January 2023
JANUARY 2023

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

Table of Contents

Inside this Month’s Global Market Analysis Report 1

Highlights 2

1 US AGGREGATE AND GLOBAL INDICES 5

1.1 Bloomberg US Aggregate and Global Indices 5

2 Sovereign Debt Product Performance Comparisons 6

2.1 Global 10-Year Treasury Yields (Unhedged) 6

2.2 US Treasury Hedged Yields 7

SECONDARY MORTGAGE MARKET 8

3 Fixed Income Product Performance Comparisons 8

3.1 Ginnie Mae Yields – USD 8

3.2 Ginnie Mae Hedged Yields 9

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 10

3.4 Global Treasury Yield Per Duration 11

4 Prepayments 12

4.1 Aggregate Prepayments (CPR) 12

4.2 Involuntary Prepayments (CDR) 13

4.3 Voluntary Prepayment Rates (CRR) 14

5 Single-Family MBS Pass-Through Issuance 15

5.1 Gross Issuance of Agency MBS 15

5.2 Net Issuance of Agency MBS 17

5.3 Monthly Issuance Breakdown 19

5.4 Percent Refi at Issuance – Single-Family 20

6 Agency Single-Family MBS Outstanding 21

6.1 Outstanding Single-Family Agency MBS 21

6.2 Origination Volume and Share Over Time 22

6.3 Agency Issuance and Agency Outstanding by State 23

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 24

7 Agency REMIC Securities 25

7.1 Monthly REMIC Demand for Ginnie Mae MBS 25

7.2 REMIC Market Snapshot 26

8 MBS Ownership 27

8.1 Commercial Bank Holdings of Agency MBS 27

8.2 Bank and Thrift Residential MBS Holdings 28

8.3 Foreign Ownership of MBS 30
JANUARY 2023

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

8.4 Foreign Ownership of Agency Debt and Agency MBS 31

9 Fixed Income Liquidity Indicators 32

PRIMARY MORTGAGE MARKET 33

10 Agency Credit Breakdown 33

10.1 Credit Scores 33

10.2 Loan-to-Value (LTV) 35

10.3 Debt-to-Income (DTI) 37

10.4 High LTV Loans: Ginnie Mae vs. GSEs 39

10.5 Serious Delinquency Rates 40

10.6 Credit Box 41

10.7 Credit Box: Historical 43

11 Forbearance Trends 45

12 Holders of Ginnie Mae Mortgage Servicing Rights 46

13 Agency Nonbank Originators 47

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

13.1.1 (FICO, LTV, DTI) 49

U.S. HOUSING MARKET 53

14 Housing Affordability 53

14.1 Housing Affordability – Home Price Appreciation 53

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

Rent 54

14.2.1 Housing Affordability – Mortgage Rate Trends 56

14.3 Housing Inventory 57

14.4 Size and Value of the US Housing Market 58

15 Disclosure 59
JANUARY 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 sought the opinions of market participants from the Mortgage

Bankers Association (MBA), Brean Capital, and Amherst Pierpont Securities to provide a forecast for 

the Ginnie Mae MBS market in 2023.

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

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

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

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

REMIC deals.

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

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

homebuyers.

• The U.S. Housing Market section now includes home price indexes for each of the U.S. 

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

rates this month, particularly in the rental housing market, as well as home prices beginning

to decline nationally. However, inflation and mortgage rates continue to outpace wage

growth. This section also now includes an analysis of the average price of homes sold to

median income. Overall, housing affordability remains historically low as the average price of

homes sold to median income ratio remains high.
JANUARY 2023

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

Highlights

In December 2022, total issuance for Ginnie Mae mortgage-backed securities (MBS) was $31.14

billion. Ginnie Mae’s MBS portfolio outstanding increased to $2.280 trillion in December 2022. 

This represents $19 billion of net growth as well as the new record end-of-year balance. However,

many market participants expect a continued decrease in agency MBS gross issuance in 2023 and

anticipate that most mortgage loan origination volume will also continue to shift from refinance

to purchase as we move through 2023. Figure 1 provides a breakdown of the 2021 mortgage loan

origination market as well the Mortgage Bankers Association’s (MBA) estimates of the origination

market for the end of 2022 through 2025.

1 The 2023 estimated purchase mortgage origination

volume is $1.439 trillion.

Figure 1. MBA Mortgage Finance Forecast

The Global Market Analysis Report sought the opinions of market participants, including

Mortgage Bankers Association’s (MBA’s) Michael Fratantoni; Brean Capital’s Scott Buchta, and

Amherst Pierpont Securities’ Brian Landy to provide their outlook for the Ginnie Mae MBS market

in 2023. Michael Fratantoni is MBA's Chief Economist and Senior Vice President of Research and

Industry Technology. Scott Buchta is Brean Capital’s Head of Fixed Income Strategy. Brian Landy

is a Managing Director at Amherst Pierpont Securities.

Mr. Fratantoni: “We are expecting a recession in the first half of 2023, which will result in the

unemployment rate increasing from 3.5% as of December 2022 to over 5% by the end of 2023.

The Federal Reserve will continue to increase short-term rates to fight inflation, and will 

ultimately be successful, but it will be early 2024 before inflation reaches their 2% target.

Although short-term rates will continue to increase as the Fed pushes them up, we are

forecasting that long-term rates have already peaked. We expect that 30-year mortgage rates

will end 2023 at 5.2%.

1 https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-jan-2023.pdf?sfvrsn=11688583_1

0

400

800

1200

1600

2000

2400

2800

2021 Actual 2022 Estimated 2023 Estimated 2024 Estimated 2025 Estimated

$ in Billions

Purchase Refinance FHA Originations
JANUARY 2023

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

We characterize the path for national home prices as “flat,”, but we are forecasting several 

quarters of year over year declines in the level of national home prices in 2023, while we expect

to see some pretty significant declines in the West and Mountain regions of the country.

Mortgage origination volume is likely to drop about 15% in 2023 compared to 2022 to about $1.9

trillion. Incoming application activity remains quite low even though mortgage rates have

dropped more than a percentage point recently after peaking above 7% in late 2022. Refinance

volume will be less than $500 billion in 2023, indicating that voluntary prepayment rates will

remain quite low.

Delinquencies and foreclosures were at or near record lows at the end of 2022, but we do expect 

them to increase next year as the unemployment rate rises, so involuntary prepayment speeds

are likely to increase this year. Mortgage industry employment has declined, but we expect it

will decrease further in 2023 for a cumulative 30% or more drop from its peak in 2021 to a trough

in 2023.”

Mr. Buchta: “In our outlook for 2023 we remain fairly constructive on the mortgage basis.

Spreads should continue to tighten as the Fed begins to moderate, and potentially end, the pace

of interest rate increases. This should allow volatility to decline, which should prove to be

beneficial to mortgages as a whole. Bank demand is expected to increase moderately in 2023,

with the bid for GNMAs potentially coming back first in terms of both CMOs and Pools as these

investors look to add bonds with 0% risk weightings. Prepayment fears have shifted from call risk

to extension risk in the blink of an eye, as the vast majority of borrowers (85%+) have been moved

at least 100bps out of the money.

In the discount coupons, we expect to see prepayment speeds fall back to their mid-1990s lows

as both “lock in” and “lock out” have a significant impact on housing turnover rates. While the

recent rally has brought some borrowers back into the refinancing window, they represent less

than 2% of all GNMA loans and we believe that we will need to see an additional 100bp drop in

rates before we begin to see a significant increase in refinancing activity.”

Mr. Landy: “Ginnie Mae MBS should outperform conventional MBS in 2023 due to continuing

steady bank demand. Good bank demand last year lifted returns on Ginnie Mae MBS above

conventional MBS across most 30-year pass-through coupons. And the factors driving that

demand are still in place.

