November 2023
GLOBAL MARKETS ANALYSIS REPORT

November 2023

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

Table of Contents

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

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

1 US Aggregate and Global Indices .................................................................................4

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 U.S. 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 Hedged Yields.......................................................................................8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit .....................................................9

3.4 Global Treasury Yield Per Duration........................................................................10

4 Prepayments..................................................................................................................11

4.1 Aggregate Prepayments (CPR)..............................................................................11

4.2 Involuntary Prepayments (CDR) ............................................................................12

4.3 Voluntary Prepayment Rates (CRR) ......................................................................13

5 Single-Family MBS Pass-Through Issuance ..............................................................14

5.1 Gross Issuance of Agency MBS.............................................................................14

5.2 Net Issuance of Agency MBS.................................................................................16

5.3 Monthly Issuance Breakdown ................................................................................18

5.4 Percent Refi at Issuance – Single-Family ..............................................................19

6 Agency Single-Family MBS Outstanding....................................................................20

6.1 Outstanding Single-Family Agency MBS ...............................................................20

6.2 Origination Volume and Share Over Time .............................................................21

6.3 Agency Issuance and Agency Outstanding by State .............................................22

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time ..........23

7 Agency REMIC Securities ............................................................................................24

7.1 Monthly REMIC Demand for Ginnie Mae MBS ......................................................24

7.2 REMIC Market Snapshot........................................................................................25

8 MBS Ownership.............................................................................................................26

8.1 Commercial Bank Holdings of Agency MBS ..........................................................26

8.2 Bank and Thrift Residential MBS Holdings ............................................................27

8.3 SOMA Holdings......................................................................................................29
GLOBAL MARKETS ANALYSIS REPORT

November 2023

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

8.4 Foreign Ownership of MBS ....................................................................................31

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

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

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

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

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

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

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

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

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

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

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

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

12 Holders of Ginnie Mae Mortgage Servicing Rights....................................................47

13 Agency Nonbank Originator ........................................................................................48

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

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

15 Environmental, Social, and Governance ....................................................................54

15.1 Environmental, Social, and Governance: A Summary ...........................................54

15.2 Environmental ........................................................................................................55

15.3 Social .................................................................................................55

15.3.1 Low-to-Moderate Income Borrowers ..........................................................56

15.3.2 Purchase and Refinance Origination by Income Bracket ...........................57

U.S. HOUSING MARKET...........................................................................................................58

16 Housing Affordability....................................................................................................58

16.1 Housing Affordability – Home Price Appreciation...................................................58

16.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate..................59

16.2.1 Housing Affordability – Mortgage Rate Trends...........................................61

16.3 Housing Inventory ..................................................................................................62

16.4 Size and Value of the U.S. Housing Market ...........................................................63

17 Disclosure......................................................................................................................64
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

November 2023

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

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

This month’s Highlights section includes perspectives on various aspects of the MBS market from 

Vipul Jain, the head of residential mortgage-backed securities (RMBS) Trading Strategy at Mizuho

Securities USA, LLC. The Highlights provide insight into Vipul’s views on the economic outlook for the 

MBS market in 2024. 

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

• The Fixed Income Product Performance Comparisons section shows that Ginnie Mae MBS 

continue to offer attractive yields relative to sovereigns with comparable durations globally.

• The Single-Family MBS Pass-Through Issuance section captures the dominant role 

government lending/mortgage insurance programs are playing in the mortgage market postpandemic. Gross and net issuance of Single-Family Ginnie Mae pass-throughs exceeds that of 

both Fannie Mae and Freddie Mac.

• The Single-Family MBS Pass-Through Issuance section captures Ginnie Mae’s leading net 

issuance of Agency MBS through 2023. 

• The SOMA Holdings section captures FED Chair Jerome Powell’s comments regarding the 

FED’s decision to keep the policy rate unchanged, the forthcoming Statement of Economic 

Projections, and includes the composition of the FED’s Agency MBS portfolio run-off.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

November 2023

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

Highlights

Ginnie Mae maintains active dialogues with the mortgage market experts and invites MBS industry 

leaders to share their views in our publications and podcasts. The objective of the Ginnie Mae Global 

Market Analysis Report is to share market intelligence, not for investment advice.

Mizuho MBS Strategy – 2024 Outlook

This month, Global Markets Analysis Report welcomes Vipul Jain from Mizuho Securities USA, LLC. As 

the head of RMBS Trading Desk Strategy, Vipul focuses on various aspects of the MBS market 

including relative value, prepayments, credit, housing, residential lending, and policy. He works 

closely with Mizuho Americas’ MBS Trading Desk and regularly shares perspectives from the Trading 

Desk with 100+ Global Institutional Clients. 

Below are his views on the MBS market for 2024:

Tough Road Ahead for the Fed

We believe the Fed is unlikely to achieve its 2% inflation target by the end of 2024 and the slack in 

the economy needs to increase further to achieve the target. Mizuho economists expect no cuts next 

year as inflation is likely to remain sticky. We believe that the Fed will continue running off the 

balance sheet until the end of next year.

Macro Environment Likely to Become Better Over 2024

The supply-demand landscape is expected to improve in 2024 relative to 2023. Investors are likely to 

become more comfortable with duration risk as the economy slows. However, the lack of forward 

guidance will keep rate volatility higher than pre-COVID levels. We anticipate the economic outlook 

and geopolitical instability to remain key risks for MBS. In our view, rolls to remain weak as the Fed 

continues to withdraw liquidity from the system.

Inventory to Remains a Tailwind for Housing, HPA1 to Moderate

The lack of inventory remains the single most important tailwind for the housing market. As time 

passes, turnover among locked-in borrowers is expected to nudge higher due to life events. For 2024, 

we forecast moderate HPA of 2-3% as the economy weakens.

Demand Technicals to Improve in 2024 

Supply technicals to remain similar to 2023 with $200 billion in net issuance and $225 of Fed Runoff. 

Bank deposits are expected to remain under pressure; however, the securities portfolio is closer to 

the historical steady state. Willingness to take duration risk is likely to bring back bank and Japanese 

demand over the course of the year. The demand outlook for REITs remains mixed and depends on 

their equity valuation. Money managers are once again poised to be the largest buyer, creating a 

delicate environment for MBS.

1 HPA: Home Price Appreciation
GLOBAL MARKETS ANALYSIS REPORT

Highlights

November 2023

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

Turnover to Benefit from Seasoning but to be offset by Higher Rates

The mortgage lending industry headcount is still too high relative to the current volume of business. 

Affordability may improve in 2024, but the economy and employment picture are likely to be weaker. 

We expect some of the largest discount cohorts to see higher speeds due to seasoning. The recent 

increase in rates is likely to push discount speeds lower early in the year. Overall, the two effects will 

offset each other. Speeds on recently originated collateral could reach 45-55 CPR in the case of a 100

bps rally as new production has high loan sizes. Quicken, Low FICO, Florida, and Second Home pools 

remain the best extension protection stories. Credit performance of residential mortgages to remain 

robust, while other consumer debt may feel more pressure. 

Outlook for Mortgage Valuations:

Balance for mortgage valuation still remains delicate. 

• Positives: Despite the supply outlook in 2024 being similar to 2023, the weakening economy is 

likely to bring in banks, overseas investors, and potentially some reallocation from corporate 

credit. Agency mortgages continue to look attractive on a cross-asset basis. Money managers will 

remain the dominant player, but demand in 2024 is likely to be more diversified. Overall, macro 

environment for Agency MBS is likely to be better in 2024 versus 2023. 

• Negatives: Deposits for banks are expected to remain under pressure, and some of the banks that 

are large holders of MBS may let their MBS portfolio shrink further. Interest volatility is to remain 

higher than pre-COVID levels as the markets continue to react to every data release. On a 

currency-hedged basis, US assets are still not attractive for Japanese life insurance companies. 

Furthermore, it is not clear how much more capacity money managers have to absorb all the net 

supply. Rolls are expected to remain weak as the Fed continues to pull back liquidity from the 

market.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate Global Indices

November 2023

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

At month-end October, U.S. Treasuries contributed 41.9% to the Bloomberg U.S. Aggregate Index, up 

approximately 0.5% from the prior month. U.S. MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) 

contributed 26.3%, down approximately 0.2% from the month prior. For the U.S. Aggregate Index, all 

other changes to the index components were no larger than 0.1%.

Figure 1. Bloomberg U.S. Aggregate Index 

In the Bloomberg Global Aggregate Index by Country, the U.S. share of fixed income remained the 

largest share of total outstanding issuance, representing 40.6% of the total Bloomberg Global 

Aggregate Index, up 0.2% from the prior month. Japan’s share of fixed income wasthe second largest 

at 11.1%, down 0.4% from the prior month. China’s share of fixed income saw an increase of 

approximately 0.2% for the month end October. All other countries, excluding Spain, remained stable 

compared to the prior month with no changes larger than 0.1%.

Figure 2. Bloomberg Global Aggregate Index by Country

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

42%

26%

14%

8%

2% 2%

2% 1%1% 1% 1% Treasury - 41.9%

MBS Passthrough - 26.3%

Industrial - 14.3%

Financial Institutions - 8.2%

Utility - 2.1%

Agency - 1.8%

CMBS - 1.7%

Supranational - 1.4%

Sovereign - 1.0%

Local Authority - 0.8%

ABS - 0.5%

41%

5% 10% 11%

4%

4%

3%

3%

2% 2% 15%

United States - 40.6%

Japan - 11.1%

China - 9.6%

France - 5.3%

Germany - 4.3%

United Kingdom - 4.2%

Canada - 3.5%

Italy - 3.0%

Spain - 1.9%

Netherlands - 1.9%

Other - 14.6%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

November 2023

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 U.S. 10-year Treasury yield moved to 4.84% at month-end October 2023, a MoM increase of 30

bps. This marks the second consecutive MoM increase of 30 bpsfor U.S. 10-year Treasury notes; now 

surpassing Italian government bonds for the highest government yield amongst the countries listed

below. All month-end yields listed, excluding the UK, have increased for four consecutive months. 

The yield on the UK 10-year note increased to 4.54% at month-end October, a MoM increase of 22

bps. 

The yield on the German 10-year note increased to 2.83% at month-end October, a MoM increase

of 2 bps.

