10 283.40 29% 34,653 230.41 213.33

SC 34% 68,971 238.52 250.59 33% 228,181 179.88 191.36

SD 30% 7,085 234.03 233.33 29% 28,787 170.78 177.76

TN 30% 73,252 243.51 266.67 31% 264,865 171.59 203.00

TX 29% 277,625 246.03 282.41 31% 1,062,479 178.28 210.56

UT 19% 28,987 351.84 351.83 18% 93,162 254.62 262.64

VA 39% 123,016 325.56 315.78 35% 437,043 254.90 251.04

VI 19% 153 369.86 397.33 23% 772 242.60 302.37

VT 19% 2,844 232.27 253.44 18% 11,883 179.87 180.40

WA 23% 67,774 379.98 382.57 21% 227,959 280.89 289.18

WI 18% 31,768 203.61 221.03 16% 121,053 154.84 163.95

WV 44% 14,877 190.24 194.14 43% 58,007 142.42 145.38

WY 35% 7,058 256.74 258.94 34% 24,656 204.53 201.90

Sources: Recursion. Notes: Outstanding balance is based on loan balance as of August 2022. Ginnie Mae issuance is based on the last 12 months,

from July 2021 to August 2022. Values above are based on loan level disclosure data, thus excluding loan balances for the first six months that loans

are in a pool. This accounts for the difference in the share of outstanding MBS represented above and in Outstanding Single-Family Agency MBS.
SEPTEMBER 2022

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

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

As of August 2022, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS increased

slightly from 2.95% in July 2022 to 2.98% in August. With 30-year fixed mortgage rates for certain

credit profiles at over 6.0% in August, this increase in WAC is likely to continue. The bottom chart 

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

Figure 29. Outstanding Ginnie Mae MBS Balance, by Coupon.

Figure 30. Outstanding Ginnie Mae MBS Balance, by Vintage.

Sources: Recursion. Note: August 2022 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.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Feb/16

4.1

3.9

3.7

3.5

3.3

3.1

2.9

2.7

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

Avg Coupon %

<3 >=3 and <3.5 >=3.5 and <4

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

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

>=4

Pre 2008

Average Coupon %

2008-2013 2014-2018 2019-2022
SEPTEMBER 2022

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In July 2022, $6.0 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage Investment

Conduits (REMICs) as underlying collateral, a 32% month over month decrease. Of that,

approximately $1.6 billion were Multifamily MBS having coupons between 2.5% and 3.5%. $4.4 billion

were Single-Family MBS with 67% of the Single-Family MBS having coupons over 4.5%.

As of August, in 2022 approximately $80.6 billion of Ginnie Mae Singe-Family and Multifamily MBS

were securitized into Ginnie Mae REMIC transactions. This represents a roughly 40% decrease over 

the same period in 2021 ($133.6 billion).

Figure 31. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs.

Table 7. July 2022 REMIC Collateral Coupon Distribution.

Source: Ginnie Mae Disclosure Files

2

Totals may not sum due to rounding.

$18.2

$14.2

$16.6

$13.2

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4 $8.8

$25

$20

$15

$10

$5

$6.0

Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22

in $ billions

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

REMIC Deals ($MM)2

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

2.51-3.00 614.6 39%

3.01-3.50 951.4 61%

Subtotal 1,566.0 100%

Single-Family

2.51-3.00 162.1 4%

3.01-3.50 - 0%

3.51-4.00 591.1 13%

4.01-4.50 690.0 16%

4.51-5.00 1,870.3 42%

5.01-5.50 1,015.8 23%

5.51-6.00 70.1 2%

6.01-6.51 11.9 0%

Subtotal 4,411.3 100%

Grand Total 5,977.3
SEPTEMBER 2022

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

7.2 REMIC Market Snapshot

In August 2022, Ginnie Mae, Fannie Mae, and Freddie Mac Single-Family REMIC collateral WAC

continued to increase month over month.

 All three Agencies experienced the highest Single-Family REMIC collateral WAC since October

2016.

 Fannie Mae and Freddie Mac Single-Family REMIC collateral WAC surpassed 5.00% in the month 

of August 2022.

In August 2022, Fannie Mae did not guarantee a Multifamily REMIC transaction for the second

consecutive month.

 In August 2022, Ginnie Mae REMIC issuance volume was $7.4 billion, the fourth consecutive

month of REMIC issuance volume below $10.0 billion (July 2022 issuance volume was $9.98

billion).

 Ginnie Mae guaranteed three HREMIC transactions in August 2022. This is the third month in

2022 in which Ginnie Mae has guaranteed three HREMIC transactions. In 2021, there were no

months where Ginnie Mae guaranteed three or more HREMIC transactions.

Figure 32. 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 4.9 43.2 9 1.6 26.6 7

Freddie Mac 2.6 23.5 8 4.3 73.4 6

Fannie Mae 3.7 33.2 8 0.0 0.0 0

Total $11.3 100% 25 $5.9 100% 13

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

August

3.7

2.6

4.3

0.0

1.6 4.9

Ginnie Mae Freddie Mac

Outer: Single-Family

Inner: Multifamily

Fannie Mae
SEPTEMBER 2022

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

8 MBS OWNERSHIP

As of Q2 2022, the largest holders of agency debt (agency MBS +agency notes and bonds) included

commercial banks (24%), the Federal Reserve (24%), and foreign investors (12%). The Federal

Reserve’s share decreased slightly to 24% in the second quarter of 2022 from 25% in the first quarter.

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

their nearly $2.9 trillion in holdings as of the end of June 2022, $2.1 trillion was held by the top 25

domestic banks.

Figure 33. 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 Q2 2022.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 3-Aug 10-Aug 17-Aug 24-Aug

Largest 25 

Domestic Banks 2,153.7 2,188.8 2,200.4 2,186.8 2,163.9 2,143.9 2,122.4 2,117.0 2,113.2 2,119.0 2,116.7 2,105.6

Small Domestic 

Banks 730.7 742.2 748.6 744.1 736.1 730.8 735.8 731.8 737.7 739.7 738.8 742.9

Foreign Related 

Banks 43.2 42.2 39.3 36.6 34.2 36.5 36.5 38.0 36.7 35.9 35.1 35.3

Total, Seasonally 

Adjusted 2,927.6 2,973.2 2,988.3 2,967.5 2,934.2 2,911.2 2,894.7 2,886.8 2,887.6 2,894.6 2,890.6 2,883.8

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

top 25. Data as of August 2022.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
SEPTEMBER 2022

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

8.2 Bank and Thrift Residential MBS Holdings

In Q2 2022, MBS holdings at banks and thrifts continued to decrease. Like Q1 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 5.7% from Q2 2021 and 6.3% from Q1 2022. Out of

the $2.6 trillion in MBS holdings at banks and thrifts as of Q2 2022, $2 trillion were GSE pass-throughs

and $369 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 730.84 380.12 109.53 37.62 236.91 76.18 606.91 203.37