Banks started leaning into Ginnie Mae MBS last year to offset mark-to-market losses in their 

available-for-sale securities portfolios and to offset the capital impact of strong loan demand.

The losses on securities cut into tangible capital, and loans carry a 100% risk weight. However, 

banks can improve capital ratios by holding Ginnie Mae securities that carry a 0% risk-weight.

Loan growth, other than for residential mortgages, should continue in 2023 and banks should

continue to lean towards Ginnie Mae securities. This should continue to support Ginnie Mae

returns in 2023, especially in production coupons. Despite the demand, higher coupon Ginnie
JANUARY 2023

______________________________________________________________________________

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

MBS starts the year offering better relative value than conventional MBS in 4.5% and higher

coupons, with higher yields, OASs, and 1-year total returns across a wide range of interest rate

scenarios.

Ginnie Mae MBS should also benefit from extension protection compared to conventional MBS, 

as FHA and VA borrowers tend to move more often and may be more likely to do a cash-out 

refinance despite higher mortgage rates. And MBS trading below par should not be very sensitive

to a reduction in FHA insurance premiums, which seems likely to happen this year.

There are some headwinds facing production coupons, although bank demand is likely to remain

strong despite the risks. The FHA seems likely to lower FHA insurance premiums, which raises the

refinance risk on recently originated loans. But any reduction is likely to be smaller than the last

cut in 2015, moderating the effect on valuations. And recently issued pools may offer less

extension protection than more seasoned pools if borrowers start to use FHA loan assumptions,

which are more attractive when home prices are flat or even drop slightly.”

The featured commentators provided responses to our request for comment on the outlook for

Ginnie Mae MBS in 2023 during the week of January 17th, 2023. Ginnie Mae would like to thank

Mr. Fratantoni, Mr. Buchta, and Mr. Landy for their perspectives on the outlook for the 2023

Ginnie Mae MBS market.
January 2023

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 2. Bloomberg US Aggregate Index.

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

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

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

index components were no larger than 1%.

Figure 3. Bloomberg Global Aggregate Index by Country.

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

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

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

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

larger than 1%.

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

41%

28%

14%

8%

2%

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

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

41%

12% 5% 9%

4%

4%

4%

3%

2%

2%

14%

United States - 41%

Japan - 12%

China - 9%

France - 5%

United Kingdom - 4%

Germany - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 2%

Other - 14%
JANUARY 2023

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The US 10-year Treasury yield moved to 3.88% at month-end December 2022, a MoM increase of 27

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

the figure below behind Italian Treasury yields.

The yield on the UK 10-year notes increased to 3.66% at month-end December, a MoM increase

of 50 bps.

The yield on the German 10-year notes increased to 2.57% at month-end December, a MoM 

increase of 64 bps.

The yield on the Italian 10-year note increased to 4.70% at month-end December, a MoM 

increase of 83 bps.

The yield on the Japanese 10-year notes increased to 0.41% at month-end December, a MoM 

increase of 16 bps.

Figure 4. Global 10-Year Treasury Yields.

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

3.88%

3.66%

2.57%

4.70%

0.41%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0% % Yield

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

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

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY decreased MoM 2 bps to 2.15% at month-end

December.

The hedged yield for the 10-year Treasury EUR decreased MoM 1 bp to 1.24% at month-end

December.

Figure 5. 7–10yr Total Return Hedged Index, JPY.

Figure 6. 7–10yr Total Return Hedged, EUR.

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

215.45

200

210

220

230

240

250

260

270

280

123.83

120

130

140

150

160

170
JANUARY 2023

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae fixed rate MBS yields increased MoM in December 2022. Ginnie Mae II yields were at

5.72% at month-end October, decreased 69 bps to 5.03% in November, and have now increased 28

bps to 5.31%. Ginnie Mae I yields were at 5.64% at month-end October, decreased 65 bps to 4.99%

in November, and have now increased 23 bps to 5.22%. Ginnie Mae II spreads over the US 10-year

Treasury yield, just 36 bps at month-end December 2021, increased 107 bps to 143 bps over the US

10-year Treasury yield at month-end December 2022. The yields on the Ginnie Mae I were 135 bps

higher than the US 10-year Treasury yield at month-end December, a decrease in spread of 4 bps

MoM but an increase of 77 bps YoY.

Figure 8. Ginnie Mae I SF Yield, USD

Figure 7. Ginnie Mae II SF Yield, USD

Sources Bloomberg. Note: Data as of December 2022 

5.31%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

% Yield

5.22%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

% Yield
JANUARY 2023

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

3.2 Ginnie Mae Hedged Yields

The yield for the Ginnie Mae II, hedged in the Japanese Yen stood at 3.59% at month-end 

December, a 2 bps decrease MoM. The yield for the Ginnie Mae II, hedged in the Euro, stood 

at 2.67% at month-end December, a 1 bps decrease MoM.

The yield for the Ginnie Mae I, hedged in the Japanese Yen, stood at 3.50% at month-end 

December, a 7 bps decrease MoM. The yield for the Ginnie Mae I, hedged in the Euro, stood 

at 2.58% at month-end December, a 6 bps decrease MoM.

Figure 9. Ginnie Mae I and II Hedged, JPY.

Figure 10. Ginnie Mae I and II Hedged, EUR.

Source: Bloomberg. Note: Data as of December 2022

3.59%

3.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22

Percent Yield

GN II Hedged JPY GN I Hedged JPY

2.67%

2.58%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22

Percent Yield

GN II Hedged EUR GN I Hedged EUR
JANUARY 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS decreased 7 bps to

0.51% at month-end December. The Ginnie Mae II 30-year OAS increased 4 bps MoM. The US 

Intermediate credit OAS decreased 2 bps MoM.

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

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

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

0.52%

1.03%

-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

0.51%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
JANUARY 2023

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

3.4 Global Treasury Yield Per Duration

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

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

Particularly for GNMA II securities, increases in duration have been observed relative to the month

prior.

Figure 13. Yield vs. Duration

Security Duration Yield

US 5y 4.49 3.74

US 10y 8.07 3.82

JPY 5y 4.68 0.24

JPY 10y 9.50 0.50

GER 5y 4.54 2.51

GER 10y 8.68 2.49

ITA 5y 4.47 3.93

ITA 10y 8.37 4.62

UK 5y 4.34 3.61

UK 10y 7.77 3.66

GNMA II 2% 7.09 3.98

GNMA II 2.5% 6.85 4.11

GNMA II 3% 6.70 4.26

GNMA II 3.5% 6.09 4.47

GNMA II 4% 5.91 4.55

-

GNMA II 4.5% 5.52 4.70

GNMA II 5% 4.83 4.91

GNMA II 5.5% 3.84 5.13

GNMA II 6% 2.88 5.22

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

US 5y US 10y

JPY 5y

JPY 10y

GER 5y GER 10y

ITA 5y

ITA 10y

UK 5y UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5% GNMA II 6%

1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

-3.00 2.00 7.00 12.00 Yield

Duration
JANUARY 2023

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in December by 5.6% MoM, while

Fannie Mae and Freddie Mac CPRs decreased 4.6% and 3.0%, respectively. ARM prepayments have

increased for GSEs for the first time since August 2022 and dropped for Ginnie Mae for the second 

straight month, due to decreased refinance activity in the current higher interest rate environment.

Figure 14. Fixed Rate Aggregate 1-Month CPR.

Figure 15. ARM Aggregate 1-Month CPR.

 Source: Recursion. Note: Data as of December 2022. 

