December 2023
GLOBAL MARKETS ANALYSIS REPORT

December 2023

Table of Contents

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

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

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

1.1 Bloomberg US Aggregate and Global Indices..........................................................4

2 Sovereign Debt Product Performance Comparisons ..................................................5

2.1 Global 10-Year Treasury Yields (Unhedged) ...........................................................5

2.2 U.S. Treasury Hedged Yields...................................................................................6

SECONDARY MORTGAGE MARKET ........................................................................................7

3 Fixed Income Product Performance Comparisons......................................................7

3.1 Ginnie Mae Yields – USD.........................................................................................7

3.2 Ginnie Mae Hedged Yields.......................................................................................8

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

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

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

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

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

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

..............................................................

.............................................................................

.................................................................................

................................................................................

..............................................................

....................................................................

...............................................................

.............................................................

.............................................

..........

............................................................................................

......................................................

........................................................................................

.............................................................................................................

..........................................................

............................................................

......................................................................................................

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

Table of Contents

Inside this Month’s Global Market Analysis Report 1

Highlights 2

1 US Aggregate and Global Indices 4

1.1 Bloomberg US Aggregate and Global Indices 4

2 Sovereign Debt Product Performance Comparisons 5

2.1 Global 10-Year Treasury Yields (Unhedged) 5

2.2 U.S. Treasury Hedged Yields 6

SECONDARY MORTGAGE MARKET 7

3 Fixed Income Product Performance Comparisons 7

3.1 Ginnie Mae Yields – USD 7

3.2 Ginnie Mae Hedged Yields 8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.4 Global Treasury Yield Per Duration 10

4 Prepayments 11

4.1 Aggregate Prepayments (CPR) 11

4.2 Involuntary Prepayments (CDR) 12

4.3 Voluntary Prepayment Rates (CRR) 13

5 Single-Family MBS Pass-Through Issuance 14

5.1 Gross Issuance of Agency MBS 14

5.2 Net Issuance of Agency MBS 16

5.3 Monthly Issuance Breakdown 18

5.4 Percent Refi at Issuance – Single-Family 19

6 Agency Single-Family MBS Outstanding 20

6.1 Outstanding Single-Family Agency MBS 20

6.2 Origination Volume and Share Over Time 21

6.3 Agency Issuance and Agency Outstanding by State 22

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

7 Agency REMIC Securities 24

7.1 Monthly REMIC Demand for Ginnie Mae MBS 24

7.2 REMIC Market Snapshot 25

8 MBS Ownership 26

8.1 Commercial Bank Holdings of Agency MBS 26

8.2 Bank and Thrift Residential MBS Holdings 27

8.3 SOMA Holdings 29
GLOBAL MARKETS ANALYSIS REPORT

December 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

....................................................................

...........................................

........................................................................................................

.................................................................................................

..........................................................

...........................

...........................................................................................................

....................................................................................................

...................................................

..................

...........................................

..................................................................................................

...........................................................

......................................................................................................................

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

8.4 Foreign Ownership of MBS 31

8.5 Foreign Ownership of Agency Debt and Agency MBS 32

9 Fixed Income Liquidity Indicators 33

PRIMARY MORTGAGE MARKET 34

10 Agency Credit Breakdown 34

10.1 Credit Scores 34

10.2 Loan-to-Value (LTV) 36

10.3 Debt-to-Income (DTI) 38

10.4 High LTV Loans: Ginnie Mae vs. GSEs 40

10.5 Serious Delinquency Rates 41

10.6 Credit Box 42

10.7 Credit Box: Historical 44

11 Forbearance Trends 46

12 Holders of Ginnie Mae Mortgage Servicing Rights 47

13 Agency Nonbank Originators 48

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

14.1.1 (FICO, LTV, DTI) 50

15 Environmental, Social, and Governance 54

15.1 Environmental, Social, and Governance: A Summary 54

15.2 Environmental 55

15.3 Social . 55

15.3.1 Low-to-Moderate Income Borrowers 56

15.3.2 Purchase and Refinance Origination by Income Bracket 57

U.S. HOUSING MARKET 58

16 Housing Affordability 58

16.1 Housing Affordability – Home Price Appreciation 58

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

16.2.1 Housing Affordability – Mortgage Rate Trends 61

16.3 Housing Inventory 62

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

17 Disclosure 64
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

December 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 captures some key indicators of Ginnie Mae’s performance for 2023.

Data relating to Agency Issuance, Economic Data, Capital Markets, and Social Impact are summarized

through month end November. The Highlights section also includes broad commentary on 2023

macroeconomic trends as they relate to the actions from the Fed.

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

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

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

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

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

both Fannie Mae and Freddie Mac.

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

FED’s decision to keep the policy rate unchanged and includes the composition of the FED’s

Agency MBS portfolio run-off.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

December 2023

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

Highlights

2023 came with many ups and downs as markets faced a multitude of headwinds and obstacles.

Economists largely predicted that the U.S. economy would enter a recession in the second half of

2023 on the back of elevated inflation, tighter monetary policy, and higher forecasted unemployment

rates causing a slowdown in the real economy. However, these anticipated recessionary elements 

never materialized into a full-blown recession.

The annual inflation rate began the year at 6.4% causing the Federal Reserve (Fed) to continue its

rate hike cycle which started in 2022. The Fed hiked an additional four times in 2023 (February, 

March, May, and July) in an effort to reel in inflation. Due to the Fed’s restrictive monetary policy,

the annual inflation rate as of November 2023 was 3.1% and approaching the Fed’s 2% target. The

tightening cycle was also widely expected to lead to increased unemployment. Early in 2023,

unemployment rates were 3.5% peaking at 3.9% in October 2023 before falling to 3.7% in November. 

10-year treasury rates traded in a 170 bp range in 2023, trading as low as 3.30% and as high as 5.00%,

as bond markets digested the constantly changing environment. 30-year mortgage rates traded in a

very wide range, trading as low as 6.00% and as high as 8.00% in some regions.

Although the macroeconomic environment was unsettled throughout the year, the U.S. economy

remained resilient and capital markets are looking to end the year with a more bullish tone than they 

began the year. The Fed’s December Federal Open Market Committee meeting indicated that the

Fed’s hiking cycle may be over and that three rate cuts are possible for 2024 as the Fed moves towards

a less restrictive policy. The Fed pivot has led to a rally in many asset classes, including treasury yields

and mortgage rates which are both substantially lower than their highs for the year.

Year in review as of month-end November:

Agency Issuance:

- Ginnie Mae gross issuance YTD totals $348.2 billion surpassing Fannie Mae and Freddie Mac

gross issuance for the year, which were $299.4 billion and $277.6 billion, respectively.

- Ginnie Mae net issuance YTD totals $163.8 billion, making up roughly 75% of all Agency net

issuance for the year. Fannie Mae and Freddie Mac net issuances for the year were $49.9

billion and $6.2 billion, respectively.

- Ginnie Mae’s FHA net collateral volume YTD totals $118.0 billion, the highest FHA net

collateral volume since 2010.

Economic Data:

- Serious delinquency rates for FHA and VA loans as of Q3 2023 fell to 3.24% and 1.99%, 

respectively. Delinquency rates are down from 4.33% and 2.43% for FHA and VA, respectively,

from Q4 2022.

- Home prices appreciated roughly 3.9% YoY as of September 2023 after turning slightly

negative in May.

- Home prices have been supported by higher wage growth, 5.2% YoY as of November, limited

supply, and expectations of lower mortgage rates in the future.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

December 2023

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

Capital Markets:

- The Ginnie Mae mortgage basis has tightened nearly 100 basis points to the US Treasury 10-

Yr Note, as of month-end November, from year highs as Ginnie Mae MBS have rallied

alongside 30-year mortgage rates.

- The U.S. Intermediate Credit and U.S. GNMA 30yr OAS spread has tightened to near year lows

indicating subdued concerns over U.S. credit.

- Ginnie Mae II yields hedged with 1yr JPY and EUR both remain positive and attractive to

investors in these regions as of month-end November.