2002 832.50 477.57 101.46 20.08 244.98 89.88 702.44 209.66

2003 899.89 536.83 75.11 19.40 236.81 106.86 775.66 206.45

2004 1,011.01 621.73 49.33 20.55 208.18 160.55 879.75 234.31

2005 1,033.77 602.73 35.92 29.09 190.70 211.25 897.06 242.69

2006 1,124.46 659.65 31.13 42.32 179.21 243.28 983.49 223.42

2007 1,149.10 591.34 31.58 26.26 174.27 357.24 971.42 264.59

2008 1,218.77 739.14 100.36 12.93 207.66 259.04 1,088.00 211.73

2009 1,275.52 784.18 155.00 7.53 271.17 212.64 1,161.67 184.07

2010 1,433.38 763.93 163.13 7.34 397.30 181.61 1,233.28 200.09

2011 1,566.88 842.17 214.81 3.28 478.82 167.70 1,359.24 207.64

2012 1,578.86 950.41 242.54 17.16 469.27 138.67 1,430.63 148.22

2013 1,506.60 937.91 231.93 26.11 432.60 114.15 1,363.65 142.94

2014 1,539.32 964.16 230.45 20.33 449.90 104.94 1,409.84 129.48

2015 1,643.56 1,115.40 292.30 11.14 445.39 71.63 1,512.67 130.89

2016 1,736.93 1,254.13 323.46 7.40 419.80 55.60 1,576.07 160.86

1Q17 1,762.38 1,280.63 329.91 7.03 419.34 55.39 1,589.93 172.45

2Q17 1,798.66 1,320.59 335.47 6.38 417.89 53.79 1,635.11 163.55

3Q17 1,838.93 1,364.75 351.86 5.65 418.08 50.45 1,661.84 177.09

4Q17 1,844.15 1,378.53 367.70 4.63 413.97 47.01 1,672.93 171.22

1Q18 1,809.98 1,352.28 360.71 3.92 412.41 41.37 1,635.52 174.46

2Q18 1,806.58 1,345.80 368.88 7.45 414.41 38.92 1,631.65 174.93

3Q18 1,794.39 1,339.73 373.21 2.42 416.20 36.04 1,618.29 176.10

2018 1,814.97 1,361.00 380.43 2.69 416.59 34.69 1,634.99 179.98

1Q19 1,844.99 1,385.10 383.49 3.06 422.18 34.65 1,673.40 171.59

2Q19 1,907.13 1,445.91 407.97 2.90 421.56 36.76 1,727.65 179.47

3Q19 1,975.78 1,506.92 427.10 4.74 428.69 35.44 1,786.74 189.04

2019 1,985.38 1,516.26 426.85 4.62 428.99 35.52 1,796.29 189.09

1Q20 2,107.66 1,621.70 448.34 4.65 443.73 37.57 1,907.02 200.64

2Q20 2,195.19 1,669.93 441.06 5.00 478.11 42.14 1,946.36 248.83

3Q20 2,310.42 1,764.72 415.24 4.43 499.50 41.78 2,040.61 269.81

4Q20 2,520.90 1,928.21 390.66 3.94 548.65 40.10 2,210.22 310.68

1Q21 2,690.92 2,088.41 374.63 4.88 555.35 42.28 2,350.94 339.98

2Q21 2,781.91 2,178.57 352.77 4.77 555.45 43.12 2,431.76 350.15

3Q21 2,858.59 2,239.90 353.12 4.24 565.51 48.95 2,487.32 371.27

4Q21 2,906.04 2,268.19 352.71 4.45 577.98 55.42 2,529.78 376.26

1Q22 2,799.21 2,186.14 368.43 4.04 548.60 60.43 2,476.11 323.10

2Q22 2,623.79 2,035.14 369.20 3.81 523.01 61.83 2,321.17 302.62

Change:

1Q22-2Q22 -6.3% -6.9% -8.4% 0.2% -5.6% -4.7% -6.3% -6.3%

2Q21-2Q22 -5.7% -6.6% -8.8% 4.7% -20.0% -5.8% -4.5% -13.6%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2022
SEPTEMBER 2022

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

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

$495,136.0 $415,280.0 $71,947.0 $7,758.0 $151.0 18.9%

2 WELLS FARGO & COMPANY $249,055.0 $177,562.0 $68,239.0 $3,125.0 $129.0 9.5%

3 CHARLES SCHWAB $193,778.0 $109,214.0 $7,006.0 $77,558.0 $0.0 7.4%

4 JPMORGAN CHASE & CO. $166,937.0 $83,341.0 $67,650.0 $98.0 $15,848.0 6.4%

5 Truist Bank $119,517.0 $58,899.0 $13,721.0 $43,472.0 $3,425.0 4.6%

6 U.S. BANCORP $111,998.70 $74,187.8 $23,448.4 $14,362.4 $0.1 4.3%

7 CITIGROUP INC. $88,468.0 $80,696.0 $4,199.0 $2,754.0 $819.0 3.4%

8 Silicon Valley Bank $72,216.0 $52,841.0 $8,614.0 $10,761.0 $0.0 2.8%

9 PNC Bank, National 

Association

$69,410.6 $56,515.3 $4,870.6 $6,817.9 $1,206.7 2.6%

10 CAPITAL ONE FINANCIAL

CORPORATION

$65,099.6 $32,784.9 $14,056.7 $17,864.0 $394.0 2.5%

11 MORGAN STANLEY $52,526.0 $37,767.0 $8,449.0 $6,310.0 $0.0 2.0%

12 BANK OF NEW YORK 

MELLON CORP

$44,587.0 $33,805.0 $1,452.0 $6,984.0 $2,346.0 1.7%

13 USAA Federal Savings Bank $44,229.0 $37,351.0 $2,244.0 $4,634.0 $0.0 1.7%

14 State Street Bank and Trust

Company

$37,413.3 $16,068.0 $3,830.0 $15,526.3 $1,989.0 1.4%

15 The Huntington National Bank $30,194.1 $12,956.1 $9,571.6 $7,514.8 $151.6 1.2%

16 KeyBank National Association $27,174.5 $4,278.4 $237.6 $22,658.5 $0.0 1.0%

17 TD Bank USA/TD Bank NA $24,125.3 $1,005.3 $89.5 $22,989.6 $41.0 0.9%

18 Citizens Bank, National

Association

$23,774.7 $13,187.7 $5,149.5 $5,437.5 $0.0 0.9%

19 Ally Bank $22,166.0 $14,142.0 $1,756.0

Total Top 20

$1,874.0

$1,959,755.5

$4,394.0

$1,318,836.8

0.8%

$324,838.2 

20 HSBC Bank USA, National

Association

$21,949.7 $6,955.3 $8,307.3 $6,686.2 $1.0 0.8%

$285,185.2 $30,895.4 74.8%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2022.
SEPTEMBER 2022

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

8.3 Foreign Ownership of MBS

For the month of June 2022, foreign ownership of MBS represents $1.15 trillion in agency MBS, down

approximately $9 billion from May 2022. Total foreign ownership includes $513 billion held by foreign

private institutions and $635 billion held by foreign official institutions. The foreign share of the

agency MBS Market continues to decline since the beginning of COVID. The pre-Covid peak of

approximately 17.5% has fallen all the way to 13.73% in June of 2022.