4.7

4.4

5.6

0

10

20

30

40

50

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

CPR (%)

Fannie Mae Freddie Mac Ginnie Mae

6.3

10.1

12.1

0

10

20

30

40

50

60

70

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

CPR (%)

Fannie Mae Freddie Mac Ginnie Mae
JANUARY 2023

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

4.2 Involuntary Prepayments (CDR)

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

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

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

below Ginnie Mae in December 2022 after slightly overtaking Ginnie Mae in September 2022. 

Figure 16. Fixed Rate Aggregate CDR.

Figure 17. ARM Aggregate CDR.

Source: Recursion. Note: Data as of December 2022.

0.3

0.2

0.6

0

5

10

15

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

CDR (%)

Fannie Mae Freddie Mac Ginnie Mae

0.2

0.3

0.8

0

10

20

30

40

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

CDR (%)

Fannie Mae Freddie Mac Ginnie Mae
JANUARY 2023

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

4.3 Voluntary Prepayment Rates (CRR)

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

GSEs. In the environment of increasing interest rates and higher prices (See Section 14.2.1), voluntary

prepayments are facing downward trendsfor both Ginnie Mae and the GSEs. Fannie Mae and Freddie

Mac saw decreases of 4.5% MoM and 3.2% MoM in fixed rate aggregate CRR, respectively. Freddie

Mac saw a 28.3% MoM increase and Fannie Mae saw a 5.7% MoM increase in ARM aggregate CRR.

Ginnie Mae decreased 6.5% MoM in fixed rate aggregate CRR and saw a 3.9% MoM increase in ARM

aggregate CRR.

Figure 18. Fixed Rate Aggregate CRR.

Figure 19. ARM Aggregate CRR.

Source: Recursion. Note: Data as of December 2022.

4.4

4.2

5.0

0

10

20

30

40

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

CRR (%)

Fannie Mae Freddie Mac Ginnie Mae

5.6

11.8

9.9

0

10

20

30

40

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

Dec-22

CRR (%)

Fannie Mae Freddie Mac Ginnie Mae
JANUARY 2023

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance decreased MoM by 3.43%. Fannie Mae and Ginnie Mae saw decreases in

gross issuance as compared to November., while Freddie Mac saw an increase.

Table 1. Agency Gross Issuance ($ in billions).

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

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

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

2022 Annualized $628.3 $551.6 $1,179.9 $512.2 $1,692.2

Figure 20. Agency Gross Issuance

*2022 values now include month-end data to close out the entire year.

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.

$628

$552

$512

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$ in

Billions

Fannie Mae Freddie Mac Ginnie Mae
JANUARY 2023

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

Ginnie Mae’s $28.8 billion in gross issuance in December was approximately 59% below the average

monthly issuance for 2021. In 2022, Ginnie Mae had a lower gross issuance by approximately $328.6 

billion than in 2021.

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 YTD $275.8 $221.7 $14.8 $512.3

2022 Annualized $275.8 $221.7 $14.8 $512.3

Figure 21. Ginnie Mae Gross Issuance

*2022 values now include month-end data to close out the entire year.

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.

$276

$222

$15 $0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
JANUARY 2023

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

5.2 Net Issuance of Agency MBS

Agency net issuance in December was approximately $20.8 billion, which represents a 5.9% MoM 

decrease in net issuance. Ginnie Mae net issuance was $14.0 billion in December, a 23.5% decrease

from November 2022. Since May 2022, FHA net issuance outpaces VA net issuance MoM, as shown

in Table 4 and Figure 21.

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 YTD $200.4 $161.5 $361.9 $177.4 $539.4

2022 Annualized $200.4 $161.5 $361.9 $177.4 $539.4

Figure 22. Agency Net Issuance

*2022 values now include month-end data to close out the entire year.

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. 

$200

$177

$162

-$200.00

-$100.00

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
JANUARY 2023

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

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

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 YTD $98.5 $80.7 -$1.7 $177.4

2022 Annualized $98.5 $80.7 -$1.7 $177.4

Figure 23. Ginnie Mae Net Issuance

*2022 values now include month-end data to close out the entire year.

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. 

$81

$99

-$2

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
JANUARY 2023

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

5.3 Monthly Issuance Breakdown

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

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

December 2022. Beginning with the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to

reflect the current UPB of the portfolios. July 2021 through December 2022 GMAR net issuance data reflect the UPB at security

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

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity decreased for Ginnie Mae in December. In the conventional mortgage market 

space, Fannie Mae saw a decrease of approximately 16% MoM while Freddie Mac’s refinance share

decreased 18% MoM. Ginnie Mae’s MoM decrease was approximately 16%, with the greater drop 

taking place with FHA lending which was down almost 17% in December MoM. VA’s refinance share

decreased by approximately 14%.

Freddie Mac’s refinance percentage dropped to 14% in December, down from 17% in

November.

Fannie Mae’s refinance percentage dropped to 16% in December, down from 19% in November.

Ginnie Mae’s refinance percentage dropped to 16% in December, down from 19% in November.

FHA’s refinance percentage dropped to 15% in December, down from 18% in November.

VA’s refinance percentage dropped to 18% in December, down from 21% in November.

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

Sources: Recursion. Note: Data as of December 2022. 

18%

16%

15%

14%

16%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Jun/14

Sep/14

Dec/14

Mar/15

Jun/15

Sep/15

Dec/15

Mar/16

Jun/16

Sep/16

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

Dec/22

Freddie Fannie Ginnie FHA VA
JANUARY 2023

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of December 2022, outstanding single-family MBS in the agency market totaled $8.603 trillion:

41.5% Fannie Mae, 33.7% Freddie Mac, and 24.8% Ginnie Mae MBS. Over the past twelve months,

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

4.7%, 7.4%, and 9.1%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s

and Ginnie Mae’s by approximately $679 billion and $1.4 trillion, respectively.

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

December 2017, 60.8% of Ginnie Mae outstanding collateral was FHA and 33.0% was VA. In December

2022, FHA collateral comprised 52.8% of Ginnie Mae MBS outstanding and VA collateral comprised

42.2% of Ginnie Mae MBS outstanding.

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

Figure 25. Outstanding Agency Mortgage-Backed Securities.

Sources: Recursion. Note: Data as of December 2022. 

$3,574

$2,895

$2,133

$8,603

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,129

$902

$106

0

200

400

600

800

1000

1200

1400

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

$ in Billions

 FHA VA OTHER
JANUARY 2023

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

6.2 Origination Volume and Share Over Time

Origination volume continued to decline in Q3 2022, with $505 billion in originations in Q3, which 

represents a decline in issuance from Q2 2022 of approximately 22%. Ginnie Mae’s share of total 

origination increased from 17.8% to 21.6% in Q3 2022, while Portfolio origination decreased from 

30.8% to 26.4% in Q3 2022. 

Figure 27. First Lien Origination Volume

Figure 28. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q3 2022.