Social Impact and Sustainability: 

- Over $296 billion of Ginnie Mae Single-Family collateral and over 1.7 million of loans 

outstanding have been issued too low to moderate income borrowers. Total Single-Family

social impact UPB increased by approximately $23 billion YoY.

- Ginnie Mae “Green”-certified sustainable collateral increased roughly $4 billion from

December 2022 while “Affordable”-certified collateral increased over $2 billion from

December 2022.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate Global Indices

December 2023

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

At month-end November, U.S. Treasuries contributed 41.5% to the Bloomberg U.S. Aggregate Index,

down approximately 0.4% from the prior month. U.S. MBS (Ginnie Mae, Fannie Mae, and Freddie

Mac) contributed 26.4%, up approximately 0.1% from the month prior. Industrials saw the largest

increase of approximately 0.3% MoM at month end November. For the U.S. Aggregate Index, all other

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

Figure 1. Bloomberg U.S. Aggregate Index

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

largest share of total outstanding issuance, representing 40.2% of the total Bloomberg Global

Aggregate Index, down 0.4% from the prior month. Japan’s share of fixed income was the second 

largest at 11.1%, unchanged from the prior month. China’s share of fixed income saw a decrease of 

approximately 0.2% and Spain’s share saw an increase of 0.3% for month end November. All other

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

Figure 2. Bloomberg Global Aggregate Index by Country

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

41%

26%

15%

8%

2% 2% 2% 1%1% 1% 0% Treasury - 41.5%

MBS Passthrough - 26.4%

Industrial - 14.6%

Financial Institutions - 8.3%

Utility - 2.1%

Agency - 1.8%

CMBS - 1.7%

Supranational - 1.3%

Sovereign - 1.0%

Local Authority - 0.8%

ABS - 0.5%

40.2%

5.3% 9.4% 11.1%

4.4%

4.2%

3.5%

3.1%

2.2% 1.9% 14.5%

United States - 40.2%

Japan - 11.1%

China - 9.4%

France - 5.3%

Germany - 4.4%

United Kingdom - 4.2%

Canada - 3.5%

Italy - 3.1%

Spain - 2.2%

Netherlands - 1.9%

Other - 14.5%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

December 2023

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The U.S. 10-year Treasury yield moved to 4.47% at month-end November 2023, a MoM decrease of 

37 bps. This marks the first MoM decrease for U.S. 10-year Treasury notes since June 2023; still

claiming the highest government yield amongst the countries listed below. All month-end yields listed

have decreased MoM from October to November 2023.

The yield on the UK 10-year note decreased to 4.28% at month-end November, a MoM decrease of 

26 bps. 

The yield on the German 10-year note decreased to 2.64% at month-end November, a MoM 

decrease of 19 bps.

The yield on the Italian 10-year note decreased to 4.39% at month-end November, a MoM decrease

of 41 bps.

The yield on the Japanese 10-year note decreased to 0.77% at month-end November, a MoM 

decrease of 11 bps.

Figure 3. Global 10-Year Treasury Yields

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

4.28%

2.64%

4.39%

4.47%

0.77%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

% Yield

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

Sovereign Debt Product Performance Comparisons 

December 2023

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

2.2 U.S. Treasury Hedged Yields

The yield for the 10-year Treasury, hedged in Japanese Yen (JPY) stood at -0.73% at monthend November, a 7 bp decrease from month-end October.

The yield for the 10-year Treasury, hedged in Euros (EUR) stood at 2.88% at month-end 

November, a 24 bp decrease from month-end October.

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

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

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

subtracting the 1yr hedge cost for JPY and EUR.

-0.73%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.88%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

December 2023

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 6.29% in September, increased 29 bps to 6.58% at month-end October,

then decreased 86 bps to 5.72% at month-end November. Ginnie Mae II spreads over the U.S. 10-

year Treasury yield decreased 6 bps YoY to 125 bps over the U.S. 10-year Treasury yield as of monthend November 2023.

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

Figure 6. Ginnie Mae II SF Yield, USD

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

5.72%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

% Yield

1.25%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

GNMA 2 - 10yr Treasury Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

December 2023

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

3.2 Ginnie Mae Hedged Yields

The yield for Ginnie Mae II’s, hedged in Japanese Yen stood at 0.52% at month-end November, 

a 56 bp decrease from month-end October.

The yield for Ginnie Mae II’s, hedged in Euros stood at 4.13% at month-end November, a 73

bp decrease from month-end October.

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

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

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

subtracting the 1yr hedge cost for JPY and EUR.

0.52%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

4.13%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

December 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The GNMA II 30-year OAS decreased 14 bps MoM, to 0.50%, as of month-end November. The U.S.

Intermediate Credit OAS decreased 22 bps MoM, to 0.88%, as of month-end November. The yield

differential between U.S. Intermediate Credit and GNMA II 30-year OAS decreased by 8 bps to 0.38% 

at month-end November.

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

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

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

0.50%

0.88%

-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

0.38%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

December 2023

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

3.4 Global Treasury Yield Per Duration

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

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

Figure 12. Yield vs. Duration

Security Duration Yield

U.S. 5y 4.46 4.21

U.S. 10y 7.98 4.26

JPY 5y 4.74 0.26

JPY 10y 9.19 0.67

GER 5y 4.53 2.45

GER 10y 8.45 2.49

ITA 5y 4.54 3.68

ITA 10y 8.05 4.25

UK 5y 4.06 4.10

UK 10y 7.71 4.09

GNMA II 2% 6.52 5.20

GNMA II 2.5% 6.53 5.22

GNMA II 3% 6.27 5.31

GNMA II 3.5% 6.10 5.37

GNMA II 4% 5.88 5.48

GNMA II 4.5% 5.83 5.59

GNMA II 5% 5.36 5.69

GNMA II 5.5% 4.87 5.78

GNMA II 6% 4.39 5.90

GNMA II 6.5% 3.85 6.07

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

6.50

6.00

5.50

5.00

4.50

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

GNMA II 6.5%

GNMA II 6%

GNMA II 5.5%

GNMA II 5%

GNMA II 4.5%

GNMA II 4%

GNMA II 3.5%

GNMA II 3% GNMA II 2.5%

GNMA II 2%

US 5y

US 10y ITA 10y

UK 5y UK 10y

ITA 5y

GER 5y GER 10y

JPY 10y

JPY 5y

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

December 2023

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds remained at 5.3% from October 2023 to

November 2023. Contrarily, Fannie Mae and Freddie Mac CPRs both decreased by 0.5% from October

to November 2023. ARM prepayments also decreased for Fannie Mae and Ginnie Mae but increased

for Freddie Mac.

Figure 13. Fixed Rate Aggregate 1-Month CPR

Figure 14. ARM Aggregate 1-Month CPR

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

5.3

10.0

11.1

0

10

20

30

40

50

60

70

CPR (%)

Fannie Mae Freddie Mac Ginnie Mae

4.2

4.4

5.3

0

10

20

30

40

50

CPR (%)

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

December 2023

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

4.2 Involuntary Prepayments (CDR)

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

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

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

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

September 2022.

Figure 16. ARM Aggregate CDR

Figure 15. Fixed Rate Aggregate CDR

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

0.2

0.3

0.8

0

5

10

15

CDR (%)

Fannie Mae Freddie Mac Ginnie Mae

0.2

0.4

0.6

0

10

20

30

40

50

CDR (%)

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

December 2023

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

4.3 Voluntary Prepayment Rates (CRR)

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

Fannie Mae and Freddie Mac saw a decrease of 0.6% and 0.5% in fixed rate aggregate CRR, 

respectively. Freddie Mac saw a 0.5% increase and Fannie Mae saw a 0.4% decrease in ARM aggregate 

CRR. Ginnie Mae fixed rate aggregate CRR decreased by 0.1% and ARM aggregate CRR decreased by 

0.6%.