Figure 34. Foreign Share of Agency MBS Market

Figure 35. 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 June 2022.

19.0%

18.0%

17.0%

16.0%

15.0%

14.0%

13.0%

12.0%

11.0%

10.0%

13.73%

Percent of Agency

M

B

S

O

wned

by Foreigners

Foreign Share of MBS

1,400

1,200

1,000

800

600

400

200

0

1,148

635

513

$ Billions

Foreign Official MBS Foreign Private MBS Total Agency MBS Held by Foreigners
SEPTEMBER 2022

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

The largest non-US holders of agency MBS are in Japan, Taiwan, and China. As of December 2021,

these three own 60% of all US MBS held by investors outside of the United States. Between June 2020

and June 2021, these top three have decreased their agency MBS holdings by over $4.6 billion. Japan

has decreased their holdings by $1.4 billion, Taiwan has decreased their holdings by $208 million and

China has decreased their holdings by $3.0 billion.

Table 12. All Agency Debt

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

9/1/2021 12/1/2021 3/1/2022 6/1/2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022

Japan 311,892 301,979 259,844 252,455 517 -9,913 -42,135 7,389

Taiwan 247,341 244,375 233,340 222,670 -2,740 -2,966 -11,035 10,670

China 215,102 202,659 219,553 244,266 -2,740 -12,443 16,894 -24,713

Luxembourg 33,339 34,277 33,130 42,207 -2,158 938 -1,147 -9,077

Ireland 22,617 21,305 20,589 19,838 1,164 -1,312 716 751

South Korea 43,208 42,051 40,362 37,932 7 -1,157 -1,689 2,430

Cayman 

Islands 36,160 35,004 31,795 32,937 133 -1,156 -3,209 -1,142

Bermuda 24,411 23,209 21,159 19,464 605 -1,202 -2,050 1,695

Netherlands 17,435 16,249 14,851 14,648 4,891 -1,186 -1,398 203

Malaysia 19,445 18,830 18,305 16,556 356 -615 -525 1749

Other 268,746 302,816 269,544 302,692 102,737 34,070 -33,372 -33,148

Total 1,239,696 1,242,754 1,162,472 1,205,665 102,772 3,058 -80,282 -43,193

Table 13. Agency MBS

Country Level of Holdings ($ Millions)

6/1/2021 6/1/2022 YoY Change in Holdings ($ Millions)

Japan 305,580 252,455 -53,125

Taiwan 267,492 222,670 -44,822

China 232,076 244,266 12,190

Luxembourg 34,255 42,207 7,952

Ireland 25,336 19,838 -5,498

South Korea 34,313 37,932 3,619

Cayman Islands 29,682 32,937 3,255

Bermuda 24,245 19,464 -4,781

Netherlands 13,351 14,648 1,297

Malaysia 19,949 16,556 -3,393

Other 170,062 302,692 132,630

Total 1,156,341 1,205,665 49,324

Sources: Treasury International Capital (TIC). Notes: Level of agency debt Holdings by month data as of Q1 2022. Agency MBS as

of June 2021. Revised to include top 10 holders of agency debt listed as of June 2018.
SEPTEMBER 2022

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume as of August 2022 was $248 billion for 2022 YTD, which

is down from $281 billion from January 2021 to December 2021. Compared to July 2022, agency MBS

average daily trading volume saw a 1.6% decrease MoM. In 2021, average agency MBS was at 2.70%,

25 bps lower than the 2020 average of 2.95%. In 2021, US Treasury turnover finished at 2.96%. 

Turnover for Corporates remains minimal relative to agency MBS or Treasury turnover.

Figure 36. Average Daily Trading Volume by Sector

Figure 37. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of August 2022 for Average Daily Trading Volume by Sector and as of December 2021 for Agency

MBS in Average Daily Turnover by Sector

$600

$500

$400

$300

$200

$100

$0

$633

$248

$39

$700

$ Billions

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

14%

12%

10%

8%

6%

4%

2%

0%

2.96%

2.70%

0.37%

Agency MBS Turnover Treasury Turnover Corporates Turnover
SEPTEMBER 2022

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

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 August 2022. 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 299,683 651 692 743 779 798 733

Fannie 96,415 688 721 758 786 801 750

Freddie 108,853 697 729 762 787 801 755

Ginnie 94,415 625 647 680 729 776 690

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,700 629 662 708 756 788 708

Fannie 33,767 655 690 733 771 796 729

Freddie 34,169 650 683 724 765 791 722

Ginnie 25,764 600 626 655 690 734 661

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 393,383 645 683 735 776 797 727

Fannie 130,182 678 712 753 783 800 745

Freddie 143,022 682 717 755 784 800 747

Ginnie 120,179 620 643 674 721 770 683

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,415 625 647 680 729 776 690

FHA 55,134 620 641 665 696 733 671

VA 34,460 638 670 723 772 796 719

Other 4,821 636 659 691 730 760 695

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 25,764 600 626 655 690 734 661

FHA 15,366 593 618 644 671 698 645

VA 10,363 617 643 679 723 763 683

Other 35 658 689 720 755 782 718

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 120,179 620 643 674 721 770 683

FHA 70,500 612 635 660 691 728 665

VA 44,823 632 661 710 764 792 711

Other 4,856 636 659 692 730 761 695
SEPTEMBER 2022

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

Figure 38. FICO Distributions by Agency

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

800 - 850

750 - 800

700 - 750

650 - 700

600 - 650

550 - 600

0.39%

9.42%

9.28%

5.37%

4.47%

24.84%

42.22%

44.20%

22.78%

29.42%

29.52%

13.56%

39.36%

26.24%

15.10%

13.61%

35.13%

18.35%

3.72%

3.37%

5.66%

1.75%

0.12%

0.02%

FHA VA Fannie Mae Freddie Mac
SEPTEMBER 2022

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

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 299,988 65 80 90 97 99 85

Fannie 96,512 57 75 80 95 95 80

Freddie 108,890 59 75 80 95 95 80

Ginnie 94,586 90 98 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,751 39 54 68 79 81 65

Fannie 33,768 34 49 61 73 80 59

Freddie 34,170 36 51 64 74 80 61

Ginnie 25,813 59 71 80 84 90 77

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 393,739 53 71 80 95 98 80

Fannie 130,280 47 65 80 90 95 75

Freddie 143,060 50 67 80 90 95 75

Ginnie 120,399 76 89 98 100 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,586 90 98 98 100 100 96

FHA 55,264 92 97 98 98 98 96

VA 34,487 85 100 100 100 102 97

Other 4,835 93 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 25,813 59 71 80 84 90 77

FHA 15,393 56 68 78 81 81 73

VA 10,382 62 75 86 90 100 82

Other 38 67 77 87 97 100 85

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 120,399 76 89 98 100 100 92