$0.25

$0.11

$0.01

$0.13

$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

49.6%

21.6%

2.3%

26.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
JANUARY 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 29% of new agency issuance over the past year. The share

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

in Alaska (51%) and the lowest in the District of Columbia (18%). The highest Ginnie Mae outstanding

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

a 4% difference between Ginnie Mae’s share of new agency issuance and Ginnie Mae’s share of

agency outstanding. 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

29% 2,337,475 277.55 285.13 25% 10,667,392 204.37 211.00

AK 51% 7,862 331.27 296.59 48% 37,403 261.87 221.64

AL 43% 51,282 220.20 234.55 40% 235,385 156.67 177.78

AR 39% 27,331 188.88 217.65 39% 136,358 132.09 160.95

AZ 27% 69,991 309.85 315.96 24% 271,362 218.48 225.84

CA 23% 159,314 436.08 428.56 16% 679,643 326.99 320.97

CO 28% 52,568 393.41 377.39 23% 212,509 291.22 277.54

CT 29% 22,192 261.11 276.10 25% 105,407 202.27 209.83

DC 18% 1,859 492.31 428.28 13% 8,864 381.66 350.85

DE 33% 11,432 265.41 288.50 31% 51,524 204.03 211.57

FL 33% 206,197 288.63 290.10 31% 843,193 211.29 211.30

GA 36% 119,808 250.23 283.18 33% 494,713 179.45 206.82

HI 39% 7,216 610.14 487.60 32% 33,345 469.28 358.62

IA 27% 16,301 180.62 195.22 22% 82,158 133.84 148.75

ID 26% 13,791 329.26 317.55 23% 63,323 217.56 222.90

IL 26% 78,959 208.61 241.62 22% 364,513 159.92 179.68

IN 32% 59,447 188.41 206.76 30% 277,404 133.89 151.03

KS 31% 18,896 191.96 219.96 29% 95,870 139.91 164.03

KY 37% 35,489 196.01 212.25 34% 164,241 143.51 156.10

LA 45% 43,654 204.41 234.61 40% 199,716 157.71 177.80

MA 23% 25,731 370.33 364.01 16% 112,938 284.59 269.38

MD 39% 64,854 334.76 324.39 33% 290,588 265.28 250.10

ME 29% 8,083 242.06 264.08 26% 37,709 177.70 191.97

MI 23% 57,600 184.85 212.15 20% 273,904 133.72 157.21

MN 20% 30,328 245.51 271.54 18% 158,983 182.32 198.91

MO 32% 49,943 195.97 217.21 29% 243,309 141.96 162.28

MS 50% 25,536 199.43 214.75 47% 121,755 143.33 161.44

MT 25% 6,351 303.05 307.63 23% 32,239 208.82 216.57

NC 31% 93,391 246.27 279.77 29% 411,378 175.34 202.19

ND 31% 3,735 242.48 239.97 24% 17,023 193.33 184.96

NE 29% 12,050 215.26 218.84 26% 64,643 149.09 161.30

NH 25% 7,811 305.69 299.99 22% 38,088 226.40 215.34

NJ 26% 53,021 313.04 330.98 21% 230,359 240.30 255.05

NM 39% 18,641 237.28 247.67 38% 94,680 166.54 178.48

NV 32% 33,196 336.30 325.30 30% 131,918 247.58 235.46

NY 23% 54,857 299.87 339.30 20% 305,418 208.99 248.82

OH 31% 84,688 181.40 200.49 29% 420,922 130.22 149.45

OK 41% 36,421 199.84 219.95 42% 188,197 140.99 162.57

OR 22% 24,096 346.80 353.38 19% 109,926 253.87 253.81

PA 26% 70,526 200.07 244.41 25% 386,427 148.98 182.43

RI 36% 8,050 316.45 294.30 30% 35,379 234.16 213.58

SC 37% 57,498 248.09 257.76 34% 233,107 182.97 192.30

SD 32% 5,768 240.95 241.02 29% 29,182 173.11 178.07

TN 31% 60,499 253.87 275.51 31% 268,352 175.16 204.41

TX 30% 225,673 259.53 293.72 31% 1,083,416 181.88 212.54

UT 21% 22,431 368.71 371.42 18% 94,796 259.58 263.86

VA 41% 96,053 327.78 317.05 36% 444,388 256.90 250.72

VI 22% 136 374.22 407.25 23% 792 248.81 302.32

VT 21% 2,264 237.92 260.84 18% 12,042 181.48 181.02

WA 26% 51,143 391.67 392.84 21% 231,200 284.65 289.70

WI 21% 25,281 208.83 225.57 17% 123,145 156.75 163.82

WV 46% 12,608 193.35 195.29 43% 59,278 144.19 145.76

WY 37% 5,623 263.95 266.11 34% 24,980 206.37 202.22

Source: Recursion. Note: Outstanding balance is based on loan balance as of December 2022. Ginnie Mae issuance is based on the last 12 months,

from November 2021 to December 2022. Values above are based on loan level disclosure data, thus excluding loan balances for the first 6 months

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

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

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

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

increased slightly from 3.07% in November 2022 to 3.10% in December. With 30-year fixed mortgage

rates for certain credit profiles over 6.0% in December, this increase in WAC is likely to continue. 

Figure 30 illustrates that loans originated since 2019 account for 78% of Ginnie Mae MBS collateral 

outstanding.

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

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

Sources: Recursion. Note: December 2022 data points reflect the current composition of balances by coupon and vintage; factor

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

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%

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

Dec/22

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%

Dec/14

Mar/15

Jun/15

Sep/15

Dec/15

Mar/16

Jun/16

Sep/16

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

Dec/22

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

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In December 2022, $7.5 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage

Investment Conduits (REMICs) as underlying collateral. Of that, approximately $495.0 million were

multifamily MBS having coupons between 3.51% and 4.0%. $6.4 billion were single family MBS with

99% of the single family MBS having coupons over 4.0%.

As of December, in 2022, approximately $105.3 billion of Ginnie Mae single family and multifamily

MBS were securitized into Ginnie Mae REMIC transactions. This represents a roughly 46.2% decrease 

over the same period in 2021 ($195.8 billion).

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

Table 7. December 2022 REMIC Collateral Coupon Distribution

Source: Ginnie Mae Disclosure Files

2

Totals may not sum due to rounding.

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4 $8.8

$6.0 $8.0

$5.9 $3.4

$7.5

$0

$5

$10

$15

$20

$25

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

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

REMIC Deals ($MM)2

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

<2.01 15.7 3.1%

3.51-4.00 495.0 96.9%

Subtotal 510.7 100%

Single-Family

<2.01 78.7 1.0%

3.51-4.00 6.8 0.0%

4.01-4.50 623.4 10.0%

4.51-5.00 82.2 1.0%

5.01-5.50 778.8 12.0%

5.51-6.00 2,475.0 38.0%

6.01-6.50 2,428.7 38.0%

Subtotal 6,473.5 100.0%

Grand Total 6,984.2 100.0%
JANUARY 2023

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

7.2 REMIC Market Snapshot

In December 2022, Ginnie Mae's Single-Family REMIC collateral WAC increased MoM by 31 bps which

is the second consecutive month of an increase in rates. Additionally, Freddie Mac's Single-Family 

REMIC collateral WAC increased by 9 bps MoM while Fannie Mae's Single-Family REMIC collateral 

WAC decreased by 84 bps MoM.

 In December 2022, Ginnie Mae REMIC issuance volume was $8.9 billion, the eighth

consecutive month of REMIC issuance volume below $10.0 billion.

 Ginnie Mae guaranteed one HREMIC transaction in December 2022. This is the third month

in 2022 in which Ginnie Mae guaranteed one HREMIC transaction. In 2021, there were five

months where Ginnie Mae guaranteed one HREMIC transaction.

Figure 32. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF

REMIC

Issuance

Volume

($B)

% of SF

REMIC

Issuance

Volume

Number of

SF REMIC

Transactions

MF REMIC

Issuance

Volume ($B)

% of MF

REMIC

Issuance

Volume

Number of

MF REMIC

Transactions

Ginnie Mae 7.1 92.0 10 0.9 20.3 7

Freddie Mac 0.4 5.4 6 3.6 79.7 6

Fannie Mae 0.2 2.5 2 0.0 0.0 0

Total $7.8 100% 18 $4.1 100% 13

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

0.9

3.6

0.0

7.1

0.4

0.2

December

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
JANUARY 2023

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

8 MBS OWNERSHIP

As of Q3 2022, the largest holders of agency debt (agency MBS + agency notes and bonds) included

commercial banks (23%), the Federal Reserve (23%), and foreign investors (11%). The Federal

Reserve’s share decreased slightly to 23% in the third quarter of 2022 from 24% in the second quarter. 

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

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

by the top 25 domestic banks.

Figure 33. Who Owns Total Agency Debt?