The yield on the Italian 10-year note increased to 4.80% at month-end October, a MoM increase of

6 bps.

The yield on the Japanese 10-year note increased to 0.88% at month-end October, a MoM increase

of 14 bps.

Figure 3. Global 10-Year Treasury Yields

 

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

4.84%

4.54%

2.83%

4.80%

0.88%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

% Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

November 2023

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

2.2 U.S. Treasury Hedged Yields

The yield for the 10-year Treasury, hedged in Japanese Yen stood at -0.66% at month-end 

October, a 37 bp increase from month-end September.

The yield for the 10-year Treasury, hedged in Euros stood at 3.12% at month-end October, a 

26 bp increase from month-end September.

Figure 4. U.S. 10yr Total Return Hedged, 1 yr. JPY

Figure 5. U.S. 10yr Total Return Hedged, 1 yr. EUR

Source: Bloomberg. Notes: Data as of October 2023. The 10yr Total Return Hedged Yields are calculated by taking the 10yr treasury yield and 

subtracting the 1yr hedge cost for JPY and EUR.

-0.66%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

3.12%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

November 2023

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 II yields were 5.85% in August, increased 44 bps to 6.29% at month-end September, then 

increased 29 bps to 6.58% at month-end October. Ginnie Mae II spreads over the U.S. 10-year 

Treasury yield increased 7 bps YoY to 174 bps over the U.S. 10-year Treasury yield as of month-end 

October 2023. 

Figure 6. Ginnie Mae II SF Yield, USD

Figure 7. Ginnie Mae II SF Yield – U.S. 10yr Treasury Yield

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

6.58%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

% Yield

1.74%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

GNMA 2 - 10yr Treasury Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

November 2023

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

3.2 Ginnie Mae Hedged Yields

The yield for Ginnie Mae II’s, hedged in Japanese Yen stood at 1.08% at month-end October, a 

36 bp increase from month-end September.

The yield for Ginnie Mae II’s, hedged in Euros stood at 4.86% at month-end October, a 25 bp 

increase from month-end September.

Figure 8. Ginnie Mae II Hedged, 1 yr. JPY

Figure 9. Ginnie Mae II Hedged, 1 yr. EUR

Source: Bloomberg. Notes: Data as of October 2023. The Ginnie Mae II Hedged Yields are calculated by taking the Ginnie Mae II Yield and 

subtracting the 1yr hedge cost for JPY and EUR.

1.08%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

4.86%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

November 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The GNMA II 30-year OAS increased 7 bps MoM, to 0.64%, as of month-end October. The U.S.

Intermediate credit OAS increased 9 bps MoM, to 1.10%, as of month-end October. The yield 

differential between U.S. Intermediate Credit and GNMA II 30-year OAS increased by 2 bps to 0.46% 

at month-end October.

Figure 10. U.S. GNMA II 30yr MBS OAS versus U.S. Intermediate Credit OAS

Figure 11. Spread between U.S. Intermediate Credit and U.S. GNMA II 30yr MBS OAS

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

0.64%

1.10%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.46%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

November 2023

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

3.4 Global Treasury Yield Per Duration

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

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

Figure 12. Yield vs. Duration

Security Duration Yield

U.S. 5y 4.40 4.82

U.S. 10y 7.91 4.90

JPY 5y 4.77 0.40

JPY 10y 9.03 0.88

GER 5y 4.59 2.68

GER 10y 8.46 2.83

ITA 5y 4.58 4.24

ITA 10y 8.01 4.86

UK 5y 4.05 4.50

UK 10y 7.75 4.56

GNMA II 2% 6.68 5.58

GNMA II 2.5% 6.73 5.64

GNMA II 3% 6.43 5.87

GNMA II 3.5% 6.26 5.99

GNMA II 4% 6.00 6.15

GNMA II 4.5% 5.98 6.27

GNMA II 5% 5.72 6.37

GNMA II 5.5% 5.46 6.46

GNMA II 6% 4.85 6.58

GNMA II 6.5% 4.54 6.66

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 October 2023. Yields are in base currency of security and unhedged. 

US 5y US 10y

JPY 5y

JPY 10y

GER 5y

GER 10y

ITA 5y

ITA 10y

UK 5y UK 10y

GNMA II 2% GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

GNMA II 6.5%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

November 2023

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased from 6.1% in September 2023 to 5.3% 

in October 2023. Likewise, Fannie Mae and Freddie Mac CPRs both decreased by 0.2% from 

September to October 2023. ARM prepayments also decreased for Freddie Mac, Fannie Mae, and 

Ginnie Mae.

Figure 13. Fixed Rate Aggregate 1-Month CPR

Figure 14. ARM Aggregate 1-Month CPR

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

4.9

4.7

5.3

0

10

20

30

40

50

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.9

10.4

10.5

0

10

20

30

40

50

60

70

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

November 2023

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

4.2 Involuntary Prepayments (CDR)

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

spread in prepayment speeds between Ginnie Mae and GSE prepayments has converged significantly 

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

below Ginnie Mae as of month-end October 2023 after slightly overtaking Ginnie Mae in September 

2022. 

Figure 15. Fixed Rate Aggregate CDR

Figure 16. ARM Aggregate CDR

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

0.3

0.2

0.6

0

5

10

15

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.2

0.2

0.7

0

10

20

30

40

50

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

November 2023

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

4.3 Voluntary Prepayment Rates (CRR)

Fixed rate voluntary prepayments were slightly higher for Ginnie Mae and Fannie Mae than Freddie 

Mac. Fannie Mae and Freddie Mac both saw a decrease of 0.2% in fixed rate aggregate CRR, 

respectively. Freddie Mac saw a 1.4% decrease and Fannie Mae saw a 0.7% decrease in ARM 

aggregate CRR. Ginnie Mae fixed rate aggregate CRR decreased by 0.8% and ARM aggregate CRR 

decreased by 2.3%. 

Figure 17. Fixed Rate Aggregate CRR

Figure 18. ARM Aggregate CRR

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

4.7

4.5

4.7

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.3

10.3

10.2

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

November 2023

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE 

5.1 Gross Issuance of Agency MBS

In October 2023, Agency gross MBS issuance decreased by approximately $9.5 billion MoM. Ginnie 

Mae and Freddie Mac saw a decrease of $3.0 and $6.6 billion, respectively, while Fannie Mae saw a 

$0.1 billion increase in gross issuance as seen in Section 5.3. 

Table 1. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9 

2005 $514.1 $379.9 $894.0 $81.4 $975.3 

2006 $500.2 $352.9 $853.0 $76.7 $929.7 

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2 

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

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

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

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

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

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

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

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

2023 YTD $275.6 $252.3 $527.9 $317.7 $845.6

Figure 19. Agency Gross Issuance

Source: Recursion. 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.

$318

$276

$0.0 $252

$500.0

$1,000.0

$1,500.0

$ in Billions 

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

November 2023

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

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5 

2002 $128.6 $37.9 $2.5 $169.0 

2003 $147.9 $62.7 $2.5 $213.1 

2004 $85.0 $31.8 $2.5 $119.2 

2005 $55.7 $23.5 $2.1 $81.4 

2006 $51.2 $23.2 $2.3 $76.7 

2007 $67.7 $24.2 $3.0 $94.9 

2008 $221.7 $39.0 $6.9 $267.6 

2009 $359.9 $74.6 $16.8 $451.3 

2010 $304.9 $70.6 $15.3 $390.7 

2011 $216.1 $82.3 $16.9 $315.3 

2012 $253.4 $131.3 $20.3 $405.0 

2013 $239.2 $132.2 $22.2 $393.6 

2014 $163.9 $111.4 $21.0 $296.3 

2015 $261.5 $155.6 $19.2 $436.3 

2016 $281.8 $206.5 $19.9 $508.2 

2017 $257.6 $177.8 $20.2 $455.6 

2018 $222.6 $160.8 $17.2 $400.6 

2019 $266.9 $225.7 $16.0 $508.6 

2020 $327.0 $423.5 $24.9 $775.4 

2021 $392.2 $422.1 $26.7 $840.9 

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $190.7 $120.4 $6.7 $317.8 

Figure 20. Ginnie Mae Gross Issuance

Source: Recursion. 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.

$191

$120

$0.0 $7

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

November 2023

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

5.2 Net Issuance of Agency MBS

Agency Net Issuance as of month-end October was $196.3 billion for 2023 YTD, shown in Table 3.

Since 2022, FHA net issuance has outpaced VA net issuance, as shown in Table 4 and Figure 22. 

Table 3. Agency Net Issuance ($ in billions) 

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8 

2007 $296.1 $218.8 $514.9 $30.9 $545.7 

2008 $213.0 $101.8 $314.8 $196.4 $511.3 

2009 $208.1 $42.5 $250.6 $257.4 $508.0 

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9 

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7 

2016 $60.5 $66.8 $127.4 $126.1 $253.5 

2017 $83.7 $77.0 $160.7 $132.3 $293.0 

2018 $81.9 $67.6 $149.4 $112.0 $261.5 

2019 $87.4 $110.3 $197.7 $95.7 $293.5 

2020 $289.3 $343.5 $632.8 $19.9 $652.7 

2021 $384.9 $498.0 $882.9 $2.7 $885.6 

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $43.4 $6.4 $49.7 $148.6 $196.3 

Figure 21. Agency Net Issuance

Source: Recursion. 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.

$149

$43

$6

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

November 2023

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

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

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $106.6 $43.4 -$1.4 $148.6

Figure 22. Ginnie Mae Net Issuance

Source: Recursion. 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.

$43

$107

-$1

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

November 2023

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

5.3 Monthly Issuance Breakdown

Agency net issuance for the month of October was approximately $24.1 billion, which represents a 

$7.1 billion decrease MoM. Ginnie Mae net issuance was $17.0 billion in October, a $1.6 billion 

decrease from September 2023. Ginnie Mae’s $32.1 billion of gross issuance in October, seen in Table 

5 was approximately $10.6 billion below the average monthly issuance in 2022.