FHA 70,657 75 85 98 98 98 91

VA 44,869 76 90 100 100 102 93

Other 4,873 93 99 101 101 101 98

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
SEPTEMBER 2022

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

Figure 39. Loan-to Value by Agency

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

95 - 100%

80 - 95%

60 - 80%

0 - 60%

59.50%

6.14%

2.97%

11.69%

12.18%

19.65%

24.36%

27.25%

31.46%

22.36%

3.05%

3.95%

19.78%

44.26%

45.80%

65.62%

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

FHA VA Fannie Mae Freddie Mac
SEPTEMBER 2022

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

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 299,395 25 33 41 47 50 39

Fannie 96,512 24 31 39 45 48 37

Freddie 108,890 24 31 38 44 48 37

Ginnie 93,993 31 38 45 51 55 44

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,486 25 32 40 45 49 39

Fannie 33,768 23 31 38 44 47 37

Freddie 34,170 24 32 39 44 48 38

Ginnie 25,548 28 36 43 50 54 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 392,881 25 33 40 46 50 39

Fannie 130,280 24 31 39 45 48 37

Freddie 143,060 24 31 39 44 48 37

Ginnie 119,541 30 37 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,993 31 38 45 51 55 44

FHA 55,240 33 40 46 52 55 45

VA 33,925 29 37 44 51 56 43

Other 4,828 27 31 36 40 43 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 25,548 28 36 43 50 54 42

FHA 15,291 29 37 44 50 55 43

VA 10,220 27 35 42 49 54 41

Other 37 21 25 34 38 40 31

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 119,541 30 37 45 51 55 44

FHA 70,531 32 39 46 51 55 44

VA 44,145 29 36 44 50 56 43

Other 4,865 27 31 36 40 43 35

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
SEPTEMBER 2022

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

Figure 40. Debt-to Income by Agency

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

> 44%

35 - 44%

0 - 35%

25.48%

23.33%

28.14%

29.58%

15.82%

22.06%

35.65%

37.65%

38.86%

39.02%

48.37%

56.04%

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

FHA VA Fannie Mae Freddie Mac
SEPTEMBER 2022

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

The share of high-LTV agency loans going to borrowers with FICO scores above 750 has decreased by 

approximately 13% between periods June 2020 – August 2020 and June 2022 - August 2022. The

share of borrowers with DTIs below 35% decreased by approximately 14% over the same period.

From the period between June 2020 – August 2020 to the period between June 2022 – August 2022,

the share of high-LTV loans increased in the Ginnie Mae guarantee book by approximately 8% and in 

the GSE portfolios by approximately 107%. Still, Ginnie Mae maintains its key role of expanding credit

access to low-to-moderate income borrowers as it continues to dominate high-LTV lending, with

67.73% of its issuances between June 2022 and August 2022 having LTVs of 95 or above, compared

to 21.21% for the GSEs. 

Table 17. Share of Loans with LTV > 95

Ginnie Mae GSE All

Jun 2020 - Aug 2020 62.90% 10.23% 21.99%

Jun 2022 - Aug 2022 67.73% 21.21% 36.04%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.00% 4.54% 6.75% 11.35% 0.34% 24.97%

35-45 4.19% 9.20% 10.80% 11.61% 0.13% 35.92%

≥45 3.81% 7.89% 7.04% 2.91% 0.07% 21.73%

NA 1.75% 2.67% 2.48% 2.72% 7.76% 17.38%

All 11.75% 24.30% 27.07% 28.58% 8.30% 100.00%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.39% 4.07% 5.70% 9.32% 0.04% 21.53%

35-45 6.23% 9.84% 11.53% 12.96% 0.04% 40.61%

≥45 7.99% 13.40% 11.86% 2.47% 0.06% 35.78%

NA 0.47% 0.35% 0.23% 0.24% 0.79% 2.09%

All 17.08% 27.67% 29.32% 25.00% 0.93% 100.00%

Sources: Recursion and Ginnie Mae. Data as of August 2022.
SEPTEMBER 2022

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

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, FHA, and VA loans all continued to fall sharply in Q2

2022. From Q1 2022 to Q2 2022, Fannie and Freddie serious delinquencies decreased 20 and 16 bps,

respectively, or 20% and 17% respectively, as a percentage change. Ginnie Mae collateral’s serious

delinquency rates decreased more than the GSE rates in absolute terms, with FHA and VA dropping

72 and 32 bps respectively. This decline in serious delinquency rates is consistent with the decrease

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

Figure 41. 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 Q2 2022.

12%

10%

8%

6%

4%

2%

0%

4.43%

2.83%

0.81%

0.76%

4Q052Q064Q062Q074Q072Q084Q082Q094Q092Q104Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q162Q174Q172Q184Q182Q194Q192Q204Q202Q214Q212Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
SEPTEMBER 2022

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 51.2% in August 2022, down slightly

from 52.4% in August 2021. Ginnie Mae and Freddie Mac’s first-time homebuyer shares, 67.0% and 

42.1% respectively in August, have remained relatively flat YoY. Fannie Mae’s first-time homebuyer

share has declined 4.8% YoY. Table 20 shows that based on mortgages originated in August 2022, the

average GSE first-time homebuyer was more likely than an average repeat buyer to have a lower

credit score, and higher LTVs. While Ginnie Mae’s first-time homebuyers were more likely than their 

repeat buyers to have lower loan amounts and credit scores, other components of the credit profile

were very similar.

Figure 42. 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 $ 323,564 323,418 338,798 338,560 293,051 355,894 315,811 336,859

Credit Score 743.7 756.2 749.6 758.6 683.1 702.9 720.4 745.8

LTV (%) 85.70 74.9 85.5 76.2 97.3 94.4 90.4 79.6

DTI (%) 37.10 37.4 36.6 36.9 43.6 44.4 39.7 38.7

Loan Rate (%) 5.50 5.6 5.4 5.4 5.3 5.1 5.4 5.4

First-Time homebuyer share (%) 75%

65%

55%

45%

35%

25%

67.0%

51.2%

45.9%

42.1%

Aug-17

Oct-17

Jan-18

Mar-18

May-18

Aug-18

Oct-18

Dec-18

Mar-19

May-19

Jul-19

Sep-19

Dec-19

Feb-20

Apr-20

Jul-20

Sep-20

Nov-20

Jan-21

Apr-21

Jun-21

Aug-21

Nov-21

Jan-22

Mar-22

Jun-22

Aug-22

Freddie Fannie Ginnie All

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.
SEPTEMBER 2022

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

Within the Ginnie Mae purchase market, 76.4% of FHA loans, 50.2% of VA loans, and 79.1% of other 

loans represent financing for first-time home buyers in August 2022. Table 21 shows that based on 

mortgages originated in August 2022, the credit profile of the average VA first-time homebuyer was 

significantly different than the average VA repeat buyer. The average VA first-time homebuyer took 

out 17% smaller loans, had a 21-point lower credit score, 4.5% higher LTVs and were 20 basis points 

higher in interest. FHA’s first-time homebuyers are much more like their repeat buyers, with only 4% 

smaller loans, 2.4% higher LTVs, and have very similar interest rates. FHA’s repeat buyers tend 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 first-time homebuyers. For FHA, the opposite is true, 

in part because FHA lending is one of few credit options for borrowers with lower credit scores.