Figure 17. Fixed Rate Aggregate CRR

Figure 18. ARM Aggregate CRR

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

4.1

4.0

4.6

0

10

20

30

40

CRR (%)

Fannie Mae Freddie Mac Ginnie Mae

4.7

10.8

9.8

0

10

20

30

40

CRR (%)

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

December 2023

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

In November 2023, Total gross MBS issuance increased by approximately $79.6 billion MoM. Freddie

Mac and Fannie Mae saw a MoM increase of $25.3 and $23.8 billion, respectively. Ginnie Mae saw a

$30.5 billion MoM increase in gross issuance.

Table 1. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

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

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

2023 YTD $299.4 $277.6 $577.0 $348.2 $925.2

Figure 19. Agency Gross Issuance

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

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

$348 $299

$0.0 $278

$500.0

$1,000.0

$1,500.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

December 2023

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

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $210.2 $130.8 $7.2 $348.2

Figure 20. Ginnie Mae Gross Issuance

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

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

$210

$131

$0.0 $7

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

December 2023

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

5.2 Net Issuance of Agency MBS

Agency Net Issuance as of month-end November was $219.9 billion for 2023 YTD, shown in Table 3.

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

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $49.9 $6.2 $56.1 $163.8 $219.9

Figure 21. Agency Net Issuance

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

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

$164

$50

$6

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

December 2023

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

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

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $118.0 $47.4 -$1.6 $163.8

Figure 22. Ginnie Mae Net Issuance

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

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

$47

$118

-$2

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

December 2023

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

5.3 Monthly Issuance Breakdown

Agency net issuance for the month of November was approximately $21.6 billion, which represents

a $2.5 billion decrease MoM. Ginnie Mae net issuance was $15.2 billion in November, a $1.8 billion

decrease from October 2023. Ginnie Mae’s $30.5 billion of gross issuance in November, seen in Table

5 was approximately $12.2 billion below the average monthly issuance in 2022.

Table 5. Agency Issuance ($ in billions) 

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nov-23 $23.8 $25.3 $30.5 $49.1 $79.5 -$0.1 $6.5 $15.2 $6.4 $21.6

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

files. Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of November 2023. Beginning with

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

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

rounded to the nearest hundred million.
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

December 2023

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity increased by approximately 1.9% MoM for Ginnie Mae as of month-end November

2023. The increase is likely due to decreasing mortgage rates encouraging refinance activity.

Freddie Mac’s refinance percentage increased to 11.6% in November, up from 11.2% in October.

Fannie Mae’s refinance percentage increased to 12.4% in November, up from 11.4% in October.

Ginnie Mae’s refinance percentage increased to 16.3% in November, up from 16.0% in October.

FHA’s refinance percentage increased to 16.3% in November, up from 15.4% in October.

VA’s refinance percentage decreased to 17.2% in November, down from 17.7% in October.

Figure 23. Percent Refinance at Issuance – Single-Family

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

12.4%

17.2%

16.3%

11.6%

16.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

December 2023

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

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

$8.823 trillion: 40.6% Fannie Mae, 33.4% Freddie Mac, and 26.0% Ginnie Mae MBS. Over the past

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

approximately 0.2%, 2.0%, and 8.4%, respectively. Fannie Mae outstanding MBS remains larger than

Freddie Mac’s and Ginnie Mae’s by approximately $635 billion and $1.3 trillion, respectively.

n

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

November 2018, 59.8% of Ginnie Mae outstanding collateral was FHA and 34.2% was VA. As of

month-end November 2023, FHA collateral comprised 54.2% of Ginnie Mae MBS outstanding, and

VA collateral comprised 41.3% of Ginnie Mae MBS outstanding.

Figure 24. Outstanding Agency Mortgage-Backed Securities

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

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

$3,580

$2,945

$2,297

$8,823

0

2,000

4,000

6,000

8,000

10,000

$ in Billionse

Fannie Mae Freddie Mac Ginnie Mae Total

$1,247

$949

$105

0

200

400

600

800

1000

1200

1400

$ in Billions

FHA VA OTHER
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

December 2023

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

6.2 Origination Volume and Share Over Time

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

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

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

26.1%.

Figure 26. First Lien Origination Volume

Figure 27. First Lien Origination Share

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

$0.17

$0.10

$0.01

$0.10

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

45.1%

26.4%

2.5%

26.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Agency Single-Family MBS Outstanding

December 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represents approximately 38% of new agency issuance over the past year, roughly 

11% higher than Ginnie Mae’s 27% share of agency outstanding. The share of Ginnie Mae’s new

agency issuance varies across states, with the highest Ginnie Mae share being Alaska (60%) and the

lowest in the District of Columbia (23%). The highest Ginnie Mae outstanding share is in Mississippi 

and Alaska (49%) and the lowest in the District of Columbia (14%).

Table 6. Agency Issuance Breakdown by State

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

National GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg.

Loan Size (000)

GNMA Share 

by UPB

GNMA

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg.

Loan Size (000)

38% 1,522,177 296.62 302.05 27% 11,118,283 210.20 211.64

AK 60% 4,218 353.73 309.88 49% 37,846 264.37 220.29

AL 53% 36,653 234.42 246.79 42% 246,237 162.75 178.60

AR 48% 19,134 201.60 233.67 40% 140,789 136.90 162.62

AZ 39% 46,218 336.78 340.76 26% 289,206 229.76 228.25

CA 33% 88,057 468.72 465.70 17% 711,662 335.06 319.22

CO 35% 32,129 417.84 409.33 24% 221,527 300.98 279.55

CT 34% 12,408 279.41 289.27 26% 108,534 204.87 209.10

DC 23% 1,070 516.91 432.18 14% 9,286 390.44 347.51

DE 38% 6,764 285.29 308.26 32% 53,749 207.96 212.43

FL 42% 144,939 319.04 315.43 33% 895,653 221.84 215.43

GA 45% 82,062 276.58 306.72 35% 517,889 188.28 209.71

HI 47% 3,539 627.58 519.84 32% 34,344 473.31 357.12

IA 33% 11,578 192.80 203.21 23% 85,120 137.93 148.47

ID 34% 9,008 343.26 332.36 24% 66,031 227.90 224.98

IL 30% 47,467 219.46 251.30 23% 378,546 162.87 179.58

IN 38% 40,578 202.92 221.37 31% 287,604 139.02 152.54

KS 39% 13,144 204.54 229.09 30% 98,341 144.03 164.55

KY 47% 24,651 207.93 222.48 36% 170,648 148.00 156.47

LA 52% 26,989 211.12 238.62 41% 208,913 160.14 177.02

MA 30% 14,324 396.34 389.41 17% 117,521 290.46 267.86

MD 45% 35,211 352.04 342.45 34% 300,625 268.39 249.26

ME 35% 4,989 262.32 283.75 26% 38,794 182.39 193.05

MI 29% 36,806 196.02 222.06 21% 282,688 137.21 157.24

MN 24% 17,739 263.12 285.21 18% 162,084 185.90 198.96

MO 39% 33,817 209.17 229.68 30% 250,534 146.30 162.99

MS 59% 17,593 211.21 225.26 49% 126,792 148.12 161.62

MT 33% 4,021 328.82 326.39 24% 32,868 215.76 218.13

NC 40% 65,836 271.55 301.41 30% 429,503 183.73 204.68

ND 37% 2,115 250.43 245.57 25% 17,307 195.15 183.04

NE 37% 8,295 233.43 233.76 27% 66,066 154.54 161.84

NH 30% 4,618 334.92 326.07 23% 38,926 231.46 216.42

NJ 31% 29,363 342.15 355.26 22% 238,380 246.02 254.84

NM 48% 12,726 256.42 269.85 39% 98,044 172.11 179.84

NV 42% 20,417 361.31 346.29 31% 139,489 256.48 237.57

NY 28% 33,307 309.09 343.84 20% 313,309 214.50 248.85

OH 37% 56,391 196.61 209.89 30% 434,919 134.15 150.19

OK 48% 25,569 212.70 232.30 42% 193,866 145.69 163.95

OR 29% 14,109 367.19 375.06 20% 114,241 260.46 254.58

PA 31% 44,582 212.32 256.15 26% 396,702 151.40 182.75

RI 46% 4,712 350.01 318.50 31% 36,975 240.98 213.31

SC 45% 40,186 268.80 272.56 35% 246,516 190.50 194.20

SD 41% 4,012 256.15 252.04 30% 29,926 178.32 177.74

TN 41% 42,724 276.94 295.84 32% 278,515 184.38 207.26

TX 39% 168,215 288.07 319.57 33% 1,148,647 191.33 216.60

UT 32% 14,974 397.82 398.66 20% 100,166 272.33 265.85

VA 48% 56,440 342.61 338.55 37% 457,469 260.98 250.05

VI 27% 84 402.12 420.74 24% 804 262.12 306.36

VT 25% 1,385 252.56 277.21 19% 12,367 183.38 181.46

WA 32% 29,324 415.26 425.79 22% 238,209 292.24 290.96

WI 28% 16,009 222.35 237.40 18% 126,694 160.09 163.20

WV 54% 8,407 202.52 197.04 45% 61,985 147.29 145.30

WY 46% 3,271 282.20 276.87 35% 25,427 209.81 201.89

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

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

Outstanding Single-Family Agency MBS.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

December 2023

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

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

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

MBS increased slightly from 3.44% in October 2023 to 3.48% asseen in Figure 28. Figure 29 illustrates

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

outstanding.