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

governments, households and nonprofits. Data as of Q3 2022.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 14-Dec 21-Dec 28-Dec 4-Jan

Largest 25 

Domestic Banks

2,163.9 2,143.9 2,122.4 2,117.0 2,115.5 2,096.8 2,067.6 2,052.0 2,062.5 2,059.3 2,050.8 2,029.7

Small Domestic 

Banks

736.1 730.8 735.8 731.8 738.3 712.4 692.2 690.9 692.9 690.9 693.1 676.9

Foreign Related 

Banks

34.2 36.5 36.5 38.0 35.1 37.4 35.9 39.3 37.0 36.2 36.3 35.2

Total, Seasonally 

Adjusted

2,934.2 2,911.2 2,894.7 2,886.8 2,888.9 2,846.6 2,795.7 2,782.2 2,792.4 2,786.4 2,780.2 2,741.8

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

top 25. Data as of December 2022. 

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
JANUARY 2023

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

8.2 Bank and Thrift Residential MBS Holdings

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

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

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

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

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

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

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

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

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

Institution Total GSE PT GNMA PT Agency 

CMO 

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

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

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

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

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

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

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

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

8 PNC Bank, National

Association

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

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

10 CAPITAL ONE FINANCIAL 

CORPORATION

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

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

12 BANK OF NEW YORK 

MELLON CORP

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

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

14 State Street Bank and Trust 

Company

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

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

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

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

18 Citizens Bank, National

Association

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

19 HSBC Bank USA, National $9,532.50 $5,917.30 $1.00 

Association

$22,123.40 $6,672.60 0.9%

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

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

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

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

8.3 Foreign Ownership of MBS

For the month of November 2022, foreign ownership of MBS represents $1.19 trillion in agency MBS,

up approximately $33 billion from October 2022. Total foreign ownership includes $565 billion held

by foreign private institutions and $621 billion held by foreign official institutions. The pre-Covid peak

of approximately 17.5% has now fallen to 13.86% in November of 2022.

Figure 34. Foreign Share of Agency MBS Market

Figure 35. Monthly Foreign MBS Holdings

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

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

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

portion held by foreign official. Data as of November 2022.

13.86%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

Percent of A

gency

M

B

S

O

wned

b

y F

oreigners

Foreign Share of MBS

621

565

1,186

0

200

400

600

800

1,000

1,200

1,400

$ Billions

Foreign Official MBS Foreign Private MBS Total Agency MBS Held by Foreigners
JANUARY 2023

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

Outside of the US, China, Japan, and Taiwan were the nations with the largest holdings agency MBS. 

As of September 2022, these three own 59% of all US MBS held by investors outside of the United

States. Between June 2021 and June 2022, Japan and Taiwan have decreased their agency MBS

holdings while China’s holdings have increased. Japan’s holdings have decreased by $59.1 billion,

Taiwan’s holdings have decreased by $27.3 billion, and China’s holdings have increased by $26.4

billion.

Table 12. All Agency Debt

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

12/1/2021 3/1/2022 6/1/2022 9/1/2022 Q4 

2021 Q1 2022 Q2 2022 Q3 2022

China 202,659 219,553 244,266 241,462 -12,397 16,894 24,713 -2,804

Japan 301,979 259,844 252,455 232,764 -8,293 -42,135 -7,389 -19,691

Taiwan 244,375 233,340 222,670 209,453 -2,512 -11,035 -10,670 -13,217

Canada 77,979 73,475 75,998 89,083 2,305 -4,504 2,523 13,085

United Kingdom 72,486 47,582 65,393 55,677 29,251 -24,904 17,811 -9,716

Luxembourg 34,288 33,130 42,207 38,341 1,173 -1,158 9,077 -3,866

South Korea 42,051 40,362 37,934 35,643 -970 -1,689 -2,428 -2,291

Cayman Islands 35,004 31,795 33,984 34,996 -599 -3,209 2,189 1,012

Switzerland 19,770 17,261 19,634 20,126 -7,000 -2,509 2,373 492

Bermuda 23,209 21,159 19,464 18,681 -1,070 -2,050 -1,695 -783

Other 188,982 184,971 192,728 185,849 7,907 -4,011 7,757 -6,879

Total 1,242,782 1,162,472 1,206,733 1,162,075 7,795 -80,310 44,261 -44,658

Table 13. Agency MBS

Country Level of Holdings ($ Millions) 

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

China 217,858 244,266 26,408

Japan 311,576 252,455 -59,121

Taiwan 249,984 222,670 -27,314

Canada 81,353 75,998 -5,355

United Kingdom 40,857 65,393 24,536

Luxembourg 37,756 42,207 4,451

South Korea 43,433 37,934 -5,499

Cayman Islands 36,254 33,984 -2,270

Switzerland 23,813 19,634 -4,179

Bermuda 24,178 19,464 -4,714

Other 194,327 192,728 -1,599

Total 1,261,389 1,206,733 -54,656

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q3 2022. Agency MBS as of 

June 2022. Revised to include top 10 holders of agency debt listed as of September 2022.
JANUARY 2023

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume as of December 2022 was $241 billion for 2022 YTD,

which is down from $281 billion for calendar year 2021. Compared to November 2022, agency MBS 

average daily trading volume saw a 14.1% decrease MoM. In 2022, average agency MBS was at 1.28%,

88 bps lower than the 2021 average of 2.70%. In 2022, US Treasury turnover finished at 2.61%, 79

bps higher than the agency MBS turnover. Corporates turnover remains minimal relative to agency 

MBS or Treasury turnover.

Figure 36. Average Daily Trading Volume by Sector

Figure 37. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of December 2022 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. 

$241

$613

$38

$0

$100

$200

$300

$400

$500

$600

$700

$ Billions

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

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
JANUARY 2023

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

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

and between FHA, VA, and other Ginnie Mae loan sources as of the end of December 2022. The 

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

10.1 Credit Scores

Table 14. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 207,973 650 690 739 777 797 730

Fannie 66,729 692 724 758 785 800 751

Freddie 69,040 693 724 758 785 800 752

Ginnie 72,204 626 649 682 731 774 691

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 51,005 624 655 700 750 784 701

Fannie 16,018 665 699 740 775 796 734

Freddie 16,890 647 676 714 757 787 716

Ginnie 18,097 595 624 654 688 732 658

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 258,978 643 682 732 773 796 725

Fannie 82,747 686 719 755 784 800 748

Freddie 85,930 680 714 752 782 799 745

Ginnie 90,301 620 644 676 723 769 684

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 72,204 626 649 682 731 774 691

FHA 44,128 621 643 669 703 741 675

VA 25,075 635 668 721 770 794 717

Other 3,001 639 660 695 733 765 698

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,097 595 624 654 688 732 658

FHA 11,390 589 618 646 674 702 646

VA 6,671 609 637 674 719 759 678

Other 36 660 720 850 850 850 781

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 90,301 620 644 676 723 769 684

FHA 55,518 613 638 665 697 735 669

VA 31,746 629 659 709 762 791 709

Other 3,037 639 661 696 734 766 699

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

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

Figure 38. FICO Distributions by Agency

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

0.01%

3.52%

14.77%

30.90%

42.10%

8.70%

0.08%

2.68%

12.87%

30.72%

44.13%

9.53%

2.21%

19.18%

25.71%

22.52%

24.35%

5.20%

5.66%

31.96%

39.17%

15.54%

5.65%

0.44%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
JANUARY 2023

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

10.2 Loan-to-Value (LTV)

Table 15. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 208,185 64 80 92 98 100 86

Fannie 66,792 57 75 80 95 95 81

Freddie 69,066 55 75 80 95 95 80

Ginnie 72,327 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 51,300 37 53 69 80 84 65