Figure 43. 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 $ 282,864 295,680 342,880 411,755 180,110 184,980 293,051 355,894

Credit Score 671.4 668.0 708.6 729.9 696.1 691.2 683.1 702.9

LTV (%) 96.7 94.3 98.8 94.3 98.2 98.6 97.4 94.4

DTI (%) 44.7 45.5 42.8 44.1 35.2 35.5 43.6 44.4

Loan Rate (%) 5.3 5.3 5.2 5.0 5.3 5.2 5.3 5.1

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

90%

85%

80%

75%

70%

65%

60%

55%

50%

45%

40%

79.1%

76.4%

67.0%

50.2%

Aug-17

Oct-17

Jan-18

Mar-18

May-18

Aug-18

Oct-18

Dec-18

Mar-19

May-19

Jul-19

Sep-19

Dec-19

Feb-20

Apr-20

Jul-20

Sep-20

Nov-20

Jan-21

Apr-21

Jun-21

Aug-21

Nov-21

Jan-22

Mar-22

Jun-22

Aug-22

First-time homebuyer share 

FHA VA Other All
SEPTEMBER 2022

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

10.7 Credit Box: Historical

For each of the agencies, the median borrower FICO scores have been slowly declining since yearend 2020. The median FICO score for all agency loans originated in July 2022 was 729, which

represents a decrease of 10 points since the start of 2022, a decline of 16 points YoY, and 32 points

since December 2020. The trend in declining median FICO scores has been much more pronounced

for refinance loans. Ginnie median FICO scores have declined from 692 in July 2021 to 658 in July

2022, a 34 point drop. As of July 2022, average FICOs for refinances have dropped for Fannie Mae

and Freddie Mac borrowers YoY 35 and 33 points respectively.

Figure 44. FICO Scores for All Loans

Figure 45. FICO Scores for Purchase Loans Figure 46. FICO Scores for Refinance Loans

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

FIC

O

Scores

780

760

740

720

700

680

660

753

751

729

671

Jul-13

Nov-13

Mar-14

Jul-14

Nov-14

Mar-15

Jul-15

Nov-15

Mar-16

Jul-16

Nov-16

Mar-17

Jul-17

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Freddie Median FICO Fannie Median FICO

FIC

O Scores

780

760

740

720

700

680

660

640

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Ginnie Median FICO

Freddie Median FICO

All Median FICO

Fannie Median FICO

Ginnie Median FICO All Median FICO

780

760

740

720

700

680

660

640

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
SEPTEMBER 2022

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

In July 2022, the median LTV for Ginnie Mae loans was 98.2% compared to 80% for the GSEs. Freddie

Mac and Fannie Mae each saw increases in median LTV YoY, whereas Ginnie Mae LTVs remained

relatively flat over that period. Median LTV for Fannie Mae and Freddie Mac increased 6.6% each,

YoY. Since early 2022, DTIs have been increasing for Ginnie Mae, Freddie Mac, and Fannie Mae and

are all higher relative to July 2021.

Figure 47. LTV Ratio for All Loans

Figure 48. DTI Ratio for All Loans

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

80.0%

Loan-to-Value Ratio 100.0

95.0

90.0

85.0

80.0

75.0

70.0

65.0

98.2%

84.9%

Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22

Freddie Median Fannie Median

Debt-to-Income Ratio 46.0

44.0

42.0

40.0

38.0

36.0

34.0

32.0

44%

40%

39%

Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22

38%

Ginnie Median

Freddie Median

All Median

Fannie Median Ginnie Median All Median
SEPTEMBER 2022

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

11 FORBEARANCE TRENDS

As of the end of June 2022, 129,734 Ginnie Mae loans were in forbearance. This represents a 5.6%

decrease MoM. 3,074 of loans in forbearance were removed from MBS pools and 126,660 loans in

forbearance still actively remain in pools. Most liquidated loans (2,209) were FHA and within that

subset, 1,402 of those loans were originated by non-banks.

Table 22. Forbearance Snapshot

All Loans in Forbearance – June 2022

FICO Note Current Principal First Time Purchase Loan Count

Ginnie 657 3.3 $187,386.55 77.2 71.4 129,734 

Bank 673 3.6 $139,477.52 79.5 81.5 13,510

Nonbank 656 3.3 $193,254.76 76.9 70.6 116,224 

FHA 654 3.4 $184,105.90 80.0 76.2 94,080

Bank 668 3.7 $133,454.30 83.1 85.2 10,264

Nonbank 652 3.4 $190,572.75 79.7 75.5 83,816

VA 667 3.1 $234,876.20 63.6 52.4 24,998

Bank 684 3.4 $183,424.45 64.3 67.6 2,412 

Nonbank 665 3.0 $239,897.11 63.5 51.2 22,586

Loans in Forbearance and Removed from Pools – June 2022

FICO Note Current Principal First Time Purchase Loan Count

Ginnie 659 3.7 $147,022.21 73.3 68.5 3,074

Bank 667 4.3 $99,293.00 72.6 73.6 1,003

Nonbank 657 3.6 $175,468.10 73.5 67.2 2,071

FHA 653 3.9 $137,821.70 76.8 73.6 2,209

Bank 662 4.4 $96,581.25 75.1 72.6 807

Nonbank 651 3.7 $170,186.06 77.4 73.9 1,402

VA 670 3.3 $206,214.36 58.0 51.0 607

Bank 682 3.8 $137,212.56 57.9 70.2 125

Nonbank 668 3.2 $220,728.30 58.0 47.8 482

Loans in Forbearance that Remain in Pools – June 2022

FICO Note Current Principal First Time Purchase Loan Count

Ginnie 657 3.3 $188,310.06 77.2 71.5 126,660

Bank 673 3.6 $142,924.55 79.9 81.9 12,507

Nonbank 656 3.3 $193,508.91 77.0 70.7 114,153

FHA 654 3.4 $185,141.26 80.1 76.3 91,871

Bank 669 3.7 $137,414.16 83.5 85.9 9,457

Nonbank 652 3.4 $190,957.22 79.7 75.5 82,414

VA 666 3.1 $235,564.16 63.7 52.4 24,391

Bank 684 3.4 $186,851.06 64.6 67.5 2,287

Nonbank 665 3.0 $240,316.50 63.6 51.2 22,104

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 June 2022; *Averages weighted by remaining principal balance of the loans.
SEPTEMBER 2022

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

The current share of Ginnie Mae loans in forbearance stands at 1.20% as of the end of August 2022,

approximately 1.7% higher than observed as of the end of July 2022. With the forbearance rate for

Ginnie Mae collateral having been just 0.25% in March of 2020, prior to lockdown and the

introduction of borrowers’ right to forbearance under the CARES Act, the current rates remain

approximately five times higher than the forbearance rate just prior to the pandemic. The rate of 

convergence to pre-pandemic rates has continued to slow down in August 2022.