Figure 28. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 29. Outstanding Ginnie Mae MBS Balance, by Vintage

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

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

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Avg Coupon %

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Agency REMIC Securities

December 2023

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

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

November was $8.8 billion. This represents a 13.2% MoM decrease from $10.2 billion in October

2023, and a 76.4% increase YoY from $5.0 billion in November 2022. Approximately $474.4 million of

the November 2023 issuance volume were Multifamily MBS having coupons over 4.0% and over $7.5

billion were Single-Family MBS having coupons over 5.0%. $319.3 million of previously securitized

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

Table 7. November 2023 REMIC Collateral Coupon Distribution

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

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

($MM)2F

1

% Breakdown of REMIC 

Collateral by coupon Multifamily

2.501-3.000 101.6 12.6%

3.501-4.000 232.6 28.8%

4.001-4.500 100.0 12.4%

4.501-5.000 163.1 20.2%

5.001-5.501 211.3 26.1%

Subtotal 808.6 100.0%

Single-Family

ReREMIC 319.3 4.0%

3.001-3.501 162.5 2.0%

5.001-5.501 28.3 0.4%

5.501-6.001 212.5 2.7%

6.001-6.501 3,847.5 48.0%

6.501-7.001 3,434.4 42.8%

>7.001 12.4 0.2%

Subtotal 8,016.9 100.0%

Grand Total 8,825.4 100.0%

Source: Ginnie Mae Disclosure Files

1

Totals may not sum due to rounding.

$5.0

$8.1 $7.6

$12.0

$7.8 $6.1

$10.3 $7.7 $5.0

$11.3 $8.9 $10.2 $8.8

$0

$5

$10

$15

$20

$25
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

December 2023

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

7.2 REMIC Market Snapshot

 In November 2023, Ginnie Mae, Freddie Mac, and Fannie Mae saw increases in their SingleFamily REMIC issuance collateral coupon of 2 bps, 5 bps, and 2 bps, respectively, to new 12-

month highs.

 In November 2023, Ginnie Mae and Freddie Mac saw increases of 75 bps and 15 bps, 

respectively, in their Multifamily REMIC issuance collateral coupon. However, Fannie Mae

saw a 144 bp decrease in their Multifamily REMIC issuance collateral coupon. Freddie Mac’s

Multifamily collateral coupon now sits at the highest level in the past 12 months at 5.42%.

 In November 2023, Ginnie Mae and Fannie Mae issued 18 deals and 8 deals, respectively,

across SF and MF, both unchanged from a month prior. Freddie Mac issued 14 deals, across 

SF and MF, a decrease of 4 deals MoM.

 In November 2023, total Single-Family and Multifamily issuance across the three agencies fell

22.4% or $4.93 billion from October.

Figure 31. November 2023 REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF REMIC 

Issuance 

Volume ($B)

% of SF REMIC 

Issuance 

Volume

Number of SF 

REMIC 

Transactions

MF REMIC 

Issuance 

Volume ($B)

% of MF REMIC 

Issuance 

Volume

Number of MF 

REMIC 

Transactions

Ginnie Mae 8.02 67.0% 11 0.81 18.6% 7

Freddie Mac 2.29 19.2% 9 3.03 69.8% 5

Fannie Mae 1.66 13.9% 7 0.50 11.6% 1

Total 2 $11.97 100% 27 $4.34 100% 13

Source: Ginnie Mae Disclosure Files

2 Totals may not sum due to rounding.

0.8

3.0

0.5

8.0

2.3

1.7

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single-Family

Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

December 2023

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

8 MBS OWNERSHIP

As of Q3 2023, the largest holders of agency debt (agency MBS + agency notes and bonds) included

commercial banks (21%), the Federal Reserve (19%), and foreign investors (12%). The Federal

Reserve’s share decreased slightly by 1% in the third quarter of 2023 as compared to the second 

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

roughly $1.93 trillion was held by the top 25 domestic banks per Table 9 below. 

Figure 32. Who Owns Total Agency Debt?

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

households, and nonprofits. Data as of Q3 2023.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions)

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

Largest 25 

Domestic Banks 1,952.3 1,953.4 1,947.1 1,961.3 1,955.1 1,944.4 1,940.1 1,921.3 1,927.7

Small Domestic 

Banks 700.9 627.8 628.4 618.2 610.5 602.0 587.2 578.1 572.8

Foreign Related 

Banks 28.4 26.8 24.0 26.2 24.3 23.2 25.9 26.7 30.1

Total, 

Seasonally 

Adjusted

2,681.6 2,608.0 2,599.5 2,605.7 2,589.9 2,569.6 2,553.2 2,526.1 2,530.6

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

as of November 2023.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

December 2023

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

8.2 Bank and Thrift Residential MBS Holdings

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

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

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

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

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

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

Table 10. Bank and Thrift Residential MBS Holdings

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

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

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

MBS Ownership

December 2023

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

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

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

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

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

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

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

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

7 

4.4%

Citigroup Inc. $82,089.0 $63,563.0

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

$15,799.0 $2,110.0 $617.0 3.8%

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

9 Capital One Financial 

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

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

11 Bank Of New York Mellon 

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

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

13 State Street Bank and Trust 

Company

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

14 BMO Harris Bank National

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

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

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

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

18 HSBC Bank USA, National

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

19 Citizens Bank, National 

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

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

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

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

MBS Ownership

December 2023

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

8.3 SOMA Holdings

FOMC and Economic Highlights:

Federal Open Market Committee Meeting 12/13/2023 Press Release:

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

5-1/2 percent.”

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

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

Committee remains highly attentive to inflation risks.”

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

 “The Committee will continue reducing its holdings of Treasury securities and agency debt

and agency mortgage-backed securities, as described in its previously announced plans.”

 Powell indicated in his press conference that “we are likely at or near the peak rate for this

cycle,” but is “not taking the possibility of future rate hikes off the table.” The next FOMC

meeting is scheduled for January 30-31.

SOMA Portfolio Highlights (Nov 1, 2023 vs. Nov 29, 2023)

 SOMA holdings of domestic securities totaled $7.2 trillion on Nov 29 (a decrease of $46.4

billion or -0.64% from Nov 1). $30.5 billion (67% of the total decrease) was in U.S. Treasury

holdings and $15.9 billion (33% of the total decrease) was in Agency MBS.

 Since the institution of redemption caps in June 2022, SOMA holdings have decreased by $1.2

trillion. The total reduction of holdings of U.S. Treasuries was $953.2 billion and $259.8 billion

for Agency MBS. Thisrepresents 96.3% and 45.0% of the total redemption cap over the period 

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

 Agency MBS comprise about 34% of the total SOMA portfolio. The $15.9 billion monthly

decrease was primarily due to MBS principal repayments rather than outright sales and was 

comprised of a $6.7 billion decrease in Fannie Mae holdings, a $5.8 billion decrease in Freddie

Mac holdings, and a $3.4 billion decrease in Ginnie Mae holdings.

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

WAC of 2.508%.