Table 5. Agency Issuance ($ 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mar-23 $23.6 $19.2 $26.2 $42.8 $69.0 -$4.4 -$2.4 $8.7 -$6.8 $1.9

Apr-23 $27.7 $21.0 $31.6 $48.7 $80.3 $1.4 $0.6 $15.0 $2.0 $17.0

May-23 $30.4 $29.0 $32.6 $59.4 $92.0 $0.6 $6.0 $13.5 $6.6 $20.1

Jun-23 $33.5 $32.9 $37.5 $66.4 $103.9 $3.1 $9.3 $17.8 $12.4 $30.2

Jul-23 $31.7 $27.9 $36.3 $59.6 $95.9 $3.6 $5.9 $18.0 $9.5 $27.5

Aug-23 $27.8 $27.9 $36.5 $55.7 $92.2 -$1.5 $4.8 $17.2 $3.3 $20.5

Sep-23 $28.1 $31.1 $35.1 $59.2 $94.3 $1.9 $10.7 $18.6 $12.6 $31.2

Oct-23 $28.2 $24.5 $32.1 $52.7 $84.8 $2.6 $4.5 $17.0 $7.1 $24.1

Sources: 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 October 2023. Beginning with 

the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to reflect the current UPB of the portfolios. July 

2021 through October 2023 GMAR net issuance data reflect the UPB at security issuance for Fannie Mae and Freddie Mac. Note: Numbers are 

rounded to the nearest hundred million.
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

November 2023

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

5.4 Percent Refi at Issuance – Single-Family 

Refinance activity decreased by approximately 9.3% MoM for Ginnie Mae as of month-end October 

2023. The decline is primarily due to heightened mortgage rates discouraging refinance activity.

Freddie Mac’s refinance percentage increased to 11.2% in October, up from 11.1% in 

September.

Fannie Mae’s refinance percentage decreased to 11.4% in October, down from 13.0% in 

September.

Ginnie Mae’s refinance percentage decreased to 16.0% in October, down from 17.6% in 

September.

FHA’s refinance percentage decreased to 15.4% in October, down from 17.6% in September.

VA’s refinance percentage decreased to 17.7% in October, down from 18.5% in September.

Figure 23. Percent Refinance at Issuance – Single-Family

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

11.4%

17.7%

15.4%

11.2%

16.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

November 2023

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING 

6.1 Outstanding Single-Family Agency MBS

As of month-end October 2023, outstanding Single-Family MBS in the agency market totaled $8.801

trillion: 40.7% Fannie Mae, 33.4% Freddie Mac, and 25.9% Ginnie Mae MBS. Over the past twelve 

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

approximately 0.2%, 1.9%, and 8.6% respectively. Fannie Mae outstanding MBS remains larger than 

Freddie Mac’s and Ginnie Mae’s by approximately $642 billion and $1.3 trillion, respectively.

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

2018, 59.9% of Ginnie Mae outstanding collateral was FHA and 34.0% was VA. As of month-end

October 2023, FHA collateral comprised 54.1% of Ginnie Mae MBS outstanding, and VA collateral 

comprised 41.4% of Ginnie Mae MBS outstanding. 

Figure 24. Outstanding Agency Mortgage-Backed Securities

Figure 25. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

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

$3,581

$2,939

$2,282

$8,801

0

2,000

4,000

6,000

8,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,235

$945

$105

0

200

400

600

800

1000

1200

1400

$ in Billions

 FHA VA OTHER
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

November 2023

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

6.2 Origination Volume and Share Over Time

First lien origination volume decreased in Q3 2023, with approximately $385 billion in originations, 

which represents a decrease in issuance of 3.8% from Q2 2023. Ginnie Mae’s share of total origination 

increased from 22.8% to 26.4% in Q3 2023, while portfolio origination decreased from 32.1% to 

26.1%. 

Figure 26. First Lien Origination Volume

Figure 27. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q3 2023.

$0.17

$0.10

$0.01

$0.10

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

45.1%

26.4%

2.5%

26.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

November 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 37% of new agency issuance over the past year, roughly 

11% higher than Ginnie Mae’s 26% share of agency outstanding. The share of Ginnie Mae’s new 

agency issuance varies across states, with the highest Ginnie Mae share being in both Alaska and 

Mississippi (59%) and the lowest in the District of Columbia (23%). The highest Ginnie Mae 

outstanding share is in Mississippi (49%) and the lowest in the District of Columbia (14%). 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding (past 1 year)

National GNMA Share 

by UPB

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)

37% 1,559,142 295.97 301.46 26% 11,071,633 211.55 204.10

AK 59% 4,387 352.57 308.23 48% 37,729 220.30 161.65

AL 52% 37,421 234.04 246.57 42% 245,128 178.54 135.94

AR 47% 19,639 201.14 232.57 40% 140,258 162.24 227.95

AZ 38% 47,115 335.68 339.85 26% 287,654 228.08 333.59

CA 33% 90,814 467.03 463.50 17% 708,408 319.62 299.48

CO 35% 33,166 417.73 408.21 24% 220,626 279.35 204.21

CT 34% 12,920 277.80 288.95 26% 108,197 209.10 389.40

DC 23% 1,106 516.29 429.88 14% 9,249 348.25 207.25

DE 38% 7,001 283.85 308.03 32% 53,588 212.35 220.03

FL 41% 147,104 317.90 314.73 33% 890,043 214.95 186.77

GA 45% 84,021 275.50 305.85 34% 515,645 209.37 360.36

HI 47% 3,678 625.91 517.38 32% 34,236 357.24 137.06

IA 33% 11,770 192.49 202.54 23% 84,766 148.42 225.82

ID 34% 9,186 342.65 331.53 24% 65,700 224.68 162.27

IL 30% 49,261 218.65 250.24 23% 377,312 179.55 138.02

IN 38% 41,732 202.32 221.53 31% 286,622 152.31 143.27

KS 38% 13,486 203.80 229.20 30% 98,017 164.50 147.15

KY 47% 25,223 207.65 222.31 35% 169,999 156.49 159.69

LA 52% 27,808 211.13 239.29 41% 208,082 177.39 289.24

MA 30% 14,923 394.48 386.68 17% 117,102 267.93 267.74

MD 45% 36,444 351.29 341.09 34% 299,689 249.42 181.23

ME 35% 5,125 260.95 282.15 26% 38,666 192.69 136.44

MI 28% 37,977 195.35 221.54 21% 281,752 157.14 185.04

MN 24% 18,162 262.00 284.54 18% 161,600 198.79 145.49

MO 39% 34,864 208.41 228.86 30% 249,812 162.84 147.24

MS 59% 18,035 210.47 224.74 49% 126,242 161.72 214.16

MT 33% 4,132 328.20 324.28 24% 32,793 217.80 182.18

NC 39% 67,103 270.60 300.53 30% 427,512 204.33 194.97

ND 36% 2,192 251.08 244.52 25% 17,266 183.42 153.48

NE 36% 8,454 233.19 232.84 27% 65,852 161.66 230.34

NH 30% 4,783 334.48 324.04 23% 38,840 215.97 244.70

NJ 31% 30,322 339.73 353.72 22% 237,660 254.69 171.04

NM 47% 13,032 254.85 268.69 39% 97,677 179.54 254.91

NV 42% 20,845 359.92 345.22 31% 138,749 237.33 213.14

NY 27% 34,074 307.34 344.36 20% 312,348 248.78 133.30

OH 37% 58,034 195.55 209.39 30% 433,415 149.96 144.80

OK 48% 26,122 212.14 231.86 42% 193,170 163.72 259.11

OR 29% 14,426 366.54 373.91 20% 113,709 254.45 150.88

PA 31% 46,251 211.66 255.80 26% 395,925 182.64 93.22

RI 46% 4,838 348.50 317.35 31% 36,805 213.19 189.09

SC 45% 41,043 267.68 271.70 35% 245,170 193.99 177.02

SD 40% 4,087 254.29 252.13 30% 29,798 177.74 182.66

TN 40% 43,706 275.05 294.31 32% 277,380 206.90 189.64

TX 38% 169,482 287.57 319.07 32% 1,141,785 216.22 270.25

UT 31% 15,093 397.07 398.64 20% 99,527 265.70 260.33

VA 48% 58,561 342.31 336.90 37% 456,328 250.29 260.23

VI 29% 90 413.52 438.75 24% 804 306.71 182.74

VT 25% 1,447 252.60 275.72 19% 12,337 181.23 290.86

WA 32% 30,180 415.12 423.78 22% 237,328 290.77 159.29

WI 28% 16,481 221.23 236.13 18% 126,256 163.10 146.56

WV 54% 8,621 202.41 197.40 45% 61,708 145.35 208.54

WY 45% 3,375 280.71 274.94 35% 25,369 201.87 263.36

Source: Recursion. Note: Outstanding balance based on loan balance as of October 2023. Values above are based on loan level disclosure data, thus 

excluding loan balances for first 6 months that loans are in a pool. This accounts for the difference in share of outstanding MBS represented above & in 

Outstanding Single-Family Agency MBS. 
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

November 2023

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

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

As of month-end October 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS

increased slightly from 3.40% in September 2023 to 3.44% as seen in Figure 28. Figure 29 illustrates 

that loans originated since 2019 account for approximately 81% of Ginnie Mae MBS collateral 

outstanding.

Figure 28. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 29. Outstanding Ginnie Mae MBS Balance, by Vintage

Source: Recursion. Note: October 2023 data points reflect the current composition of balances by coupon and vintage; factor data is not applied 

to prior date balance compositions. Average coupon is weighted by remaining principal balance.

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Avg Coupon %

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pre 2008 2008-2013 2014-2018 2019-2023
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

November 2023

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

Ginnie Mae Real Estate Mortgage Investment Conduit (REMIC) issuance volume for the month of 

October was $10.2 billion. This represents a 13.7% MoM increase from $8.9 billion in September 

2023, and a 72.8% increase YoY from $5.9 billion in October 2022. Approximately $411.1 million of 

the October 2023 issuance volume were Multifamily MBS having coupons over 4.0% and over $8.3 

billion were Single-Family MBS having coupons over 5.0%. $587.2 million of previously securitized 

REMICs were re-securitized into new REMIC deals in October.