Figure 49. Share of Ginnie Mae Loans in Forbearance.

Sources: Recursion. Notes: Data as of August 2022

Sources: Recursion. Notes: Data as of August 2022. Beginning with the May 2022 GMAR Report, Credit Unions will be classified as

Banks based on the updated Recursion data source.

12%

10%

8%

6%

4%

2%

0%

Bank Forbearance Nonbank Forbearance All Forbearance

 350,000

 300,000

 250,000

 200,000

 150,000

 100,000

 50,000

 -

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

 200,000

 180,000

 160,000

 140,000

 120,000

 100,000

 80,000

 60,000

 40,000

 20,000

 -

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

Figure 50. Number of Loans Removed 

from Pools: Non-bank

Figure 51. Number of Loans Removed 

from Pools: Bank
SEPTEMBER 2022

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

Of the Ginnie Mae loans that were liquidated from pools due to mortgage delinquency (these counts

include all delinquent buyouts, regardless of forbearance status), a higher share of the loans were

FHA versus VA loans (top charts, yellow areas). Liquidated loans across FHA and VA are now more

likely to have coupons less than 3.5% (bottom charts: “Number of Loans Removed from Pools by

Coupon”). In August 2022, the number of loans repurchased due to delinquency decreased 44% to

2,580 for FHA and decreased 35% to 510 for VA loans.

Sources: Recursion. Notes: Data as of August 2022

.

300,000

250,000

200,000

150,000

100,000

50,000

0

 MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

 MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

<3.5 LOSS MITIGATION <3.5 REPURCHASE OF DELINQUENT LOAN

 <3.5 MORTGAGOR PAYOFF

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

 >=3.5 LOSS MITIGATION >=3.5 REPURCHASE OF DELINQUENT LOAN

 >=3.5 MORTGAGOR PAYOFF

Figure 52. Number of Loans Removed from

Pools: FHA

Figure 53. Number of Loans Removed

from Pools: VA

Figure 54. Number of Loans Removed from Pools by Coupon:
SEPTEMBER 2022

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 83.5% 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 August 2022, over half (51.1%) 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

Rank MSR Holder UPB ($ millions) Share Cumulative Share

1 DBA FREEDOM HOME MOR $ 252,782,177,165 12.2% 12.22%

2 PENNYMAC LOAN SERVIC $ 236,265,073,644 11.4% 23.64%

3 LAKEVIEW LOAN SERVIC $ 226,133,166,613 10.9% 34.57%

4 NATIONSTAR MORTGAGE, $ 124,744,124,615 6.0% 40.61%

5 WELLS FARGO BANK, NA $ 115,692,320,381 5.6% 46.20%

6 ROCKET MORTGAGE, LLC $ 101,498,092,188 4.9% 51.11%

7 CARRINGTON MORTGAGE $ 78,618,527,746 3.8% 54.91%

8 NEWREZ LLC $ 65,219,384,071 3.2% 58.06%

9 CALIBER HOME LOANS, $ 52,396,863,643 2.5% 60.59%

10 U. S. BANK, NA $ 48,939,091,230 2.4% 62.96%

11 UNITED WHOLESALE MOR $ 46,759,537,558 2.3% 65.22%

12 PLANET HOME LENDING, $ 36,685,499,275 1.8% 66.99%

13 MORTGAGE RESEARCH CE $ 35,942,596,932 1.7% 68.73%

14 LOANDEPOT.COM,LLC $ 34,564,832,866 1.7% 70.40%

15 NAVY FEDERAL CREDIT $ 28,772,392,963 1.4% 71.79%

16 AMERIHOME MORTGAGE C $ 26,416,808,227 1.3% 73.07%

17 GUILD MORTGAGE COMPA $ 21,509,967,996 1.0% 74.11%

18 THE MONEY SOURCE INC $ 21,080,198,647 1.0% 75.13%

19 TRUIST BANK $ 20,392,647,451 1.0% 76.11%

20 CROSSCOUNTRY MORTGAG $ 17,243,987,998 0.8% 76.95%

21 NEW AMERICAN FUNDING $ 16,498,045,013 0.8% 77.74%

22 VILLAGE CAPITAL & IN $ 15,026,223,346 0.7% 78.47%

23 MOVEMENT MORTGAGE,LL $ 14,654,705,200 0.7% 79.18%

24 CMG MORTGAGE, INC. $ 14,370,426,902 0.7% 79.87%

25 RUSHMORE LOAN MANAGE $ 14,041,677,750 0.7% 80.55%

26 IDAHO HOUSING AND FI $ 13,790,197,758 0.7% 81.22%

27 CITIZENS BANK N.A. $ 13,659,189,231 0.7% 81.88%

28 MIDFIRST BANK $ 12,049,030,978 0.6% 82.46%

29 PHH MORTGAGE CORPORA $ 11,700,202,545 0.6% 83.03%

30 CARDINAL FINANCIAL C $ 10,928,393,723 0.5% 83.56%

Source: Deloitte. Data as of September 2022.
SEPTEMBER 2022

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination experienced a decrease in August, down approximately 1% since

last month. This decrease in non-bank origination share was driven primarily by Freddie Mac (nonbank origination share down 15% MoM). The Ginnie Mae non-bank share rose to 88.2% as of August

2022 and has remained consistently higher than the GSEssince September 2021 (89.1%). Ginnie Mae

non-bank origination share of refinance mortgage loans has continued to drive Ginnie Mae’s

relatively higher non-bank origination share. GSE origination volume of purchase mortgage loans has

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

Figure 55. Agency Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of August 2022.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

88.2%

74.6%

72.8%

64.2%

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

All Fannie Freddie Ginnie

Figure 56. Nonbank Origination Share:

Purchase Loans

Figure 57. Nonbank Origination Share: 

Refi Loans

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

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

All Fannie Freddie Ginnie

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

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

All Fannie Freddie Ginnie
SEPTEMBER 2022

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

Ginnie Mae’s total non-bank originator share remained relatively stable in August 2022.

Figure 58. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of August 2022.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

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

89.2%

88.4%

88.2%

86.9%

FHA VA Other All

Figure 59. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 60. Ginnie Mae Nonbank Share: 

Refi Loans

120%

100%

80%

60%

40%

20%

0%

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

All FHA VA Other

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

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

All FHA VA Other
SEPTEMBER 2022

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

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 FICO score points from July 2022 to August 2022. The agency median FICO

increased by 3 FICO score points to 732 MoM.

Figure 61. Agency FICO: Bank vs. Nonbank

Sources: Recursion: Data as of August 2022.

732

752

723

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

Figure 62. GSE FICO: Bank vs. Nonbank Figure 63. Ginnie Mae FICO: Bank vs. Nonbank

640

650

660

670

680

690

700

710

720

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

All Median FICO Bank Median FICO

Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

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

All Median FICO Bank Median FICO

Nonbank Median FICO
SEPTEMBER 2022

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

The median LTV for all GSE originators remained the same in August 2022 MoM at 80%. While Ginnie

Mae median bank LTV has been very flat at 98.19% since January 2021, non-bank median LTV has

fluctuated more, increasing 0.1% MoM to 98.19% in August 2022. Ginnie Mae median DTI remained

consistent MoM at approximately 44% in August 2022 in non-bank originations. 