Fannie 16,021 32 46 60 71 80 58

Freddie 16,892 33 47 60 73 80 59

Ginnie 18,387 56 69 80 84 91 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 259,485 54 75 86 97 98 82

Fannie 82,813 48 67 80 93 95 77

Freddie 85,958 47 67 80 90 95 76

Ginnie 90,714 75 90 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 72,327 90 97 98 100 100 96

FHA 44,206 92 97 98 98 98 96

VA 25,101 85 100 100 100 102 96

Other 3,020 91 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,387 56 69 80 84 91 76

FHA 11,473 52 66 77 81 81 72

VA 6,878 62 75 88 90 100 83

Other 36 47 49 53 85 96 63

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 90,714 75 90 98 99 100 92

FHA 55,679 74 86 98 98 98 91

VA 31,979 76 90 100 100 102 93

Other 3,056 90 98 101 101 101 98

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

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

Figure 39. Loan-to Value by Agency

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

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
JANUARY 2023

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

10.3 Debt-to-Income (DTI)

Table 16. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 207,885 27 34 42 47 51 40

Fannie 66,792 25 32 40 45 49 38

Freddie 69,066 25 32 40 45 49 38

Ginnie 72,027 32 39 46 52 56 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 51,182 26 33 41 45 50 39

Fannie 16,021 23 31 38 44 48 37

Freddie 16,892 25 33 40 45 48 38

Ginnie 18,269 28 36 43 50 54 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 259,067 27 34 42 47 50 40

Fannie 82,813 25 32 39 45 49 38

Freddie 85,958 25 32 40 45 49 38

Ginnie 90,296 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 72,027 32 39 46 52 56 45

FHA 44,196 34 41 47 52 55 46

VA 24,812 31 38 45 52 56 44

Other 3,019 27 32 36 40 43 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,269 28 36 43 50 54 42

FHA 11,442 29 37 44 50 55 43

VA 6,793 27 35 42 49 54 41

Other 34 35 37 37 37 39 37

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 90,296 31 38 45 51 55 44

FHA 55,638 33 40 46 52 55 45

VA 31,605 30 37 45 51 56 44

Other 3,053 27 32 36 40 43 35

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

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

Figure 40. Debt-to Income by Agency

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

35.00%

37.38%

27.62%

35.96%

19.85%

27.92%

52.24%

14.65%

27.24%

58.10%

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
JANUARY 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

From October 2020 – December 2020 to October 2022 – December 2022, the share of high-LTV

agency loans going to borrowers with:

• FICO scores above 750 has decreased by approximately 12%

• DTIs below 35% decreased by approximately 26%

The share of high-LTV loans increased in the Ginnie Mae guarantee book by approximately 16% and 

in the GSE portfolios by approximately 157%. Still, Ginnie Mae maintains its key role of expanding

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

with 68.45% of its issuances between October 2022 and December 2022 having LTVs of 95 or above,

compared to 22.84% for the GSEs.

Table 17. Share of Loans with LTV > 95

Ginnie Mae GSE All

Oct 2020 - Dec 2020 58.78% 8.88% 19.54%

Oct 2022 - Dec 2022 68.45% 22.84% 40.22%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.83% 4.41% 6.17% 10.47% 0.11% 22.98%

35-45 3.92% 8.82% 9.99% 10.76% 0.03% 33.52%

≥45 3.65% 7.74% 6.82% 8.63% 0.02% 26.85%

NA 1.43% 2.76% 2.69% 3.07% 6.70% 16.65%

All 10.83% 23.73% 25.66% 32.92% 6.85% 100.00%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.14% 3.35% 4.57% 6.96% 0.04% 17.05%

35-45 5.90% 8.94% 10.33% 11.04% 0.03% 36.24%

≥45 8.46% 13.89% 12.45% 10.74% 0.07% 45.61%

NA 0.25% 0.20% 0.13% 0.16% 0.36% 1.10%

All 16.74% 26.39% 27.49% 28.90% 0.49% 100.00%

Sources: Recursion and Ginnie Mae. Data as of December 2022.
JANUARY 2023

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

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, FHA, and VA loans all continued to fall sharply in Q3

2022. From Q2 2022 to Q3 2022, Fannie and Freddie serious delinquencies decreased 12 and 9 bps,

respectively, or 15% and 12% respectively, as a percentage change. Ginnie Mae collateral’s serious

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

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

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

Figure 41. Serious Delinquency Rates: Single-Family Loans.

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey. 

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

4.15%

0.69%

0.67%

2.51%

0%

2%

4%

6%

8%

10%

12%

1Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
JANUARY 2023

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.2% in December 2022, up from

50.4% in December 2021. Ginnie Mae and Fannie Mae’s first-time homebuyer shares, 68.4% and

47.9% respectively in December 2022, have remained relatively flat YoY. Freddie Mac’s first-time

homebuyer share has increased 18.1% YoY. Table 20 shows that based on mortgages originated in

December 2022, the average GSE first-time homebuyer was more likely to have a lower credit score,

and higher LTVs. Ginnie Mae’s first-time homebuyers were more likely to have lower loan amounts

and credit scores while DTI and loan rate were very similar.

Figure 42. First-Time Homebuyer Share: Purchase Only Loans

Table 20. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All 

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

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

Credit Score 744.7 757.3 747.0 756.3 683.3 703.1 720.9 746.0

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

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

Loan Rate (%) 5.5 5.5 5.4 5.5 5.3 5.2 5.4 5.4

45.6%

47.9%

68.4%

54.3%

25%

35%

45%

55%

65%

75%

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

First-time Homebuyer Share

Freddie Fannie Ginnie All

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.
JANUARY 2023

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

Within the Ginnie Mae purchase market, 77.1% of FHA loans, 51.2% of VA loans, and 83.7% of other 

loans provided financing loans provided financing for first-time home buyers in December 2022. 

While FHA loans increased MoM, VA and other remained relatively stable MoM. Table 21 shows that

based on mortgages originated in December the credit profile of the average VA first-time

homebuyer differed from the average VA repeat buyer. The average VA first-time homebuyer took 

out 15% smaller loans, had a 22-point lower credit score, 4.5% higher LTVs and were 10 bps higher in

interest. FHA’s first-time homebuyers are much more similar to their repeat buyers, with only 4.9%

smaller loans and 2.4% higher LTVs. Because FHA provides one of few credit options for borrowers

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

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

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

Figure 43. First-time Homebuyer Share: Ginnie Mae Breakdown

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

FHA VA Other Total

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

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

Credit Score 672.1 669.1 707.6 729.7 695.9 704.3 683.3 703.1

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

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

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

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

77.1%

51.2%

83.7%

68.4%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

First-time Homebuyer Share

FHA VA Other All
JANUARY 2023

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

10.7 Credit Box: Historical

For each of the agencies, the median borrower FICO scores have been slowly declining since the

beginning of 2022. The median FICO score for all agency loans originated in December was 729 which

represents a 4-point MoM increase but a 10-point decrease since the start of 2022 and a decline of

12 points YoY. The trend in declining median FICO scores has been much more pronounced for

refinance loans. Ginnie Mae median FICO scores have declined from 684 in December 2021 to 654 in

December 2022, a decrease of 30 points. As of December 2022, average FICOs for refinances have

dropped for Fannie Mae and Freddie Mac borrowers 19 and 35 points YoY respectively.

Figure 44. FICO Scores for All Loans

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

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

753

755

672

729

660

680

700

720

740

760

780

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

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

640

660

680

700

720

740

760

780

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

FICO Scores

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
JANUARY 2023

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

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

owing primarily to the lower down-payment requirements for Government loan programs. Freddie

Mac and Fannie Mae each saw increases in median LTV YoY from 70% in December 2021, whereas

Ginnie Mae LTVs remained relatively flat from 97.63% over that same period. Since early 2022, DTIs

have been increasing for Ginnie Mae, Freddie Mac, and Fannie Mae and are all higher compared to 

December 2021. In December 2021, median DTI for Ginnie Mae, Fannie Mae, and Freddie Mac was

37.38% compared to 41.59% in December 2022.