Figure 30. Ginnie Mae Single-Family and Multifamily REMIC Issuance

Table 7. October 2023 REMIC Collateral Coupon Distribution

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

($MM)2F

2

% Breakdown of REMIC 

Collateral by coupon Multifamily

<2.001 or N/A 185.5 17.7%

2.501-3.000 144.3 13.7%

3.001-3.500 13.1 1.2%

3.501-4.000 295.6 28.2%

4.001-4.500 326.1 31.1%

5.000-5.501 85.0 8.1% 

Subtotal 1,049.5 100.0%

Single-Family

ReREMIC 587.2 6.4%

4.001-4.500 83.7 0.9%

4.501-5.000 77.8 0.9%

5.001-5.500 99.2 1.1%

5.501-6.000 507.1 5.6%

6.001-6.500 4,661.8 51.1%

6.501-7.000 2,824.1 31.0%

>7.001 279.0 3.1%

Subtotal 9,119.9 100.0%

Grand Total 10,169.4 100.0%

Source: Ginnie Mae Disclosure Files

2

Totals may not sum due to rounding.

$5.9 $5.0 $8.1 $7.6

$12.0

$7.8 $6.1

$10.3 $7.7 $5.0

$11.3 $8.9 $10.2

$0

$5

$10

$15

$20

$25
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

November 2023

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

7.2 REMIC Market Snapshot

 In October 2023, Ginnie Mae and Freddie Mac saw increases in their Single-Family REMIC 

issuance collateral coupon of 9 bps and 3 bps respectively, and both reached new 12-month 

highs. Fannie Mae saw a 32 bp decrease in their Single-Family REMIC issuance collateral 

coupon in the same period. 

 In October 2023, Ginnie Mae saw a decrease of 53 bps in their Multifamily REMIC issuance 

collateral coupon, the lowest collateral coupon, 3.59%, since June 2023. Freddie Mac saw an 

increase of 10 bps in their Multifamily REMIC issuance collateral coupon, highest collateral 

coupon, 5.27%, since February 2023.

 In October 2023, Ginnie Mae issued 18 REMIC deals, across SF and MF, an increase of 2 deals 

MoM. Freddie Mac issued 18 REMIC deals, across SF and MF, a decrease of 1 deal MoM. 

 In October 2023, Fannie Mae issued its first Multifamily REMIC deal since July 2023. Fannie 

Mae’s total REMIC issuance was $3.04 billion in October, up from $1.65 billion in September.

Figure 31. October 2023 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 9.12 57.5 11 1.05 18.4 7

Freddie Mac 3.98 25.1 10 4.37 76.8 8

Fannie Mae 2.77 17.4 7 0.27 4.7 1

Total 3 $15.87 100% 28 $5.69 100% 16

Source: Ginnie Mae Disclosure Files

3 Totals may not sum due to rounding.

1.0

4.4

0.3

9.1

4.0

2.8

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single-Family

Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

8 MBS OWNERSHIP

As of Q2 2023, the largest holders of agency debt (agency MBS + agency notes and bonds) included 

commercial banks (21%), the Federal Reserve (20%), and foreign investors (12%). The Federal 

Reserve’s share remained stable at 20% in the second quarter of 2023 as compared to the first 

quarter of 2023. Out of the approximately $2.5 trillion in holdings as of the end of October 2023,

roughly $1.92 trillion was held by the top 25 domestic banks per Table 9 below. 

Figure 32. 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 2023. 

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

 Commercial Bank Holdings ($Billions)

Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23

Largest 25 

Domestic Banks 1,961.4 1,952.3 1,953.4 1,947.1 1,961.3 1,955.1 1,944.4 1,940.1 1,921.3

Small Domestic 

Banks 764.0 700.9 627.8 628.4 618.2 610.5 602.0 587.2 578.1

Foreign Related 

Banks 27.0 28.4 26.8 24.0 26.2 24.3 23.2 25.9 26.7

Total, 

Seasonally 

Adjusted

2,752.4 2,681.6 2,608.0 2,599.5 2,605.7 2,589.9 2,569.6 2,553.2 2,526.1

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the top 25. Data 

as of October 2023. 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

8.2 Bank and Thrift Residential MBS Holdings

In Q3 2023, MBS holdings at banks and thrifts continued to decrease. The decrease was mostly driven 

by GSE pass-throughs and Agency CMO holdings. Ginnie Mae pass-throughs saw a decrease of 2.8%,

showing the smallest percentage decrease of all banks and thrifts, quarter over quarter (QoQ). Total 

bank and thrift MBS holdings decreased by approximately 12.1% from Q3 2022 and 6.3% from Q2 

2023. Out of the $2.14 trillion in MBS holdings at banks and thrifts as of Q3 2023, $1.29 trillion were 

GSE pass-throughs and $373 billion were Ginnie Mae pass-throughs.

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts ($ in billions) All MBS ($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4Q22 $2,423.87 $1,505.65 $371.91 $3.96 $481.69 $60.65 $2,154.46 $269.41

1Q23 $2,356.93 $1,441.18 $386.32 $4.12 $465.24 $60.08 $2,088.27 $268.65

2Q23 $2,280.38 $1,389.37 $383.52 $3.03 $446.19 $58.27 $2,022.46 $257.92

3Q23 $2,137.37 $1,289.29 $372.71 $2.63 $416.84 $55.89 $1,892.93 $244.44

Change:

2Q23-3Q23 -6.3% -7.2% -2.8% -13.1% -6.6% -4.1% -6.4% -5.2%

3Q22-3Q23 -12.1% -15.2% 5.9% -20.0% -16.1% -5.7% -12.2% -11.2%

Source: Inside Mortgage Finance. Notes: Data as of Q3 2023. 
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

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

Rank Institution Total GSE PT GNMA PT Agency CMO Non-Agency Share

1 Bank Of America Corporation $391,501.0 $329,448.0 $56,255.0 $5,656.0 $142.0 18.3%

2 Wells Fargo & Company $221,156.0 $141,703.0 $77,058.0 $2,337.0 $58.0 10.3%

3 JPMorgan Chase & Co. $155,852.0 $65,121.0 $78,094.0 $492.0 $12,145.0 7.3%

4 Charles Schwab $146,103.0 $82,508.0 $5,184.0 $58,411.0 $0.0 6.8%

5 Truist Bank $94,378.0 $47,324.0 $10,741.0 $33,505.0 $2,808.0 4.4%

6 U.S. Bancorp $93,011.4 $59,409.8 $23,102.3 $10,499.2 $0.1 4.4%

7 Citigroup Inc. $82,089.0 $63,563.0 $15,799.0 $2,110.0 $617.0 3.8%

8 PNC Bank, National Association $66,149.3 $56,128.4 $3,733.4 $5,346.2 $941.3 3.1%

9 Capital One Financial 

Corporation $59,512.4 $28,072.3 $13,922.7 $17,197.5 $320.0 2.8%

10 Morgan Stanley $47,308.0 $29,290.0 $6,466.0 $11,523.0 $29.0 2.2%

11 Bank Of New York Mellon 

Corporation $37,611.0 $26,281.0 $1,471.0 $8,096.0 $1,763.0 1.8%

12 USAA Federal Savings Bank $35,306.0 $29,812.0 $1,734.0 $3,760.0 $0.0 1.7%

13 State Street Bank and Trust 

Company $34,679.3 $12,693.0 $7,927.0 $12,493.3 $1,566.0 1.6%

14 BMO Harris Bank National 

Association $28,675.4 $3,870.8 $5,751.2 $19,053.4 $0.0 1.3%

15 The Huntington National Bank $26,094.3 $10,300.1 $8,502.9 $7,172.6 $118.7 1.2%

16 TD Bank USA/TD Bank NA $25,998.1 $1,164.1 $70.8 $24,730.9 $32.3 1.2%

17 KeyBank National Association $23,122.6 $3,463.2 $167.6 $19,491.8 $0.0 1.1%

18 HSBC Bank USA, National 

Association $23,053.7 $3,876.6 $14,222.4 $4,954.0 $0.7 1.1%

19 Citizens Bank, National 

Association $22,907.3 $11,578.3 $5,101.0 $6,228.1 $0.0 1.1%

20 Ally Bank $18,161.0 $11,369.0 $1,675.0 $1,457.0 $3,660.0 0.8%

Total Top 20 $1,632,668.7 $1,016,975.5 $336,978.3 $254,514.0 $24,201.0 76.4%

Source: Inside Mortgage Finance. Notes: Data as of Q3 2023. 
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

8.3 SOMA Holdings

FOMC and Economic Highlights:

Federal Open Market Committee Meeting 11/1/2023 Press Release:

 “The Committee decided to maintain the target range for the federal funds rate at 5-1/4 to

5-1/2 percent.”

 “Tighter financial and credit conditions for households and businesses are likely to weigh on 

economic activity, hiring, and inflation. The extent of these effects remains uncertain. The 

Committee remains highly attentive to inflation risks.”

 “The Committee is strongly committed to returning inflation to its 2 percent objective.”

 In Powell’s press conference, he indicated that there will be another rate movement forecast 

after the next FOMC meeting, similar to the one provided after September’s meeting. The 

final 2023 FOMC meeting is scheduled for December 12-13.

SOMA Portfolio Highlights (Sep 27, 2023 vs. Oct 25, 2023)

 SOMA holdings of domestic securities totaled $7.3 trillion on Oct 25 (a decrease of $64.5 

billion or -0.88% from Sep 27). $47.7 billion (74% of the total decrease) was in U.S. Treasury 

holdings and $16.8 billion (26% of the total decrease) was in Agency MBS.

 Since the institution of redemption caps in June 2022, SOMA holdings have decreased by $1.1 

trillion. The total reduction of holdings of U.S. Treasuries was $873.9 billion and $245.9 billion 

for Agency MBS. This represents 93.9% and 45.3% of the total redemption cap over the period 

for U.S. Treasuries and Agency MBS, respectively.

 Agency MBS comprise about 34% of the total SOMA portfolio. The $16.8 billion decrease was 

comprised of a $7.0 billion decrease in Fannie Mae holdings, a $6.0 billion decrease in Freddie 

Mac holdings, and a $3.8 billion decrease in Ginnie Mae holdings.

 While Ginnie Mae MBS comprise 25.5% of total Agency MBS outstanding, the SOMA Ginnie 

Mae allocation is underweighted at only 20.6%.