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

reduction of $15.9 billion in Agency MBS represents 45% of the monthly liquidation cap.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

December 2023

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

Table 12. SOMA Holdings as of November 1, 2023 and November 29, 2023 ($ Billions)

Holdings by Security 

Type

November 1, 2023 November 29, 2023 Month-Over-Month

SOMA Holdings % Share SOMA Holdings % Share $ Change % Change 3

U.S. Treasuries $4,759.7 65.88% $4,729.1 65.89% -$30.5 -0.64%

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

Agency MBS $2,4754.6 33.97% $2,438.8 33.79% -$15.9 -0.65%

Agency Commercial MBS $8.3 0.11% $8.3 0.12% $0.12 -0.24%

Total SOMA Holdings $7,224.9 100.0% $7,178.5 100.0% -$46.4 -0.64%

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

Agency

Singly-Family 

AMBS 

Outstanding 

November 1, 2023

% AMBS 

Outstanding

SOMA AMBS 

Holdings 

November 1, 2023

% SOMA 

Holdings

SOMA AMBS 

Holdings 

November 29, 

2023

% SOMA 

Holdings

Fannie Mae $3,580.6 40.7% $1,011.0 41.2% $1,004.3 41.2%

Freddie Mac $2,938.8 33.4% $937.2 38.2% $931.4 38.2%

Ginnie Mae $2,281.7 25.9% $506.5 20.6% $503.1 20.6%

Total $8,801.1 100.0% $2,454.6 100.0% $2,438.8 100.0%

Table 14. SOMA Agency MBS Liquidations from Nov 1, 2023 to Nov 29, 2023 ($ Billions)

MBS Holdings as of 11.01.23 MBS Holdings 11.29.23 Liquidated Amount Liquidation Cap 4 % of Liquidation Cap

Total $2,454.6 $2,438.8 $15.9 $35.0 45%

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

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

3

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

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

this report.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

December 2023

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

8.4 Foreign Ownership of MBS

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

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

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

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

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

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

Sources: TIC and Recursion, as of September 2023.

10%

15%

20%

25%

30%

35%

400

600

-

800

1,000

1,200

1,400

Agency MBS Held by Foreign Entities in $B

% of SF Agency MBS Outstanding

% of SF Agency MBS Outstanding without Fed

% of SF Agency MBS Outstanding without Fed & CMO

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

200

400

600

800

1,000

1,200

1,400

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

MBS Ownership

December 2023

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

8.5 Foreign Ownership of Agency Debt and Agency MBS

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

owned roughly 54% of all foreign owned Agency MBS. Between September 2022 and September

2023, China and Japan increased their Agency MBS holdings while Taiwan’s holdings decreased. 

China’s holdings increased by $13.6 billion, Japan’s holdings increased by $19.7 billion, and Taiwan’s 

holdings decreased by $8.4 billion.

Table 15. All Agency Debt

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

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

China 251,592 263,892 269,980 255,110 10,069 12,300 6,088 -14,870

Japan 278,069 287,051 253,357 252,463 45,300 8,982 -33,694 -894

Taiwan 210,309 212,533 208,226 201,010 856 2,224 -4,307 -7,216

Canada 97,234 105,527 105,330 116,642 7,921 8,293 -197 11,312

United Kingdom 61,393 41,101 55,682 90,017 5,045 -20,292 14,581 34,335

Luxembourg 47,240 51,202 40,971 42,656 8,681 3,962 -10,231 1,685

Ireland 22,478 25,099 36,766 39,697 4,786 2,621 11,667 2,931

Cayman Islands 30,941 29,485 30,398 37,089 -4,140 -1,456 913 6,691

South Korea 36,237 38,131 36,737 36,508 594 1,894 -1,394 -229

France 19,609 22,578 20,411 24,287 3,410 2,969 -2,167 3,876

Other 225,466 196,641 208,190 218,177 34,361 -28,825 11,549 9,987

Total 1,280,568 1,273,240 1,266,048 1,313,656 116,883 -7,328 -7,192 47,608

Table 16. Agency MBS

Country

Level of Holdings ($ Millions)

9/1/2022 9/1/2023 YoY Change in Holdings ($ Millions)

China 241,523 255,110 13,587

Japan 232,769 252,463 19,694

Taiwan 209,453 201,010 -8,443

Canada 89,313 116,642 27,329

United Kingdom 56,348 90,017 33,669

Luxembourg 38,559 42,656 4,097

Ireland 17,692 39,697 22,005

Cayman Islands 35,081 37,089 2,008

South Korea 35,643 36,508 865

France 16,199 24,287 8,088

Other 191,105 218,177 27,072

Total 1,163,685 1,313,656 149,971

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q3 2023. Agency MBS as of September

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

Fixed Income Liquidity Indicators

December 2023

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

9 FIXED INCOME LIQUIDITY INDICATORS

The Agency MBS average daily trading volume YTD as of month-end November 2023 was $255 billion,

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

November 2023, Agency MBS average daily trading volume decreased 0.8% MoM. See footnote below

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

Figure 35. Average Daily Trading Volume by Sector

Figure 36. Average Daily Turnover by Sector

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

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

$255

$738

$41

$0

$100

$200

$300

$400

$500

$600

$700

$800

$ Billions

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

2.70%

2.96%

0.37% 0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

Tables 17, 18, and 19 below outline the population distributions of FICOs, DTIs, and LTVs between

the agencies and between FHA, VA, and other Ginnie Mae loan sources as of month-end October

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

agencies.

10.1 Credit Scores

Table 17. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 203,114 653 695 745 781 799 735

Fannie 59,313 703 735 767 790 802 759

Freddie 68,630 694 727 763 788 802 754

Ginnie 75,171 629 654 693 741 779 698

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 43,921 622 654 701 753 788 702

Fannie 11,791 663 700 742 778 798 736

Freddie 12,890 663 695 735 773 797 732

Ginnie 19,240 596 627 657 694 734 661

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 247,035 645 686 739 778 798 729

Fannie 71,104 694 729 764 788 802 755

Freddie 81,520 687 722 759 787 801 751

Ginnie 94,411 622 648 684 733 774 690

Purchase FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 75,171 629 654 693 741 779 698

FHA 49,734 626 649 682 722 760 687

VA 22,770 637 674 729 774 797 722

Other 2,667 633 660 700 741 771 700

Refi FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

.

All 19,240 596 627 657 694 734 661

FHA 13,645 590 623 652 684 718 653

VA 5,588 612 639 675 719 760 680

Other 7 648 662 736 744 749 706

All FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,411 622 648 684 733 774 690

FHA 63,379 619 643 675 715 754 680

VA 28,358 630 664 717 767 795 714

Other 2,674 633 660 700 741 771 700

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

Agency Credit Breakdown

December 2023

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

Figure 37. FICO Distributions by Agency

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

0.0%

2.5%

12.4%

28.4%

45.7%

11.0%

0.1%

2.1%

9.8%

27.2%

49.4%

11.5%

2.1%

17.7%

23.4%

23.5%

26.2%

6.5%

4.8%

26.7%

36.1%

20.4%

9.6%

0.8%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

10.2 Loan-to-Value (LTV)

Table 18. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 203,349 60 80 91 98 99 85

Fannie 59,396 53 73 80 93 95 79

Freddie 68,659 52 73 80 95 95 78

Ginnie 75,294 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,143 33 50 68 80 85 63

Fannie 11,797 27 41 56 69 76 54

Freddie 12,890 26 41 59 70 79 55

Ginnie 19,456 53 68 80 81 92 75

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 247,492 52 73 85 97 99 81

Fannie 71,193 45 64 80 90 95 75

Freddie 81,549 44 65 80 90 95 75

Ginnie 94,750 74 90 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 75,294 90 97 98 100 100 96

FHA 49,804 92 97 98 98 98 96

VA 22,801 83 100 100 100 102 96

Other 2,689 92 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 19,456 53 68 80 81 92 75

FHA 13,756 50 65 76 81 81 71

VA 5,693 64 78 90 97 100 85

Other 7 56 67 78 85 94 76

All LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,750 74 90 98 99 100 92