Figure 64. GSE LTV: Bank vs. Nonbank Figure 65. Ginnie Mae LTV: Bank vs. Nonbank

Sources: Recursion. Notes: Data as of August 2022.

30

32

34

36

38

40

42

44

46

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

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

All Median DTI Bank Median DTI

Nonbank Median DTI

Figure 66. GSE DTI: Bank vs. Nonbank Figure 67. Ginnie Mae DTI: Bank vs. Nonbank

64

66

68

70

72

74

76

78

80

82

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

All Median LTV Bank Median LTV

Nonbank Median LTV

90

92

94

96

98

100

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

All Median LTV Bank Median LTV

Nonbank Median LTV
SEPTEMBER 2022

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

In August 2022, the median FICO score for Ginnie Mae bank decreased by 1 point and non-bank

originators remained stagnant MoM. The median FICO for all Ginnie originations decreased to 670

MoM. The gap between banks and non-banks is most apparent in VA lending (35-point spread).

Sources: Recursion. Data as of August 2022.

770

760

750

740

730

720

710

700

690

680

670

660

650

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

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

740

730

720

710

700

690

680

670

660

650

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

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Figure 69. Ginnie FHA FICO Score:

Bank vs. Nonbank

Figure 68. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 70. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 71. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

630

640

650

660

670

680

690

700

710

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

All Median FICO Bank Median FICO

Nonbank Median FICO

630

640

650

660

670

680

690

700

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

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO
SEPTEMBER 2022

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

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 August 2022.

Figure 72. Ginnie Mae DTI FI:

Bank vs. Nonbank

Figure 74. Ginnie Mae VA DTI:

Bank vs. Nonbank

Figure 75. Ginnie Mae Other DTI:

Bank vs. Nonbank

Figure 73. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

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

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI
SEPTEMBER 2022

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices have increased rapidly during the pandemic, with Compound Annual Growth Rate

(CAGR) for HPI at 19.2% between April 2020 and June 2022. Over that same period, the Mountain

region has experienced the greatest home price appreciation (23.3% CAGR), while in the West North

Central region, increases in home values have remained the slowest (15.8% CAGR).

Table 24. Regional HPI Trend Analysis

U.S. Census 

Subregion

New 

England

Middle 

Atlantic

East 

North 

Central

East 

South 

Central

South 

Atlantic

West 

North 

Central

West 

South 

Central

Mountain Pacific National

2000 to Peak CAGR 10.5% 8.7% 4.0% 4.6% 8.7% 5.0% 4.3% 8.3% 13.9% 7.1%

Peak to Trough CAGR -8.4% -5.3% -9.8% -5.5% -14.2% -5.9% -2.1% -15.1% -17.9% -10.4%

Trough to Pandemic

CAGR

3.7% 3.5% 4.7% 4.5% 5.9% 4.6% 5.1% 8.3% 8.1% 5.4%

Pandemic CAGR 19.4% 17.3% 16.1% 20.2% 22.6% 15.8% 18.9% 23.3% 18.9% 19.2%

12-Month Period of Max

HPI Growth During

Pandemic

7-2020 to

6-2021

8-2020

to 7-

2021

7-2020

to 6-

2021

4-2021

to 3-

2022

3-2021

to 2-

2022

5-2021

to 4-

2022

6-2021

to 5-

2022

9-2020 to

8-2021

7-2020

to 6-

2021

8-2020

to 7-

2021

Max 12-Month Period

Change, During 

21.8% 18.1% 17.2% 21.5% 23.9% 16.1% 19.3% 25.7% 21.8% 19.3%

Pandemic

12-Month Period of Max

HPI Growth, PrePandemic

12-2001

to 11-

2002

12-2003

to 11-

2004

2-2017

to 1-

2018

2-2005

to 1-

2006

9-2004

to 8-

2005

4-1993

to 3-

1994

3-2005

to 2-

2006

11-2004

to 10-

2005

5-2004

to 4-

2005

10-2004

to 9-

2005

Max 12-Month HPI 14.0% 12.4% 6.8% 8.5% 15.3% 7.4% 7.4% 18.0% 22.3% 10.7%

Growth, Pre-Pandemic

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. Notes: HPI data as of May 2022. Peak

refers to the month when HPI reached the highest level for each state/US during the housing boom period, ranging from 2005 to

2008. Trough represents the month when HPI fell to the lowest level for each region/US after the housing bust, ranging from 2009 to 

2012. Pandemic Period refers to March 2020 to the current period, 3/2022. CAGR = (End Value/Starting Value) ^(1/n) – 1
SEPTEMBER 2022

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

S&P’s CoreLogic Case-Shiller US National Housing Price Index’s August 30, 2022, reporting data

indicated that home prices had decreased to 18.0% YoY as of June 2022, down from 19.9% in the

previous month. This latest reported YoY HPI appreciation value suggests continued increases at a

slower rate as home prices start to show signs of deceleration.

Table 25. Home Price Trends by State

Source: FHFA/S&P Corelogic Case-Shiller US National Hosing Price Index Data; Notes: HPI State-level data is provided quarterly by

FHFA and presented here as of March 2022. Peak refers to the month when HPI reached the highest level for each state/US during

the housing boom period, ranging from 2005 to 2008. Trough represents the month when HPI fell to the lowest level for each state/US

after the housing bust, ranging from 2009 to 2012; S&P Corelogic Case-Shiller US National Housing Price Index reported for January