 SOMA Agency MBS holdings include 15-yr, 30-yr, and other securities with, 30-yr comprising 

around 88% of total Agency MBS holdings. Only 30-yr Ginnie Mae I & II MBS are held by 

SOMA.

 Over 99% of SOMA Agency MBS holdings have coupons of 4.5% or lower with an average 

WAC of 2.508%.

 There were no significant changes in Agency MBS holdings by coupon rate distribution from 

Sep 27 to Oct 25.

 The redemption cap for SOMA’s Agency MBS holdings is set at $35 billion per month. The 

reduction of $16.8 billion in Agency MBS represents 48% of the liquidation cap.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

Table 12: SOMA Holdings as of September 27, 2023 and October 25, 2023 ($ Billions)

Holdings by Security 

Type

September 27, 2023 October 25, 2023 Month-Over-Month

SOMA Holdings % Share SOMA Holdings % Share $ Change % Change4

U.S. Treasuries $4,847.4 66.14% $4,799.7 66.07% -$47.7 -0.98%

Federal Agency Debt $2.3 0.03% $2.3 0.03% $0.0 0.00%

Agency MBS $2,471.4 33.72% $2,454.6 33.79% -$16.8 -0.68%

Agency Commercial MBS $8.3 0.11% $8.3 0.11% $0.0 -0.37%

Total SOMA Holdings $7,329.5 100.0% $7,265.0 100.0% -$64.5 -0.88%

Table 13: SOMA Agency MBS Holdings Distribution ($ Billions)

Agency

Singly-Family 

AMBS 

Outstanding 

October 1, 2023

% AMBS 

Outstanding

SOMA AMBS 

Holdings 

September 27, 

2023

% SOMA 

Holdings

SOMA AMBS 

Holdings 

October 25, 

2023

% SOMA 

Holdings

Fannie Mae $3,578.0 40.8% $1,018.0 41.2% 1,011.0 41.2%

Freddie Mac $2,934.3 33.4% $943.2 38.2% $937.2 38.2%

Ginnie Mae $2,264.7 25.8% $510.3 20.6% $506.5 20.6%

Total $8,777.0 100.0% $2,471.4 100.0% $2,454.6 100.0%

Table 14: SOMA Agency MBS Liquidations from Sep 27, 2023 to Oct 25, 2023 ($ Billions)

MBS Holdings as of 9.27.23 MBS Holdings 10.25.23 Liquidated Amount Liquidation Cap5 % of Liquidation Cap

Total $2,471.4 $2,454.6 $16.8 $35.0 48%

Source: New York FED SOMA Holdings https://www.newyorkfed.org/markets/soma-holdings. Notes: The liquidation cap is per calendar month. 

Our analysis here instead covers a four-week period to maintain consistency with other analyses in this report.

4

 Table 12 illustrates figures in $ billions, any change less than $50 million will be expressed as a “$0.0” change in the “$ Change” column. 

5 The Liquidation cap is per calendar month. Our analysis here instead covers a four-week period to maintain consistency with other analyses in 

this report.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

8.4 Foreign Ownership of MBS

For the month of September 2023, foreign ownership of MBS represented $1.252 trillion in Agency

MBS, up approximately $141 billion from September 2022. Total foreign ownership of Agency MBS 

represents roughly 14% of total Agency MBS outstanding. Total foreign ownership excluding Fed 

Holdings and CMO’s represents roughly 23% of total Agency MBS available.

Figure 33. Agency MBS Owned by Foreign Entities Ex-Fed Holdings and CMO’s (USD Billions)

Figure 34. Agency MBS Owned by Foreign Entities (USD Billions)

Sources: TIC and Recursion, as of September 2023.

10%

15%

20%

25%

30%

35%

 400

 600

 800

 1,000

 1,200

 1,400

 Agency MBS Held by Foreign Entities in $B

% of SF Agency MBS Outstanding

% of SF Agency MBS Outstanding without Fed

% of SF Agency MBS Outstanding without Fed & CMO

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

 -

 200

 400

 600

 800

 1,000

 1,200

 1,400

 Agency MBS Held by Foreign Entities in $B % of Agency MBS Outstanding
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

November 2023

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

8.5 Foreign Ownership of Agency Debt and Agency MBS

The largest holders of Agency MBS were China, Japan, and Taiwan. As of June 2023, these three 

owned roughly 58% of all foreign owned Agency MBS. Between June 2022 and June 2023, China and 

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

increased by $25.6 billion, Japan’s holdings increased by $21.9 billion, and Taiwan’s holdings 

decreased by $14.4 billion. 

Table 15. All Agency Debt

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

9/1/2022 12/1/2022 3/1/2023 6/1/2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023

China 241,523 251,592 263,892 269,980 -2,866 10,069 12,300 6,088

Japan 232,769 278,069 287,051 253,357 1,332 45,300 8,982 -33,694

Taiwan 209,453 210,309 212,533 208,226 -13,217 856 2,224 -4,307

Canada 89,313 97,234 105,527 105,330 12,922 7,921 8,293 -197

United Kingdom 56,348 61,393 41,101 55,682 -9,881 5,045 -20,292 14,581

Luxembourg 38,559 47,240 51,202 40,971 -4,281 8,681 3,962 -10,231

Ireland 17,692 22,478 25,099 36,766 -2,512 4,786 2,621 11,667

South Korea 35,643 36,237 38,131 36,737 -2,320 594 1,894 -1,394

Cayman Islands 35,081 30,941 29,485 30,398 100 -4,140 -1,456 913

Bermuda 18,681 19,008 19,418 21,930 -791 327 410 2,512

Other 188,623 226,067 199,801 206,671 -7,888 37,444 -26,266 6,870

Total 1,163,685 1,280,568 1,273,240 1,266,048 -29,402 116,883 -7,328 -7,192

Table 16. Agency MBS

Country

Level of Holdings ($ Millions)

6/1/2022 6/1/2023 YoY Change in Holdings ($ Millions)

China 244,389 269,980 25,591

Japan 231,437 253,357 21,920

Taiwan 222,670 208,226 -14,444

Canada 76,391 105,330 28,939

United Kingdom 66,229 55,682 -10,547

Luxembourg 42,840 40,971 -1,869

Ireland 20,204 36,766 16,562

South Korea 37,963 36,737 -1,226

Cayman Islands 34,981 30,398 -4,583

Bermuda 19,472 21,930 2,458

Other 196,511 206,671 10,160

Total 1,193,087 1,266,048 72,961

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q2 2023. Agency MBS as of June 2023. 

Table 16 includes the top 10 holders of agency debt listed as of June 2023.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Liquidity Indicators

November 2023

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

9 FIXED INCOME LIQUIDITY INDICATORS

The Agency MBS average daily trading volume YTD as of month-end October 2023 was $253 billion, 

which was up from a monthly average of $241 billion for calendar year 2022. As of month-end 

October 2023, Agency MBS average daily trading volume increased 1.6% MoM. See footnote below 

for update on “Average Daily Turnover by Sector” data. 

Figure 35. Average Daily Trading Volume by Sector

Figure 36. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of October 2023 for Average Daily Trading Volume by Sector and as of December 2021 for Agency MBS in Average 

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

$253

$728

$40

$0

$100

$200

$300

$400

$500

$600

$700

$800

$ Billions

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

2.70%

2.96%

0.37% 0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

Tables 17, 18, and 19 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 month-end October

2023. The distribution statistics capture some key differences in the populations served by the 

agencies. 

10.1 Credit Scores 

Table 17. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 217,805 653 695 745 781 799 735

Fannie 72,291 701 734 766 790 802 758

Freddie 67,624 691 725 761 788 802 753

Ginnie 77,890 628 653 690 740 779 697

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 43,642 623 656 702 754 788 703

Fannie 12,915 666 703 744 779 799 738

Freddie 11,635 663 694 735 772 796 732

Ginnie 19,092 596 628 658 694 735 661

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 261,447 646 687 739 778 798 729

Fannie 85,206 695 729 763 788 802 755

Freddie 79,259 685 720 758 786 801 750

Ginnie 96,982 622 648 683 732 774 690

Purchase FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 77,890 628 653 690 740 779 697

FHA 50,454 624 648 679 718 757 685

VA 24,715 638 674 729 774 797 722

Other 2,721 633 657 695 734 764 697

Refi FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 19,092 596 628 658 694 735 661

FHA 13,067 590 622 652 684 717 653

VA 6,009 615 641 675 717 758 680

Other 16 614 680 711 757 760 703

All FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 96,982 622 648 683 732 774 690

FHA 63,521 617 643 673 712 751 678

VA 30,724 632 664 716 768 794 714

Other 2,737 633 657 695 734 764 697

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

 Figure 37. FICO Distributions by Agency

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

0.0%

2.5%

13.0%

28.5%

45.2%

10.7%

0.1%

2.0%

9.8%

27.5%

48.9%

11.7%

2.0%

17.4%

24.4%

22.8%

26.3%

6.3%

5.0%

27.6%

36.9%

19.4%

8.7%

0.8%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

10.2 Loan-to-Value (LTV)

Table 18. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 218,054 60 80 91 98 99 85

Fannie 72,390 55 75 80 95 95 79

Freddie 67,646 51 72 80 95 95 78

Ginnie 78,018 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 43,898 34 51 68 80 86 64

Fannie 12,917 27 41 58 70 78 55

Freddie 11,636 28 42 58 70 78 55

Ginnie 19,345 54 69 80 81 95 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 261,952 53 75 86 97 99 81

Fannie 85,307 47 66 80 90 95 75

Freddie 79,282 45 65 80 90 95 75

Ginnie 97,363 75 90 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 78,018 90 97 98 100 100 96

FHA 50,535 92 97 98 98 98 96

VA 24,748 84 100 100 100 102 96

Other 2,735 92 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 19,345 54 69 80 81 95 76

FHA 13,152 51 66 77 81 81 72

VA 6,176 64 78 90 98 100 85

Other 17 60 65 85 94 99 81

All LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 97,363 75 90 98 99 100 92

FHA 63,687 74 86 98 98 98 91

VA 30,924 78 90 100 100 102 94

Other 2,752 92 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.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