FHA 63,560 73 84 98 98 98 90

VA 28,494 77 90 100 100 102 94

Other 2,696 92 98 101 101 101 98

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

Agency Credit Breakdown

December 2023

7%

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

Figure 38. Loan-to Value by Agency

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

22.2%

41.1%

30.1%

6.5%

23.0%

41.4%

28.1%

7.4%

4.4%

9.9%

20.3%

65.4%

4.5%

12.0%

17.8%

65.7

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

10.3 Debt-to-Income (DTI)

Table 19. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 203,031 27 35 42 48 51 41

Fannie 59,396 25 32 40 45 49 38

Freddie 68,659 25 33 41 46 49 39

Ginnie 74,976 33 39 46 52 56 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 43,709 25 33 41 47 51 39

Fannie 11,797 22 29 37 43 47 36

Freddie 12,890 24 32 40 46 49 38

Ginnie 19,022 29 36 44 50 55 43

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 246,740 27 34 42 48 51 41

Fannie 71,193 24 31 39 45 49 38

Freddie 81,549 25 32 41 46 49 39

Ginnie 93,998 32 39 46 51 55 44

Purchase DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 74,976 33 39 46 52 56 45

FHA 49,809 34 41 47 52 55 46

VA 22,501 31 38 46 52 56 45

Other 2,666 27 32 36 40 42 35

Refi DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 19,022 29 36 44 50 55 43

FHA 13,617 29 36 44 50 55 43

VA 5,398 29 36 43 50 55 43

Other 7 23 26 29 37 38 31

All DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 93,998 32 39 46 51 55 44

FHA 63,426 33 40 46 52 55 45

VA 27,899 31 38 45 51 56 44

Other 2,673 27 31 36 40 42 35

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

Agency Credit Breakdown

December 2023

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

Figure 39. Debt-to Income by Agency

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

33.2%

33.8%

33.0%

36.7%

35.8%

27.5%

18.2%

27.6%

54.2%

13.6%

26.8%

59.6%

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of September 2022 – November 2022 to the three-month range

of September 2023 – November 2023, the share of high-LTV agency loans with:

 FICO scores above 750 increased by approximately 10.1%.

 DTIs below 35% decreased by approximately 20.3%.

Ginnie Mae maintains its key role of expanding credit access to low-to-moderate income borrowers 

as it continues to dominate high-LTV lending, with 70.45% of its issuances between September 2023

– November 2023 having LTVs of 95 or above, compared to 22.27% for the GSEs.

Table 20. Share of Loans with LTV > 95

Ginnie Mae GSE All

Sep 2022 - Nov 2022 67.77% 21.89% 38.84%

Sep 2023 - Nov 2023 70.45% 22.27% 40.46%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.21% 3.49% 4.73% 7.38% 0.03% 17.84%

35-45 5.95% 9.19% 10.44% 11.17% 0.03% 36.79%

≥45 8.21% 13.54% 12.03% 10.38% 0.06% 44.23%

NA 0.28% 0.22% 0.15% 0.17% 0.33% 1.14%

All 16.65% 26.44% 27.35% 29.10% 0.46% 100.00%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.63% 2.59% 3.69% 6.25% 0.05% 14.22%

35-45 5.03% 7.71% 9.82% 12.07% 0.04% 34.68%

≥45 7.76% 13.91% 14.58% 13.52% 0.10% 49.87%

NA 0.27% 0.22% 0.16% 0.19% 0.39% 1.23%

All 14.69% 24.43% 28.25% 32.04% 0.59% 100.00%

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

Agency Credit Breakdown

December 2023

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

10.5 Serious Delinquency Rates

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

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

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

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

the number of loans in forbearance captured in Section 11.

Figure 40. Serious Delinquency Rates: Single-Family Loans

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

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

3.24%

0.55%

0.54%

1.99%

0%

2%

4%

6%

8%

10%

12%

1Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q193Q202Q211Q224Q223Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 55.6% as of month-end November

2023, an increase from 54.8% in October 2023 and up from 52.4% in November 2022. Freddie Mac

and Fannie Mae’s first-time homebuyer shares, 46.9% and 47.0%, respectively, as of month-end 

November 2023, increased 17.0% and 6.9%, respectively, YoY. Ginnie Mae’s first-time homebuyer

share increased 3.0% YoY. Table 23 shows that based on mortgages originated as of month-end

November 2023, the average GSE first-time homebuyer was more likely to have a higher credit score

and lower LTV than a Ginnie Mae first-time homebuyer. Ginnie Mae’s first-time homebuyers were

more likely to have lower loan amounts and lower credit scores, while having higher mortgage rates

than Ginnie Mae repeat buyers. 

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

Table 23. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount $ $345,802 $356,030 $322,285 $326,541 $307,171 $356,444 $321,024 $344,234

Credit Score 753 764 747 761 693 710 723 749

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

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

Loan Rate (%) 7.1% 7.2% 7.1% 7.2% 6.8% 6.7% 7.0% 7.1%

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

46.9%

47.0%

70.2%

55.6%

35%

40%

45%

50%

55%

60%

65%

70%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

In the Ginnie Mae purchase market, 77.7% of FHA loans, 52.3% of VA loans, and 83.0% of “Other”

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

first-time home buyers in the Ginnie Mae purchase market increased MoM for FHA and VA loans,

while “Other” loans decreased. Table 24 shows that based on mortgages originated as of month-end

November 2023; the credit profile of the average VA first-time homebuyer differed from the average

VA repeat buyer.

The average VA first-time homebuyer took out 17.1% smaller loans, had a 25.1-point lower credit

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

more like their repeat buyers, with only 4.0% smaller loans, similar interest rates, and 2.6% higher 

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

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

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

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

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

Table 24. Ginnie Mae First-Time Homebuyer Share Breakdown Summary

FHA VA Other Total

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

Loan 

Amount $ $306,557 $319,360 $332,673 $401,288 $181,682 $188,559 $307,171 $356,444

Credit Score 687 685 710 735 700 703 693 710

LTV (%) 96.5% 93.8% 98.3% 93.2% 97.8% 97.9% 97.0% 93.6%

DTI (%) 45.4% 46.7% 44.0% 45.2% 35.2% 35.9% 44.6% 45.8%

Loan Rate 

(%) 6.8% 6.8% 6.8% 6.7% 6.9% 6.8% 6.8% 6.7%

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

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

77.7%

52.3%

83.0%

70.2%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

10.7 Credit Box: Historical

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

which represents a 12-point increase from November 2022. Ginnie Mae median FICO scores 

increased 10 points from 671 in November 2022 to 681 as of month-end November 2023. As of

month-end November 2023, average FICO scores for refinances increased for Fannie Mae and 

Freddie Mac borrowers by 3 and 20 points YoY, respectively.

Figure 43. FICO Scores for All Loans

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

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

759

764

681

737

660

680

700

720

740

760

780

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

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

December 2023

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

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

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

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

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

and Fannie Mae were 45.5%, 41.0%, and 39.0%, respectively. In November 2022, median DTIs for

Ginnie Mae, Freddie Mac, and Fannie Mae were 44.7%, 39.0%, and 39.0%, respectively.