2022 in its Report dated March 29, 2022

State 2000 to Peak Peak to Trough Trough to Current YOY Current HPI % Above Peak

National 59.5% -21.2% 113.1% 10.0% 68.0%

AK 66.9% -5.4% 42.5% 10.7% 34.8%

AL 41.6% -15.1% 68.1% 15.7% 42.7%

AR 39.8% -11.1% 60.5% 16.1% 42.6%

AZ 110.2% -49.5% 186.4% 24.5% 44.6%

CA 144.8% -47.1% 141.9% 19.0% 28.1%

CO 32.2% -10.3% 144.2% 18.2% 119.0%

CT 72.8% -19.7% 38.4% 16.9% 11.1%

DC 163.1% -11.7% 112.6% 9.9% 87.6%

DE 88.3% -23.5% 53.5% 15.3% 17.4%

FL 130.0% -46.5% 152.4% 21.2% 35.0%

GA 35.9% -27.1% 118.3% 18.2% 59.1%

HI 139.0% -27.1% 100.9% 15.1% 46.5%

IA 27.8% -5.4% 56.3% 11.5% 47.8%

ID 73.3% -32.2% 206.6% 30.9% 107.7%

IL 49.9% -23.8% 48.0% 12.3% 12.8%

IN 19.0% -8.6% 79.4% 15.2% 63.9%

KS 31.0% -7.7% 68.0% 14.3% 55.0%

KY 28.9% -5.4% 66.6% 14.5% 57.6%

LA 51.6% -6.7% 46.5% 9.7% 36.7%

MA 69.9% -18.3% 78.9% 16.1% 46.2%

MD 126.4% -26.4% 52.9% 12.9% 12.5%

ME 72.0% -12.4% 80.0% 20.8% 57.8%

MI 18.4% -31.6% 113.6% 15.7% 46.2%

MN 52.6% -23.0% 85.4% 13.3% 42.7%

MO 39.2% -15.0% 76.3% 15.2% 49.9%

MS 38.9% -12.8% 47.2% 13.1% 28.4%

MT 79.4% -13.5% 103.1% 22.6% 75.7%

NC 39.6% -14.1% 88.4% 19.4% 61.7%

ND 51.6% -0.8% 71.4% 9.4% 70.1%

NE 24.3% -5.9% 79.6% 14.7% 69.0%

NH 72.9% -21.9% 83.9% 19.5% 43.6%

NJ 102.2% -22.8% 52.2% 16.4% 17.5%

NM 66.5% -17.9% 58.0% 14.7% 29.8%

NV 117.4% -59.4% 211.8% 20.1% 26.7%

NY 75.6% -10.6% 58.1% 15.0% 41.4%

OH 19.5% -16.6% 79.5% 14.8% 49.8%

OK 36.7% -4.5% 62.7% 14.1% 55.4%

OR 85.6% -28.6% 133.2% 18.4% 66.5%

PA 68.8% -10.9% 59.1% 14.2% 41.7%

RI 108.2% -28.2% 82.1% 19.0% 30.7%

SC 40.6% -16.0% 89.4% 17.7% 59.1%

SD 40.2% -2.3% 76.2% 17.2% 72.1%

TN 38.2% -12.6% 105.8% 20.6% 79.9%

TX 35.8% -3.0% 101.1% 17.1% 95.0%

UT 65.1% -26.0% 158.9% 26.3% 91.5%

VA 95.0% -18.8% 61.5% 14.3% 31.1%

VT 78.4% -10.5% 58.4% 19.3% 41.8%

WA 83.3% -27.3% 149.1% 20.0% 81.0%

WI 38.6% -14.3% 71.9% 14.2% 47.3%

WV 39.3% -5.9% 41.6% 12.5% 33.3%

WY 84.6% -9.7% 55.9% 13.4% 40.8%
SEPTEMBER 2022

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

While housing affordability is directly affected by real estate price fluctuation, affordability is also

impacted by general asset price changes. As of September, inflation has dropped slightly to 8.2%. As 

of August 2022, YoY rental price appreciation was down to 27.1% for 1 Bedroom units, and 23.4% for

2 Bedroom units; this decline in YoY rental price appreciation is due to a 2.77% and 2.47% MoM

decrease in August rental prices. The August rental price decline is the first decline of the calendar 

year. Also, wage growth is now at 6.7%, a 21.8% MoM increase.

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.

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

Jan-12

May-12

Sep-12

Jan-13

May-13

Sep-13

Jan-14

May-14

Sep-14

Jan-15

May-15

Sep-15

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

18.0%

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22 8.2%

6.7%

Wage Growth (Weighted Overall)

Home Price 

Home Price Appreciation

Appreciation 18.0%

General Inflation

Metric Statistic

General 

Inflation

Rental Price 

Appreciation

8.2%

1 

Bedroom

2 

Bedroom

27.1% 23.4%

Wage 

Growth 6.7%

8.2
SEPTEMBER 2022

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

To address high inflation levels, the Federal Funds Target Rate was raised again in September 2022

by 75 bps to a range of 3.00%-3.25%—the fifth consecutive hike since March 2022. As of September

15, 2022, the average 30-year and 15-year fixed rate mortgage rates were 6.02% and 5.21%

respectively. The average 30-year fixed rate mortgage was up by 47 bps and the average 15-year 

fixed rate mortgage was up by 36 bps compared to the prior month.

Figure 79. Average Fixed Rate Mortgage Rates

Sources: federalreserve.gov/monetarypolicy/openmarket.htm; Federal Reserve Chair News Conference, June 15, 2022, FRED

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

30-Year 15-Year

6.02%

5.21%
SEPTEMBER 2022

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

14.3 Housing Inventory

As of July 2022, there was 10.4 months of housing inventory on the market, despite estimates of a 

housing shortfall in excess of 1.5 million homes.

3 The July housing inventory values increased 13.0%

MoM. As housing affordability continues to remain high (see above section 14.2 – Inflation, Wages,

and the Price of Real Estate and Rent) single-family home sales are unlikely to play a large role in the 

resolution of the housing shortfall. Multifamily construction volume metrics, shown in Figure 81, have

been increasing.-

Figure 80. Single-Family Housing Inventory

Figure 81. Multifamily Construction Metrics: Permits, Starts, Completions

3

 “President Biden Announces New Actions to Ease the Burden of Housing Costs.”, The White House, 16 May 2022, 

https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/16/president-biden-announces-new-actions-to-ease-theburden-of-housing-costs/. Press Release

11.0

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

10.4

600,000

550,000

500,000

450,000

400,000

350,000

300,000

566,500

459,800

363,700

2015 2016 2017 2018 2019 2020 2021

Number of Starts Number of Completions Number of Permits
SEPTEMBER 2022

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

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market reached $39.8 trillion in Q1 2022. The total value

of the US housing market is up 109% from its trough in 2011. Over that same period, mortgage debt

outstanding has increased just 17%, approximately six times less rapidly. From Q4 2021 to Q1 2022

mortgage debt outstanding has increased from $11.7 trillion to $12.0 trillion. Thus, the expansion in

the housing market is being driven primarily by increases in home values, as detailed in the Housing

Affordability Section, agency SF MBS account for a growing percentage of the total mortgage debt 

outstanding, up to 67% of total mortgage debt from just 52% in 2011. 

Sources:

Figure 82. Value of the US Housing Market.

Figure 83. Size of the US Residential Mortgage Market.

1. Federal Reserve Flow of Funds Data. Notes: Data as of Q1 2022. 

2. Idzelis, Christine. “Fed May Need to Be Even More Aggressive Fighting Inflation as U.S. Household Cash Exceeds

Debt for First Time in Three Decades, Warns Deutsche Bank.” MarketWatch, MarketWatch, 20 Apr. 2022,

https://www.marketwatch.com/story/fed-may-need-to-be-even-more-aggressive-fighting-inflation-as-u-s-householdcash-exceeds-debt-for-first-time-in-three-decades-warns-deutsche-bank-11650474606.

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

$39.8

$27.8

$12.0

20002001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q1

$ Trillions

Debt

Private Label Securities

Household Equity

Home Equity loans

Total Value

Agency MBS

10

9

8

7

6

5

4

3

2

1

0

$8.58

$3.41

$0.40

$0.39

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022

$ Trillions

Unsecuritized first liens
SEPTEMBER 2022

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

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 October 

20, 2021. Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any

forward-looking 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.”