Figure 38. Loan-to Value by Agency

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

22.3%

40.7%

30.5%

6.5%

20.9%

41.7%

29.5%

7.9%

4.1%

9.9%

20.5%

65.5%

4.0%

10.8%

18.2%

67.0%

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

10.3 Debt-to-Income (DTI)

Table 19. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 217,686 27 34 42 48 51 41

Fannie 72,390 25 32 39 45 49 38

Freddie 67,646 25 33 41 46 49 39

Ginnie 77,650 33 39 46 52 56 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 43,203 25 33 41 47 51 40

Fannie 12,917 23 30 38 43 47 37

Freddie 11,636 24 32 41 46 49 38

Ginnie 18,650 29 36 44 50 55 43

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 260,889 27 34 42 48 51 40

Fannie 85,307 24 31 39 45 48 38

Freddie 79,282 25 33 41 46 49 39

Ginnie 96,300 32 39 46 51 55 44

Purchase DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 77,650 33 39 46 52 56 45

FHA 50,512 34 41 47 52 55 46

VA 24,402 31 38 46 52 57 45

Other 2,736 28 32 36 40 42 35

Refi DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,650 29 36 44 50 55 43

FHA 13,033 29 36 44 50 55 43

VA 5,604 29 36 44 50 55 42

Other 13 30 32 37 41 41 36

All DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 96,300 32 39 46 51 55 44

FHA 63,545 33 40 46 52 55 45

VA 30,006 31 38 45 51 56 44

Other 2,749 28 32 36 40 42 35

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number. 
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

Figure 39. Debt-to Income by Agency

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

33.1%

33.4%

33.5%

37.6%

36.0%

26.4%

18.7%

27.1%

54.1%

13.7%

27.2%

59.1%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of August 2022 – October 2022 to the three-month range of 

August 2023 – October 2023, the share of high-LTV agency loans with:

 FICO scores above 750 increased by approximately 7.2%. 

 DTIs below 35% decreased by approximately 19.3%. 

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 70.63% of its issuances between August 2023 – 

October 2023 having LTVs of 95 or above, compared to 22.92% for the GSEs. 

Table 20. Share of Loans with LTV > 95

 Ginnie Mae GSE All

Aug 2022 - Oct 2022 67.81% 21.36% 37.20%

Aug 2023 - Oct 2023 70.63% 22.92% 41.16%

Table 21. Agency Market Share by DTI and FICO for Loans with LTV > 95 (August 2022-October 2022)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.17% 3.55% 4.95% 7.81% 0.03% 18.52% 

35-45 5.83% 9.16% 10.62% 11.59% 0.03% 37.23% 

≥45 7.93% 13.02% 11.69% 10.27% 0.06% 42.96% 

NA 0.30% 0.24% 0.17% 0.16% 0.42% 1.29% 

All 16.25% 25.96% 27.43% 29.82% 0.54% 100.00%

Table 22. Agency Market Share by DTI and FICO for Loans with LTV > 95 (August 2023-October 2023)

 FICO 

DTI <650 650-700 700-750 ≥750 NA All

<35 1.68% 2.70% 3.89% 6.63% 0.05% 14.95% 

35-45 5.11% 7.86% 9.82% 12.09% 0.04% 34.93% 

≥45 7.76% 13.70% 14.22% 13.06% 0.11% 48.85% 

NA 0.28% 0.23% 0.16% 0.20% 0.40% 1.28% 

All 14.83% 24.49% 28.10% 31.98% 0.60% 100.00%

Sources: Recursion and Ginnie Mae. Data as of October 2023. 
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

10.5 Serious Delinquency Rates

Serious delinquency rates for Single-Family GSE, VA, and FHA loans all fell in Q3 2023. From Q2 2023 

to Q3 2023, Fannie and Freddie serious delinquencies both decreased by 1 bp. Ginnie Mae collateral’s 

serious delinquency rates decreased more than the GSE rate, with VA decreasing 16 bps and FHA 

decreasing 37 bps. This overall decline in serious delinquency rates is consistent with the decrease in 

the number of loans in forbearance captured in Section 11.

Figure 40. Serious Delinquency Rates: Single-Family Loans

Sources: Fannie Mae and Freddie Mac Monthly Summary Reports. MBA Delinquency Survey 

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q3 2023. 

3.24%

0.55%

0.54%

1.99%

0%

2%

4%

6%

8%

10%

12%

1Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q193Q202Q211Q224Q223Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.8% as of month-end October 2023, 

an increase from 54.4% in September 2023 and up from 53.0% in October 2022. Freddie Mac and 

Fannie Mae’s first-time homebuyer shares, 46.2% and 47.5% respectively, as of month-end October

2023, increased 6.6% and 5.8% respectively, YoY. Ginnie Mae’s first-time homebuyer share increased 

1.0% YoY. Table 23 shows that based on mortgages originated as of month-end October 2023, the 

average GSE first-time homebuyer was more likely to have a lower credit score and higher LTV. Ginnie 

Mae’s first-time homebuyers were more likely to have lower loan amounts and lower DTI ratios, while 

having higher mortgage rates than Ginnie Mae repeat buyers. 

Figure 41. First-Time Homebuyer Share: Purchase Only Loans

Table 23. 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 $ 335,033 348,008 316,436 325,523 309,553 359,150 318,693 342,452 

Credit Score 752 763 746 760 692 709 723 749 

LTV (%) 85 74 84 73 97 94 90 79 

DTI (%) 38 38 39 38 45 46 41 40 

Loan Rate (%) 6.9 7.0 6.9 7.0 6.7 6.6 6.8 6.9 

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of October 2023

46.2%

47.5%

68.9%

54.8%

25%

35%

45%

55%

65%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

In the Ginnie Mae purchase market, 76.8% of FHA loans, 51.3% of VA loans, and 83.6% of other loans 

provided financing for first-time home buyers as of month-end October 2023. The share of first-time 

home buyers in the Ginnie Mae purchase market increased MoM for FHA and VA loans, while “Other” 

loans decreased. Table 24 shows that based on mortgages originated as of month-end October 2023; 

the credit profile of the average VA first-time homebuyer differed from the average VA repeat buyer. 

The average VA first-time homebuyer took out 16.9% smaller loans, had a 23.6-point lower credit 

score, 5.1% higher LTV and had a 10 bp higher interest rate. FHA’s first-time homebuyers are much 

more like their repeat buyers, with only 3.6% smaller loans, similar interest rates, and 2.4% higher 

LTVs. Because FHA provides one of few credit options for borrowers with lower credit scores, repeat 

borrowers with weaker credit profiles are often limited to FHA financing; FHA’s repeat buyers have 

similar credit scores compared to their first-time home buyers. For VA and conventional borrowers 

alike, repeat buyers tend to have higher credit scores than first-time homebuyers.

Figure 42. First-time Homebuyer Share: Ginnie Mae Breakdown

Table 24. 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 $ $308,696 $320,235 $335,206 $403,270 $181,778 $191,356 $309,553 $359,150 

Credit Score 685 683 711 734 697 699 692 709 

LTV (%) 97% 94% 99% 94% 98% 98% 97% 94% 

DTI (%) 45% 47% 44% 45% 35% 36% 45% 46% 

Loan Rate 

(%) 6.7% 6.7% 6.6% 6.5% 6.8% 6.7% 6.7% 6.6% 

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of October 2023

Note: Loan Rate % rounded to nearest tenth of a percent, all other numbers rounded to nearest whole number. 

76.8%

51.3%

83.6%

68.9%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

10.7 Credit Box: Historical

The median FICO score for all agency loans originated as of month-end October 2023 was 737, which 

represents a 9-point increase from October 2022. Ginnie Mae median FICO scores increased 9 points

from 671 in October 2022 to 680 as of month-end October 2023. As of month-end October 2023, 

average FICO scores for refinances increased for Fannie Mae and Freddie Mac borrowers by 6 and 18

points YoY, respectively. 

Figure 43. FICO Scores for All Loans

 Figure 44. FICO Scores for Purchase Loans Figure 45. FICO Scores for Refinance Loans

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

758

763

680

737

660

680

700

720

740

760

780

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

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

November 2023

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

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

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

programs. Ginnie Mae, Fannie Mae, and Freddie Mac all saw their LTV ratios remain flat YoY from 

October 2022 to October 2023. In October 2023, median DTIs for Ginnie Mae, Freddie Mac, and 

Fannie Mae were 45.3%, 41.0%, and 39.0% respectively. In October 2022, median DTIs for Ginnie 

Mae, Freddie Mac, and Fannie Mae were 44.4%, 39.0%, and 39.0% respectively.

Figure 46. LTV Ratio for All Loans

Figure 47. DTI Ratio for All Loans

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

80.0

98.2

88.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

41.0

39.0

45.3

42.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

48.0

Freddie Median Fannie Median Ginnie Median All Median
GLOBAL MARKETS ANALYSIS REPORT

Holders of Ginnie Mae Mortgage Servicing Rights

November 2023

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

11 FORBEARANCE TRENDS

At the end of October 2023, 41,764 Ginnie Mae loans were in forbearance. The number of loans in 

forbearance removed from MBS pools in October was 192 while 41,572 loans in forbearance 

remained in pools. The number of loans in forbearance and loans in forbearance that remained in 

pools decreased MoM. The median current principal balance for Ginnie Mae, FHA, and VA was higher 

for loans in forbearance originated by nonbanks than banks in all subsets. 