Figure 47. LTV Ratio for All Loans

Figure 48. DTI Ratio for All Loans

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

80.0

80.0

98.2

88.6

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

39.0

45.0

41.6

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

Debt-to-Income Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median
JANUARY 2023

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

11 FORBEARANCE TRENDS

At the end of December 2022, 134,616 Ginnie Mae loans were in forbearance. The number of loans 

in forbearance removed from MBS pools was 618 while 133,998 loans in forbearance still actively

remain in pools. The number of loans in forbearance for Ginnie Mae, FHA, and VA was higher for

loans originated by nonbanks than banks in all subsets. For banks, the loans removed from pools

tended to have much lower FICO scores and higher note rates than those that remained in pools. This 

trend did not apply to nonbank loans.

Table 22. Forbearance Snapshot

All Loans in Forbearance – December 2022

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.5 $198,949.70 74.7 74.3 134,616 

Bank 671 3.7 $148,381.48 81.7 86.0 13,548 

Nonbank 655 3.5 $205,190.12 74.1 73.4 121,048 

FHA 652 3.6 $195,271.37 78.0 78.0 98,526 

Bank 669 3.8 $146,130.39 85.0 88.0 11,006 

Nonbank 651 3.5 $201,841.65 77.3 77.1 87,507 

VA 666 3.2 $252,378.20 60.5 59.5 25,665 

Bank 677 3.5 $188,994.84 61.0 73.1 1,725 

Nonbank 665 3.2 $256,837.67 60.5 58.9 23,935 

Loans in Forbearance and Removed from Pools – November 2022

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 665 3.6 $150,471.18 68.2 63.3 618

Bank 668 4.4 $82,890.57 55.4 62.5 204

Nonbank 664 3.4 $187,617.01 70.6 63.5 414

FHA 657 3.7 $140,665.74 70.9 66.6 423

Bank 659 4.5 $82,801.28 65.2 58.8 165

Nonbank 656 3.5 $183,359.74 72.2 68.7 258

VA 678 3.2 $217,688.26 60.6 51.7 140

Bank 716 3.5 $93,843.26 0.0 64.6 20

Nonbank 675 3.1 $238,221.54 65.5 50.8 120

Loans in Forbearance that Remain in Pools – December 2022

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.5 $199,138.18 74.8 74.3 133,998

Bank 671 3.7 $149,578.72 81.8 86.2 13,344

Nonbank 655 3.5 $205,239.52 74.2 73.4 120,634

FHA 652 3.6 $195,536.90 78.0 78.0 98,103

Bank 670 3.8 $147,349.38 85.1 88.3 10,841

Nonbank 651 3.5 $201,884.33 77.3 77.1 87,249

VA 666 3.2 $252,500.56 60.5 59.6 25,525

Bank 677 3.5 $190,410.22 61.3 73.1 1,705

Nonbank 665 3.2 $257,014.84 60.5 58.9 23,815

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 December 2022; *Averages weighted by remaining principal balance of the loans.
JANUARY 2023

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 85.64% of Ginnie Mae MSRs (see

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

depository institutions. As of December 2022, over half (53.28%) of the Ginnie Mae MSRs are owned

by the top six firms.

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

MSR Holder Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 3 $251,551,717,948 12.1% 12.06% 5.75% 0.43%

DBA FREEDOM HOME MOR 2 1 $262,126,696,642 12.3% 24.99% 6.85% 1.09%

PENNYMAC LOAN SERVIC 3 2 $246,734,696,684 11.5% 36.54% 5.50% 0.61%

NATIONSTAR MORTGAGE, 4 6 $126,950,659,246 5.9% 42.49% 6.50% 0.63%

NEWREZ LLC 5 7 $118,398,526,061 5.5% 48.03% 5.18% 0.61%

WELLS FARGO BANK, NA 6 4 $112,266,606,812 5.3% 53.28% 7.06% 0.31%

ROCKET MORTGAGE, LLC 7 5 $103,285,181,932 4.8% 58.12% 7.43% 0.39%

CARRINGTON MORTGAGE 8 10 $88,507,127,566 4.1% 62.26% 6.17% 0.45%

U. S. BANK, NA 9 9 $51,225,346,725 2.4% 64.66% 4.59% 0.36%

UNITED WHOLESALE MOR 10 11 $43,618,803,761 2.0% 66.70% 2.77% 0.04%

PLANET HOME LENDING, 11 15 $42,738,991,089 2.0% 68.70% 4.19% 0.32%

LOANDEPOT.COM,LLC 12 12 $36,432,371,014 1.7% 70.41% 5.11% 0.51%

MORTGAGE RESEARCH CE 13 14 $33,505,635,837 1.6% 71.98% 5.01% 0.26%

AMERIHOME MORTGAGE C 14 22 $31,021,899,180 1.5% 73.43% 3.03% 0.19%

NAVY FEDERAL CREDIT 15 16 $29,203,677,908 1.4% 74.79% 6.61% 0.40%

GUILD MORTGAGE COMPA 16 19 $22,240,335,713 1.0% 75.84% 4.98% 0.38%

THE MONEY SOURCE INC 17 18 $20,963,670,710 1.0% 76.82% 6.58% 0.79%

TRUIST BANK 18 17 $20,307,103,795 1.0% 77.77% 6.49% 0.54%

CROSSCOUNTRY 19 20 $18,163,790,445 0.9% 78.62% 3.91% 0.41%

NEW AMERICAN FUNDING 20 21 $17,639,545,044 0.8% 79.44% 5.14% 0.28%

VILLAGE CAPITAL & IN 21 23 $16,293,100,635 0.8% 80.21% 8.26% 0.82%

MOVEMENT MORTGAGE,LL 22 N/A $16,165,330,712 0.8% 80.96% 3.67% 0.44%

CMG MORTGAGE, INC. 23 27 $15,410,156,640 0.7% 81.68% 4.05% 0.41%

IDAHO HOUSING AND FI 24 26 $14,472,688,852 0.7% 82.36% 3.76% 0.48%

CITIZENS BANK N.A. 25 25 $13,885,081,672 0.6% 83.01% 5.12% 0.31%

PHH MORTGAGE CORPORA 26 29 $12,721,094,311 0.6% 83.61% 6.05% 1.02%

MIDFIRST BANK 27 24 $11,542,571,222 0.5% 84.15% 7.33% 1.39%

FLAGSTAR BANK, FSB 28 N/A $11,455,734,531 0.5% 84.68% 4.94% 0.25%

JP MORGAN CHASE BANK 29 30 $10,247,645,943 0.5% 85.16% 7.54% 1.60%

SUN WEST MORTGAGE CO 30 N/A $10,088,546,738 0.5% 85.64% 6.28% 1.37%

Source: Deloitte. Data as of December 2022
JANUARY 2023

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination experienced a decrease in December, down approximately 1.9% 

MoM. This decrease in non-bank origination share was driven primarily by Freddie Mac (non-bank

origination share down 2.8% MoM). The Ginnie Mae non-bank share dropped to 87.6% as of

December 2022 but has remained consistently higher than the GSEs, largely driven by origination

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

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

Figure 49. Agency Nonbank Originator Share (All, Purchase, Refi)

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

77.8%

71.5%

72.9%

87.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Fannie Freddie Ginnie

Figure 50. Nonbank Origination Share:

Purchase Loans

Figure 51. Nonbank Origination Share:

Refi Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Fannie Freddie Ginnie
JANUARY 2023

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

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

Mae continues to have a very high proportion of nonbank originations, with a rate of 87.6% in

December 2022. The percent of Ginnie Mae’s Other non-bank refinanced loans dropped to

approximately 46% in December 2022, a decrease of over 45% from November 2022.