Figure 47. DTI Ratio for All Loans

Figure 46. LTV Ratio for All Loans

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

80.0

98.2

86.5

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

41.0

39.0

45.5

42.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

48.0

Debt-To-Income Ratio (%)

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

Forbearance Trends

December 2023

11 FORBEARANCE TRENDS

At the end of November 2023, 37,197 Ginnie Mae loans were in forbearance. The number of loans in

forbearance removed from MBS pools in November was 251 while 36,946 loans in forbearance

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

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

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

Tables 25-27. Forbearance Snapshot

All Loans in Forbearance – November 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 652 4.1 $199,451 73.7 75.2 37,197

Bank 670 4.1 $135,736 82.5 84.1 6,411

Nonbank 650 4.1 $213,771 72.6 74.3 30,758

FHA 649 4.1 $189,675 77.3 77.2 29,394

Bank 669 4.2 $133,918 84.7 85.2 5,493

Nonbank 646 4.1 $203,900 76.3 76.2 23,877

VA 660 3.9 $277,801 58.6 66.4 6,106

Bank 673 3.6 $185,169 61.7 71.2 583

Nonbank 659 3.9 $288,999 58.4 66.1 5,520

Loans in Forbearance and Removed from Pools – November 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 661 5.0 $161,573 71.4 72.2 251

Bank 686 5.7 $116,810 83.1 89.5 111

Nonbank 651 4.6 $205,904 64.7 65.0 140

FHA 649 5.4 $143,462 81.3 72.8 207

Bank 679 6.1 $112,956 92.8 86.6 97

Nonbank 636 5.0 $188,230 74.4 66.3 110

VA 694 3.7 $250,428 40.0 69.4 40

Bank 713 3.9 $202,990 50.3 100.0 12

Nonbank 689 3.7 $264,289 34.7 59.9 28

Loans in Forbearance that Remain in Pools – November 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 652 4.1 $199,606 73.7 75.3 36,946

Bank 669 4.1 $136,005 82.5 84.0 6,300

Nonbank 650 4.0 $213,837 72.6 74.3 30,618

FHA 649 4.1 $189,928 77.3 77.3 29,187

Bank 669 4.2 $134,198 84.6 85.2 5,396

Nonbank 646 4.1 $203,966 76.3 76.2 23,767

VA 659 3.9 $277,924 58.7 66.3 6,066

Bank 672 3.6 $185,169 62.2 70.2 571

Nonbank 659 3.9 $289,011 58.5 66.1 5,492

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 November 2023; *Averages weighted by remaining principal balance of the loans. Rounded to nearest tenth
GLOBAL MARKETS ANALYSIS REPORT

Holders of Ginnie Mae Mortgage Servicing Rights

December 2023

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

MBS is shown in Table 28. The top 30 firms collectively own 87.44% of Ginnie Mae MSRs (see

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

are depository institutions. As of November 2023, over half (53.61%) of the Ginnie Mae MSRs are

owned by the top six firms.

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

MSR Holder Current Rank Year 

prior

Change UPB ($ millions) Share Cumulative 

Share

CPR CDR

Lakeview Loan Servicing 1 2 $304,398,543,829 13.2% 13.23% 4.90% 0.78%

DBA Freedom Mortgage 2 1 $293,152,953,517 12.7% 25.97% 5.41% 0.76%

PennyMac Loan Service 3 3 $270,042,948,528 11.7% 37.71% 4.85% 0.83%

Mr. Cooper (Nationstar) 4 4 $127,223,026,474 5.5% 43.24% 7.01% 1.44%

Newrez LLC 5 8 $126,854,018,137 5.5% 48.76% 4.46% 0.52%

Carrington Mortgage 6 7 $111,711,185,591 4.9% 53.61% 5.27% 0.65%

Rocket Mortgage (Quicken Loans) 7 6 $110,074,497,654 4.8% 58.40% 6.08% 0.30%

Wells Fargo Bank 8 5 $ 99,488,430,481 4.3% 62.72% 5.48% 0.57%

Planet Home Lending 9 12 $66,794,667,969 2.9% 65.62% 3.98% 0.37%

U.S. Bank 10 11 $56,133,705,245 2.4% 68.06% 5.12% 1.44%

United Wholesale Mortgage 11 10 $55,182,816,479 2.4% 70.46% 4.89% 1.99%

LoanDepot 12 14 $40,007,038,882 1.7% 72.20% 5.52% 1.10%

Navy Federal Credit Union 13 15 $29,346,821,372 1.3% 73.48% 4.73% 0.22%

Mortgage Research Center 14 13 $27,789,966,000 1.2% 74.68% 6.47% 0.77%

M&T Bank 15 NR $27,426,564,582 1.2% 75.88% 4.25% 0.38%

Guild Mortgage 16 17 $24,164,031,728 1.1% 76.93% 4.47% 0.40%

The Money Source 17 18 $22,310,212,534 1.0% 77.90% 5.56% 0.52%

Crosscountry Mortgage 18 20 $21,248,017,033 0.9% 78.82% 4.16% 0.52%

Movement Mortgage 19 23 $20,456,481,219 0.9% 79.71% 3.85% 0.57%

Truist Bank 20 19 $20,320,940,555 0.9% 80.59% 5.51% 0.98%

New American Funding 21 21 $20,117,444,524 0.9% 81.47% 4.87% 0.73%

CMG Mortgage 22 24 $19,117,645,522 0.8% 82.30% 4.65% 0.87%

AmeriHome Mortgage 23 16 $18,651,789,249 0.8% 83.11% 3.30% 0.86%

PHH Mortgage 24 28 $18,222,387,301 0.8% 83.90% 3.77% 0.51%

Idaho Housing and Finance 25 25 $17,150,976,489 0.7% 84.65% 3.21% 0.48%

Flagstar Bank 26 NR $14,464,492,188 0.6% 85.28% 3.82% 0.60%

Citizens Bank. 27 27 $14,073,811,996 0.6% 85.89% 4.34% 0.20%

Village Capital & Investment 28 22 $13,503,207,617 0.6% 86.47% 9.38% 4.46%

MidFirst Bank 29 29 $11,910,688,676 0.5% 86.99% 10.39% 5.64%

Sun West Mortgage. 30 NR $10,336,578,540 0.4% 87.44% 4.44% 0.19%

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

Agency Nonbank Originators

December 2023

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

13 AGENCY NONBANK ORIGINATORS

Total agency nonbank origination share decreased as of month-end November 2023 by 

approximately 1.3% MoM. The decrease in nonbank origination share was driven by a decrease in 

both Freddie Mac and Ginnie Mae nonbank origination share, down 4.5% MoM and 0.3% MoM, 

respectively. The Ginnie Mae nonbank share fell to 90.7% as of November 2023 but has remained 

consistently higher than the GSEs, largely driven by origination share of refinance mortgage loans.

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

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

Figure 49. Nonbank Origination Share:

Purchase Loans

Figure 50. Nonbank Origination Share:

Refi Loans

81.7%

72.2%

80.2%

90.7%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

December 2023

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

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

2023. Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 90.7% 

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

48.5% in November 2023.

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

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

89.0%

90.7%

91.3%

89.8%

60%

65%

70%

75%

80%

85%

90%

95%

100%

FHA VA Other All

Figure 52. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 53. Ginnie Mae Nonbank Share: 

Refi Loans

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

All FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

December 2023

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

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

GSE

14.1.1 (FICO, LTV, DTI)

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

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

scores decreased by 1 point from October 2023 to November 2023. The agency median FICO score 

remained at 737 in November 2023.

Figure 54. Agency FICO: Bank vs. Nonbank

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

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

737

752

732

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

720

730

740

750

760

770

780

All Median FICO Bank Median FICO

Nonbank Median FICO

660

670

680

690

700

710

720

All Median FICO Bank Median FICO

Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

December 2023

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

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

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

increased to 45.8% through November 2023 in nonbank originations.

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

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

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

68

70

72

74

76

78

80

82

All Median LTV

Bank Median LTV

Nonbank Median LTV

94

96

98

100

All Median LTV

Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

December 2023

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

As of month-end November 2023, the median FICO score for Ginnie Mae bank decreased by 1 point 

to 686 and nonbank increased by 2 points to 681. The median FICO score for all Ginnie originations 

increased 1 point to 681. The gap between banks and nonbanks is most apparent in FHA lending (9-

point spread).

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

Figure 62. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 61. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 63. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

FHA All Median FICO

FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

VA All Median FICO

VA Bank Median FICO

670

680

690

700

710

720

Other All Median FICO

Other Bank Median FICO

Other Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

December 2023

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

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

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

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

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

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

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

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

32

34

36

38

40

42

44

46

48

VA Median DTI

VA Bank Median DTI

VA Nonbank Median DTI

34

35

36

37

38

39

40

Other Median DTI

Other Bank Median DTI

Other Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

December 2023

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

15 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

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

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

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

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

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

Mae has taken to produce ESG disclosures in recent years.