Tables 25-27. Forbearance Snapshot

All Loans in Forbearance – October 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 652 4.0 $201,195 74.2 75.5 41,764

Bank 670 4.1 $135,416 83.3 85.2 6,781

Nonbank 650 4.0 $214,543 73.2 74.5 34,957

FHA 649 4.1 $192,847 77.7 77.7 33,019

Bank 669 4.2 $133,286 85.7 86.6 5,825

Nonbank 647 4.0 $206,868 76.7 76.6 27,172

VA 660 3.8 $272,096 58.5 65.1 6,670

Bank 674 3.6 $181,717 62.1 70.5 615

Nonbank 660 3.8 $281,556 58.3 64.9 6,053

Loans in Forbearance and Removed from Pools – October 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 656 4.0 $198,757 73.8 63.8 192

Bank 667 3.7 $83,895 82.3 87.0 39

Nonbank 655 4.1 $218,036 72.8 62.0 153

FHA 649 4.4 $185,202 78.1 71.4 134

Bank 649 4.3 $66,005 100.0 73.1 28

Nonbank 649 4.4 $214,135 76.8 71.3 106

VA 665 3.4 $234,377 62.1 47.3 50

Bank 677 3.2 $225,751 77.7 100.0 9

Nonbank 664 3.4 $243,203 58.8 42.3 41

Loans in Forbearance that Remain in Pools – October 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 652 4.0 $201,195 74.2 75.5 41,572

Bank 670 4.1 $135,632 83.3 85.2 6,742

Nonbank 650 4.0 $214,519 73.2 74.6 34,804

FHA 649 4.1 $192,871 77.7 77.7 32,885

Bank 669 4.2 $133,548 85.7 86.6 5,797

Nonbank 647 4.0 $206,861 76.7 76.7 27,066

VA 660 3.8 $272,249 58.5 65.2 6,620

Bank 674 3.6 $180,888 61.8 70.1 606

Nonbank 660 3.8 $281,698 58.3 65.0 6,012

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 October 2023; *Averages weighted by remaining principal balance of the loans. 
GLOBAL MARKETS ANALYSIS REPORT

Holders of Ginnie Mae Mortgage Servicing Rights

November 2023

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

The 30 largest owners of mortgage servicing rights (MSR) by UPB for loans collateralizing Ginnie Mae 

MBS is shown in Table 28. The top 30 firms collectively own 87.39% of Ginnie Mae MSRs (see 

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

are depository institutions. As of October 2023, over half (53.69%) of the Ginnie Mae MSRs are owned 

by the top six firms.

Table 28. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

MSR Holder Current Rank Year 

prior

Change UPB ($ millions) Share Cumulative 

Share

CPR CDR

Lakeview Loan Servicing 1 2 $ 304,379,455,553 13.3% 13.32% 5.40% 0.77% 

Freedom Mortgage 2 1 $290,744,627,478 12.7% 26.05% 6.43% 0.71% 

PennyMac 3 3 $266,760,351,076 11.7% 37.72% 5.31% 0.68% 

Mr. Cooper (Nationstar) 4 4 $127,538,052,036 5.6% 43.31% 4.33% 0.00% 

Newrez 5 8 $126,296,588,794 5.5% 48.84% 5.43% 0.70% 

Rocket Mortgage (Quicken Loans) 6 6 $111,009,307,125 4.9% 53.69% 7.18% 0.36% 

Carrington Mortgage 7 7 $109,303,975,263 4.8% 58.48% 6.00% 0.68% 

Wells Fargo Bank 8 5 $101,055,487,676 4.4% 62.90% 6.24% 0.51% 

Planet Home Lending 9 12 $65,192,407,103 2.9% 65.76% 4.79% 0.42% 

U.S. Bank 10 11 $55,816,740,348 2.4% 68.20% 4.70% 0.46%

United Wholesale Mortgage 11 10 $52,508,187,497 2.3% 70.50% 2.12% 0.00%

LoanDepot 12 14 $39,658,883,020 1.7% 72.23% 5.22% 0.82% 

Navy Federal Credit Union 13 15 $29,341,055,551 1.3% 73.52% 5.52% 0.38% 

Mortgage Research Center 14 13 $27,630,749,910 1.2% 74.73% 3.89% 0.00% 

M&T Bank 15 NR $27,566,424,857 1.2% 75.93% 4.74% 0.29% 

Guild Mortgage 16 17 $23,998,365,637 1.1% 76.98% 4.92% 0.37% 

The Money Source 17 18 $22,124,498,784 1.0% 77.95% 6.04% 0.62%

Crossountry Mortgage 18 20 $20,994,314,612 0.9% 78.87% 5.78% 0.87%

Truist Bank 19 19 $20,283,464,642 0.9% 79.76% 5.81% 0.83% 

Movement Mortgage 20 23 $20,131,599,708 0.9% 80.64% 4.81% 0.78% 

New American Funding 21 21 $19,871,453,297 0.9% 81.51% 5.10% 0.64%

CMG Mortgage 22 24 $19,161,640,434 0.8% 82.35% 4.84% 1.05%

AmeriHome Mortgage 23 16 $17,593,777,869 0.8% 83.12% 2.95% 0.71% 

PHH Mortgage 24 28 $17,443,086,203 0.8% 83.88% 4.60% 0.72% 

Idaho Housing and Finance 25 25 $16,652,534,570 0.7% 84.61% 3.75 0.36% 

Flagstar Bank 26 NR $14,205,097,349 0.6% 85.23% 4.38 0.25% 

Citizens Bank. 27 27 $13,997,324,284 0.6% 85.84% 4.37% 0.16% 

Village Capital & Investment 28 22 $12,970,276,450 0.6% 86.41% 9.16% 3.97%

MidFirst Bank 29 29 $12,058,619,757 0.5% 86.94% 10.23% 4.19%

Sun West Mortgage. 30 NR $10,307,578,346 0.5% 87.39% 5.13% 0.40% 

Sources: Deloitte, Recursion. Notes: Data as of October 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

November 2023

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

13 AGENCY NONBANK ORIGINATOR

Total agency nonbank origination share increased as of month-end October 2023 by approximately 

1.8% MoM. The increase in nonbank origination share was driven by an increase in both Freddie Mac 

and Fannie Mae nonbank origination share, up 5.3% MoM and 0.5% MoM, respectively. The Ginnie 

Mae nonbank share rose to 91.0% as of October 2023 and has remained consistently higher than the 

GSEs, largely driven by origination share of refinance mortgage loans. 

Figure 48. Agency Nonbank Originator Share (All, Purchase, Refi) 

 

Source: Recursion. Notes: Data as of October 2023.

82.7%

75.6%

79.5%

91.0%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

Figure 49. Nonbank Origination Share: 

Purchase Loans

Figure 50. Nonbank Origination Share: 

Refi Loans

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

November 2023

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

Ginnie Mae’s total nonbank originator share remained relatively stable as of month-end October 

2023. Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 91.0% 

in October 2023. The percentage of Ginnie Mae’s Other nonbank refinanced loans decreased to 

88.6% in October 2023. 

Figure 51. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi) 

 

Source: Recursion. Notes: Data as of October 2023.

88.6%

91.0%

92.0%

89.5%

60%

65%

70%

75%

80%

85%

90%

95%

100%

FHA VA Other All

Figure 52. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 53. Ginnie Mae Nonbank Share: 

Refi Loans

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

20%

30%

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

November 2023

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

14 BANK VS. NONBANK ORIGINATORS HISTORICAL CREDIT BOX, GINNIE MAE VS. 

GSE 

14.1.1 (FICO, LTV, DTI)

The mortgage loan originations of nonbanks continued to have a consistently lower median FICO 

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

scores decreased by 2 points from September 2023 to October 2023. The agency median FICO score 

remained at 737 in October 2023.

Figure 54. Agency FICO: Bank vs. Nonbank 

Figure 55. GSE FICO: Bank vs. Nonbank Figure 56. Ginnie Mae FICO: Bank vs. Nonbank

Source: Recursion: Notes: Data as of October 2023. 

737

753

732

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

720

730

740

750

760

770

780

All Median FICO Bank Median FICO

Nonbank Median FICO

660

670

680

690

700

710

720

All Median FICO Bank Median FICO

Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

November 2023

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

The median LTV for all GSE originators remained the same as of month-end October 2023 at 80%. 

Ginnie Mae median bank and nonbank LTV remained flat at 98.19%. Ginnie Mae median DTI 

increased to 45.6% through October 2023 in nonbank originations. 

 Figure 57. GSE LTV: Bank vs. Nonbank Figure 58. Ginnie Mae LTV: Bank vs. Nonbank

Source: Recursion. Notes: Data as of October 2023.

Figure 59. GSE DTI: Bank vs. Nonbank Figure 60. Ginnie Mae DTI: Bank vs. Nonbank

30

32

34

36

38

40

42

44

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

68

70

72

74

76

78

80

82

All Median LTV

Bank Median LTV

Nonbank Median LTV

94

96

98

100

All Median LTV

Bank Median LTV

Nonbank Median LTV
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

November 2023

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

As of month-end October 2023, the median FICO score for Ginnie Mae bank decreased by 2 points to 

687 and nonbank increased by 2 points 679. The median FICO score for all Ginnie originations 

increased 2 points to 680. The gap between banks and nonbanks is most apparent in VA lending (11-

point spread). 

Source: Recursion. Notes: Data as of October 2023.

Figure 62. Ginnie Mae FHA FICO Score: 

Bank vs. Nonbank 

Figure 61. Ginnie Mae FICO Score: 

Bank vs. Nonbank

Figure 63. Ginnie Mae VA FICO Score: 

Bank vs. Nonbank 

Figure 64. Ginnie Mae Other FICO Score: 

Bank vs. Nonbank

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

FHA All Median FICO

FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

VA All Median FICO

VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Other All Median FICO

Other Bank Median FICO

Other Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

November 2023

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

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

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

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

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

Figure 67. VA DTI: Bank vs. Nonbank Figure 68. Other DTI: Bank vs. Nonbank 

Source: Recursion. Notes: Data as of October 2023.

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

32

34

36

38

40

42

44

46

48

VA Median DTI

VA Bank Median DTI

VA Nonbank Median DTI

34

35

36

37

38

39

40

Other Median DTI

Other Bank Median DTI

Other Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

November 2023

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

15 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

Ginnie Mae Mortgage-Backed Securities are collateralized by loans that facilitate homeownership for 

low-to-moderate income (LMI) borrowers, veterans, rural borrowers, and others that traditionally 

experience challenges in their efforts to achieve homeownership or obtain housing. Ginnie Mae is 

enhancing their disclosures to provide insight into the extent that the securities they guarantee 

support meaningful environmental and social goals. The timeline below captures the efforts Ginnie 

Mae has taken to produce ESG disclosures in recent years.

15.1 Environmental, Social, and Governance: A Summary

Ginnie Mae’s guaranty of the securities provides a connection between the primary and secondary 

mortgage markets that promote access to mortgage credit throughout the Nation for residential and 

multifamily properties. The table below captures the outcomes Ginnie Mae has seen, both socially 

and environmentally, through its guaranty program.