Figure 52. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

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

88.8%

86.9%

85.8%

87.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

FHA VA Other All

Figure 53. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 54. Ginnie Mae Nonbank Share: 

Refi Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All FHA VA Other
JANUARY 2023

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

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

13.1.1 (FICO, LTV, DTI)

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

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

scores decreased by 3 points from November 2022 to December 2022. The agency median FICO

increased by 4 to 729 MoM.

Figure 55. Agency FICO: Bank vs. Nonbank

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

Figure 56. GSE FICO: Bank vs. Nonbank Figure 57. Ginnie Mae FICO: Bank vs. Nonbank

729

747

723

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median FICO Bank Median FICO

Nonbank Median FICO
JANUARY 2023

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

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

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

consistent MoM at approximately 45% in December 2022 in non-bank originations. 

Figure 58. GSE LTV: Bank vs. Nonbank Figure 59. Ginnie Mae LTV: Bank vs. Nonbank

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

30

32

34

36

38

40

42

44

46

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median DTI Bank Median DTI

Nonbank Median DTI

Figure 60. GSE DTI: Bank vs. Nonbank Figure 61. Ginnie Mae DTI: Bank vs. Nonbank

90

92

94

96

98

100

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median LTV Bank Median LTV

Nonbank Median LTV

64

66

68

70

72

74

76

78

80

82

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median DTI Bank Median DTI

Nonbank Median DTI
JANUARY 2023

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

In December 2022, the median FICO score for Ginnie Mae bank increased 1 point to 686 and nonbank remained consistent at 670 MoM. The median FICO for all Ginnie originations stayed consistent

at 672 MoM. The gap between banks and non-banks is most apparent in VA lending (28-point spread).

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

680

690

700

710

720

730

740

750

760

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

Figure 63. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 62. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 65. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

650

660

670

680

690

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

670

680

690

700

710

720

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median FICO Bank Median FICO

Nonbank Median FICO
JANUARY 2023

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

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

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

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

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

Figure 66. Ginnie Mae DTI: 

Bank vs. Nonbank

Figure 68. Ginnie Mae VA DTI: 

Bank vs. Nonbank

Figure 69. Ginnie Mae Other DTI: 

Bank vs. Nonbank

Figure 67. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

All Median DTI Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI
JANUARY 2023

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices are beginning to decelerate, with HPI’s actually dropping in both the Pacific and

Mountain regions between July 2022 and September 2022. Notably, the Mountain region 

experienced the greatest home price appreciation (22.7% CAGR) during the pandemic months, and

the Pacific region also experience very strong home price appreciation (18.0% CAGR).

Figure 70. Regional HPI Trend Analysis Q/Q

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

Figure 71. FHFA.US Census Subregions as defined by the US Census Bureau.

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

1.44%

-2.20%

-0.18%

-2.22%

0.60%

0.61%

0.50%

-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

2017 2018 2019 2020 2021 Q32022

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central

0.56%

0.91%
JANUARY 2023

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

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

Rent

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

impacted by general asset price changes. As of December 2022, inflation has dropped to 6.4%, down

from 7.1% the month prior. Nationally, rents are up 4.7% YoY, the third time in 2022 that yearly

increases have dropped into the single digits. Wage growth decreased slightly from 6.4% in November 

2022 to 6.3% in December 2022. October 2022 reporting data shows YoY home price appreciation

has now decreased to 9.20% down from 10.6% of September 2022.

Figure 72. Inflation | 12-Month Percent Change in CPI

Figure 73. Asset Price Appreciation vs. Wage Increases

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

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

6.4%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Dec-12

Apr-13

Aug-13

Dec-13

Apr-14

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

9.20%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Aug-21

Dec-21

Apr-22

Aug-22

Dec-22

General Inflation Wage Growth Home Appreciation

Metric Statistic

General Inflation 6.4%

Home Price 

Appreciation 

(YoY)

9.2%

Rental Price 

Appreciation 

(Median Rent 

Change YoY)

4.7%

Wage Growth 6.3%

6.30%

6.40%
JANUARY 2023

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

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

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

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

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

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

Figure 74. Average Price of Homes Sold to Median Income Ratio

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

6.41

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

1984198519861987198919901991199219941995199619971999200020012002200420052006200720092010201120122014201520162017201920202021

Housing Bubble COVID-19 Pandemic
JANUARY 2023

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate was increased by half a percentage point in December to a range of

4.25% and 4.50%. This was the seventh consecutive increase in 2022.

3 As of January 19, 2023, the

average 30-year and 15-year fixed rate mortgage rates were 6.15% and 5.28% respectively. The

average 30-year fixed rate mortgage rate decreased 27 bps and the average 15-year fixed rate

mortgage rate decreased 40 bps MoM. 

Figure 75. Average Fixed Rate Mortgage Rates

Sources: FRED data as of January 2023

3

https://www.federalreserve.gov/newsevents/pressreleases/monetary20221214a1.htm#:~:text=The%20Board%20of%20Governors%20of,%2C%20effe

ctive%20December%2015%2C%202022.

6.15

5.28

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23

30-Year 15-Year
JANUARY 2023

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

14.3 Housing Inventory

As of November 2022, there was 8.6 months of housing inventory on the market, a decrease from

8.9 in October 2022. November 2022 housing inventory values were down by 3.4% MoM. As housing

affordability continues to remain high (See above section 14.2) 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 82, have been increasing.

Figure 76. Single-Family Housing Inventory

Figure 77. Multifamily Construction Metrics: Permits, Starts, Completions

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

8.6

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

460

364

567

300

350

400

450

500

550

600

2015 2016 2017 2018 2019 2020 2021

in thousdands

Number of Starts Number of Completions Number of Permits
JANUARY 2023

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

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market reached $41.8 trillion in Q3 2022. The total value

of the US housing market is up 120% from its trough in 2011. From Q4 2021 to Q3 2022 mortgage

debt outstanding increased from $11.7 trillion to $12.3 trillion and household equity increased from

$25.3 trillion to $29.5 trillion. Thus, the expansion in the housing market is being driven primarily by

increases in home values, as illustrated in the Housing Affordability Section. At $8.81 trillion in Q3

2022, agency SF MBS continues to account for a growing percentage of the total mortgage debt 

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

Figure 78. Value of the US Housing Market

Figure 79. Size of the US Residential Mortgage Market.

Source: Federal Reserve Flow of Funds Data as of Q3 2022. 

$12.3

$29.5

$41.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q12022Q22022Q3

$ Trillions

Debt Household Equity ousehold E uit Total Value otal Value

$0.42

$8.81

$3.55

0

1

2

3

4

5

6

7

8

9

10

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized First Liens
JANUARY 2023

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

15 DISCLOSURE

“The data provided in the Global Markets Analysis Report (hereinafter, the “report”) should be

considered as general information only and is current only as of its specified date, unless otherwise

noted. No information contained herein is, and should not be construed to be, investment advice.

Nor does any information contained herein constitute an offer to sell, or is a solicitation of an offer

to buy, securities.

The information contained herein is based upon information generally available to the public from

sources believed to be reliable as of the specified date. The accuracy of the information contained

herein is based on the corresponding accuracy of the issuer data as reported to the Government

National Mortgage Association (hereinafter, “Ginnie Mae”).

Therefore, if there is insufficient or inaccurate data to support calculations of any specific disclosure

information, Ginnie Mae disclaims any and all liability relating to that information, including, without

limitation, any express or implied representations or warranties for statements or errors contained

in, or omissions from, the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of January 

30, 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.”