Table 29. ESG Metrics – MBS Portfolio (October 2023)

May 2021: LMI 

“Social” Disclosures 

(% of loans in LMI 

Areas)

June 2021: Disclosures 

reveal that approximately 

$259 billion of Outstanding 

Ginnie Mae MBS 

categorized as LMI area 

loans as defined by HUD’s 

CDBG Program

November 2021: Green 

“Environmental” Status 

Disclosures Announced 

identifies Green 

properties within 

Multifamily Pools.

March 2022: Full 

implementation 

of Green Status 

Field into 

Multifamily 

Disclosures

April 2022: 

Introduction of 

Affordable Status 

Disclosure for 

Multifamily 

properties

February 

2023: LowModerate 

Income 

Borrower 

(LMIB) 

Disclosure 

Announced

September 

2023: Social 

Bond 

Program 

Introduced
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

November 2023

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

15.2 Environmental 

Table 30. UPB by ESG Status

ESG Status UPB % 

Green/Affordable 1,058,088,407 0.7%

Green/Broadly Affordable 343,904,819 0.2%

Green/Market 46,688,813,897 31.1% 

Green Total 48,090,807,123 32.0%

Affordable6 7,068,396,549 4.7%

Broadly Affordable 26,886,657,864 17.9% 

Affordable Total 35,357,047,639 23.5%

ESG Total 82,045,861,536 54.6% 

Total 150,299,630,159 100.0%

Much of Ginnie Mae’s environmental impact is made through its Multifamily programs. 

Approximately 32% of Ginnie Mae collateral are “Green”-certified, as defined by the multiple 

organizations that sponsor and maintain green building certifications, including the U.S. Green 

Building Council, Energy Star, Greenpoint, and the National Green Building Standard, just to name a 

few. Additionally, over 23% of Ginnie Mae Multifamily collateral is “Affordable” or “Broadly 

Affordable”. In total 54.6% of Ginnie Mae’s Multifamily collateral is considered ESG.

Sources: Ginnie Mae Disclosures as of October 2023, https://www.hud.gov/program_offices/housing/mfh/green 

15.3 Social 

With the introduction of Ginnie Mae’s new social disclosures, investors can now identify the number 

of underlying loans made to LMI borrowers, the percentage of LMI loan count out of total loan count, 

the unpaid principal balance (UPB) of LMI loans in the MBS, and the percentage of LMI UPB out of 

total MBS UPB. The borrower household income and address data, received from the government’s 

insuring and guarantying agencies, is compared against the appropriate Federal Financial Institution’s 

Examination Council (FFIEC) Area Median Income (AMI) database by loan origination year. If the 

borrower income is less than 80 percent of its respective AMI income value, in the associated census 

tract, their mortgage will be flagged as an LMI loan. In September 2023, Ginnie Mae launched its 

Social Bond update to its Single-Family Forward MBS program and its Social Impact and Sustainability 

Framework. These enhancements highlight the structural aspects of Ginnie Mae’s mission and 

program which drives broader access to mortgage financing, affordable homeownership, and rental 

opportunities for historically underserved communities.

6 “Affordable” and “Broadly Affordable” removes “Green/Affordable” and “Green/Broadly Affordable” from the UPB total. 

1.3% 0.4%

56.9%

8.6%

32.8%

Figure 69. Composition of Ginnie 

Mae Green Status and Affordable 

Multifamily Collateral

Green/Affordable

Green/Broadly Affordable

Green/Market

Affordable

Broadly Affordable
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

November 2023

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

15.3.1 LOW-TO-MODERATE INCOME BORROWERS

Over $294 billion of Ginnie Mae Single-Family collateral and over 1.7 million of loans outstanding 

have been issued too low to moderate income borrowers. Total ESG UPB increased by approximately 

$24 billion YoY. 

Figure 70. ESG Share of the Outstanding SF Portfolio

Source: Ginnie Mae Disclosures as of October 2023

The UPB of pools that are made up of 20% or more LMI loans make up over 9% of total pool UPB. 

These pools have slightly higher LTV’s, marginally lower FICO scores, and substantially lower loan 

sizes than pools made up of less than 20% LMI loans. The UPB of pools that are made up of less than 

20% LMI loans make up roughly 91% of total UPB.

Table 31. Percent LMI by Pool Share

Metric LMI Pool Share 

>50%

LMI Pool Share

20% - 50% LMI Share < 20% All Pools

Total UPB ($ billions) $8.1 $199.7 $2,030.8 $2,238.6

Average Original Loan Size $172,118 $190,470 $335,261 $321,758

Credit Score (Median) 674 675 679 677

DTI (Median) 40% 40% 40% 40%

LTV (Median) 97% 96% 95% 96%

Interest Rate (WA) 4.71% 4.53% 3.81% 3.88%

Source: Ginnie Mae Disclosures as of October 2023

$255

$260

$265

$270

$275

$280

$285

$290

$295

$300

12.00%

12.50%

13.00%

13.50%

14.00%

14.50%

15.00%

15.50%

16.00%

ESG UPB in Billions

Percent Share of Guarantee Portfolio

ESG UPB Pool UPB Share Loan Count Share
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

November 2023

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

15.3.2 PURCHASE AND REFINANCE ORIGINATION BY INCOME BRACKET

Over 18% of all purchase and refinance loan originations guaranteed by Ginnie Mae are to households 

with income less than $50,000 compared to 10.7% of the Government Sponsored Entities (GSE’s) 

Single-Family guarantee portfolio. Additionally, over 68% of these loan originations guaranteed by 

Ginnie Mae are to households with income less than $100,000 compared to 47.3% at the GSE’s.

Figure 71. Income Distribution of Homebuyers Served Under Ginnie Mae Program

Source: Home Mortgage Disclosure Act (HMDA) data as of 2022

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

<5

10-1520-2530-3540-4550-5560-6570-7580-8590-95

100-105110-115120-125130-135140-145150-155160-165170-175180-185190-195200-205210-215220-225230-235240-245

>250

% of Homebuyers

Income in Thousands

All Households Ginnie Mae Borrowers Conventional Loan Borrowers
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

November 2023

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

U.S. HOUSING MARKET

16 HOUSING AFFORDABILITY

16.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions in Q2 2023. Notably, the East North Central, Middle Atlantic, and 

New England regions all saw over a 2% increase QoQ. The East South Central and Mountain regions 

saw the smallest QoQ increases, 0.7% and 1.07%, respectively. The East North Central has 

appreciated more than any other region over the past four quarters appreciating by 5.40%.

Figure 72. Regional HPI Trend Analysis Q/Q

Figure 73. FHFA U.S. Census Subregions as defined by the U.S. Census Bureau

Source: HPI data from FHFA and is seasonally adjusted. U.S. Census Subregions as defined by the U.S. Census Bureau. 

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

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

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

November 2023

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

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

As of month-end October 2023, inflation was 3.2%, decreasing from 3.7% in the month prior. 

Nationally, rents are down 0.3% YoY as of month-end October 2023. The MoM change in rents from 

September 2023 to October 2023 decreased by 1.6%. Wage growth saw no change from 5.2% in 

September 2023 to 5.2% as of month-end October 2023. Month-end August 2023 reporting data 

shows YoY home price appreciation increased by 2.6% from a 1.0% YoY change in July 2023. 

Figure 74. Inflation | 12-Month Percent Change in CPI

Figure 75. Asset Price Appreciation vs. Wage Increases

Sources: Bureau of Labor Statistics – Consumer Price Index; Federal Reserve Bank of Atlanta, Research and Data - Wage-Growth Data; Rent.com 

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

3.2%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

3.2%

5.2%

2.6%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic 

General 

Inflation 3.2% 

Home Price 

Appreciation 

(YoY)

2.6% 

Rental Price

Appreciation 

(Median 

Rent Change 

YoY) 

-0.3 % 

Wage 

Growth 5.2% 
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

November 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

Home affordability remains low, as the ratio of the average price of sold homes to median incomes 

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

median income ratio exceeds the ratio observed during the housing bubble (6.4:1). With declining

home price appreciation, and home prices even dropping in some regions in the country, this ratio 

may drop back down to historically normal levels.

Figure 76. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

November 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 61

16.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Reserve maintained the Federal Funds target range on November 1, 2023, at a range of

5.25% and 5.50% per the FOMC7

. As of November 16, 2023, the average 30-year and 15-year fixed 

rate mortgage rates were 7.44% and 6.76%, respectively. The average 30-year fixed rate mortgage 

rate decreased 13 bps and the average 15-year fixed rate mortgage rate decreased 13 bps MoM from 

October 12, 2023.

Figure 77. Average Fixed Rate Mortgage Rates

Sources: FRED data as of November 2023 

7

Federal Reserve Board - Federal Reserve issues FOMC statement

7.44%

6.76%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

November 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 62

16.3 Housing Inventory

As of October 2023, there was 7.8 months of housing inventory on the market, an increase of 0.6 

months from 7.2 months in September 2023. As housing affordability continues to remain low (See 

above Section 16.2) 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 79, increased in 2022; 

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

completions remained relatively stable. 

Figure 78. Single-Family Housing Inventory

Figure 79. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED. Figure 78: data as of October 2023. New Residential Construction, U.S. Census Bureau. Figure 79: data as of December 2022. 

7.8

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

in thousands

Number of Starts Number of Completions Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

November 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 63

16.4 Size and Value of the U.S. Housing Market

The total value of the Single-Family housing market increased to $44.4 trillion in Q2 2023. The total 

value of the US housing market is up 133% from its trough in 2011. From Q2 2022 to Q2 2023

mortgage debt outstanding increased from $12.1 trillion to $12.8 trillion and household equity 

increased from $31.1 trillion to $31.6 trillion. At $9.0 trillion in Q2 2023, Agency Single-Family MBS 

continues to account for a growing percentage of the total mortgage debt outstanding, up to 65% of 

total mortgage debt from just 52% in 2011. 

Figure 80. Value of the U.S. Housing Market

Figure 81. Size of the U.S. Residential Mortgage Market

Source: Federal Reserve Flow of Funds Data as of Q2 2023. 

12.8

31.6

44.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

$ Trillions

Debt Household Equity Total Value

0.5

9.0

3.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0 $ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

November 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 64

17 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

31, 2023. 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.”