15.1 Environmental, Social, and Governance: A Summary

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

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

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

and environmentally, through its guaranty program.

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

May 2021: 

LMI

“Social”

Disclosures

(% of loans

in LMI

Areas)

June 2021: 

Disclosures reveal

approximately $259 

billion of Outstanding

Ginnie Mae MBS

categorized as LMI

area loans as defined 

by HUD’s CDBG

Program

November 2021: 

Green

“Environmental”

Status Disclosures

Announced

identifies Green

properties within

Multifamily Pools.

March 2022: Full

implementation

of Green Status

Field into

Multifamily

Disclosures

April 2022: 

Introduction

of Affordable

Status

Disclosure

for

Multifamily

properties

February 2023: 

Low-Moderate

Income

Borrower

(LMIB)

Disclosure

Announced

September

2023:

Social

Bond

Program

Introduced

December

2023: ESG

Page

Enhancement

for Platinum

Pool Search

Results
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

December 2023

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

15.2 Environmental

Table 30. UPB by ESG Status

ESG Status UPB %

Green/Affordable 1,061,930,923 0.7%

Green/Broadly Affordable 343,633,240 0.2%

Green/Market 47,050,497,659 31.3%

Green Total 48,456,061,822 32.3%

Affordable 5 7,069,623,603 4.7%

Broadly Affordable 26,996,464,254 18.0%

Affordable Total 35,471,652,020 23.6%

ESG Total 82,522,149,679 54.9%

Total 150,241,790,734 100.0%

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

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

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

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

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

Affordable”. In total 54.9% of Ginnie Mae’s Multifamily collateral is considered ESG.

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

15.3 Social 

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

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

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

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

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

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

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

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

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

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

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

opportunities for historically underserved communities. In December 2023, Ginnie Mae added 

Low/Moderate Geographic Area Values and Low/Moderate Borrower Income Values to their

Platinum pool securities including UPB amount and UPB percentage.

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

1.3% 0.4%

57.0%

8.6%

32.7%

Figure 69. Composition of Ginnie 

Mae Green Status and Affordable 

Multifamily Collateral

Green/Affordable

Green/Broadly Affordable

Green/Market

Affordable

Broadly Affordable
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

December 2023

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

15.3.1 LOW-TO-MODERATE INCOME BORROWERS

Over $296 billion of Ginnie Mae Single-Family collateral and over 1.7 million of loans outstanding

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

$23 billion YoY. 

Figure 70. ESG Share of the Outstanding SF Portfolio

Source: Ginnie Mae Disclosures as of November 2023

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

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

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

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

Table 31. Percent LMI by Pool Share

Metric LMI Pool Share 

>50%

LMI Pool Share

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

Total UPB ($ billions) $8.2 $199.8 $2,046.0 $2,253.9

Average Original Loan Size $172,970 $190,907 $336,302 $322,824

Credit Score (Median) 674 675 679 677

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

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

Interest Rate (WA) 4.73% 4.55% 3.85% 3.92%

Source: Ginnie Mae Disclosures as of November 2023

$260

$265

$270

$275

$280

$285

$290

$295

$300

12.00%

12.50%

13.00%

13.50%

14.00%

14.50%

15.00%

15.50%

16.00%

ESG UPB in Billions

Percent Share of Guarantee Portfolio

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

Environmental, Social, Governance

December 2023

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

15.3.2 PURCHASE AND REFINANCE ORIGINATION BY INCOME BRACKET

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

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

Single-Family guarantee portfolio. Additionally, over 68% of these loan originations guaranteed by 

Ginnie Mae are to households with income less than $100,000 compared to 47.3% at the GSE’s.

Figure 71. Income Distribution of Homebuyers Served Under Ginnie Mae Program

Source: Home Mortgage Disclosure Act (HMDA) data as of 2022

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

<5

10-1520-2530-3540-4550-5560-6570-7580-8590-95

100-105110-115120-125130-135140-145150-155160-165170-175180-185190-195200-205210-215220-225230-235240-245

>250

% of Homebuyers

Income in Thousands

All Households Ginnie Mae Borrowers Conventional Loan Borrowers
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

December 2023

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

U.S. HOUSING MARKET

16 HOUSING AFFORDABILITY

16.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions in Q3 2023. Notably, the East North Central, Middle Atlantic,

South Atlantic, and New England regions all saw over a 2.00% increase QoQ. The West South Central

region saw the smallest QoQ increase in HPI of 1.06%. The New England region has appreciated more

than any other region over the past four quarters, appreciating by 9.21% from Q3 2022 to Q3 2023.

Figure 72. Regional HPI Trend Analysis Q/Q

Figure 73. FHFA U.S. Census Subregions as defined by the U.S. Census Bureau

Source: HPI data from FHFA and is seasonally adjusted. U.S. Census Subregions as defined by the U.S. Census Bureau.

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

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

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

December 2023

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

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

As of month-end November 2023, inflation was 3.1%, decreasing from 3.2% in the month prior. 

Nationally, rents are down 2.1% YoY as of month-end November 2023. The MoM change in rents 

from October 2023 to November 2023 decreased by 0.6%. Wage growth saw no change from 5.2%

in October 2023 to 5.2% as of month-end November 2023. Month-end September 2023 reporting

data shows YoY home price appreciation increased by 3.9% from a 2.6% YoY change in August 2023.

Figure 74. Inflation | 12-Month Percent Change in CPI

Figure 75. Asset Price Appreciation vs. Wage Increases

Sources: Bureau of Labor Statistics – Consumer Price Index; Federal Reserve Bank of Atlanta, Research and Data - Wage-Growth Data; Rent.com

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

3.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

3.1%

5.2%

3.9%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic

General

Inflation 3.1%

Home Price

Appreciation 

(YoY)

3.9%

Rental Price

Appreciation

(Median

Rent Change 

YoY)

-2.1 %

Wage 

Growth 5.2%
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

December 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

Home affordability remains low, as the ratio of the average price of sold homes to median incomes 

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

median income ratio exceeds the ratio observed during the housing bubble (6.4:1). With declining

home price appreciation, and home prices even dropping in some regions in the country, this ratio

may drop back down to historically normal levels.

Figure 76. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

December 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 61

16.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Reserve maintained the Federal Funds target range on December 13, 2023, at a range of

5.25% and 5.50% per the FOMC6

. As of December 14, 2023, the average 30-year and 15-year fixed

rate mortgage rates were 6.95% and 6.38%, respectively. The average 30-year fixed rate mortgage

rate decreased 49 bps and the average 15-year fixed rate mortgage rate decreased 38 bps MoM from

November 16, 2023.

Figure 77. Average Fixed Rate Mortgage Rates

Sources: FRED data as of December 2023

6

Federal Reserve Board - Federal Reserve issues FOMC statement

6.95%

6.38%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

December 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 62

16.3 Housing Inventory

As of November 2023, there was 9.2 months of housing inventory on the market, an increase of 1.3

months from a readjusted 7.9 months in October 2023. As housing affordability continues to remain

low (See above Section 16.2) Single-Family home sales are unlikely to play a large role in the

resolution of the housing shortfall. Multifamily construction volume metrics, shown in Figure 79,

increased in 2022; number of starts increased by 15.0% and numbers of permits increased by 10.7%

while number of completions remained relatively stable.

Figure 79. Multifamily Construction Metrics: Permits, Starts, Completions

Figure 78. Single-Family Housing Inventory

Source: FRED. Figure 78: data as of November 2023. New Residential Construction, U.S. Census Bureau. Figure 79: data as of December 2022.

9.2

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

in thousands

Number of Starts Number of Completions Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

December 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 63

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

The total value of the Single-Family housing market increased to $45.5 trillion in Q3 2023. The total

value of the US housing market is up approximately 139% from its trough in 2011. From Q3 2022 to 

Q3 2023 mortgage debt outstanding increased from $12.3 trillion to $12.9 trillion and household

equity increased from $31.2 trillion to $32.6 trillion. At roughly $9.0 trillion in Q3 2023, Agency SingleFamily MBS continues to account for a growing percentage of the total mortgage debt outstanding,

up to 65% of total mortgage debt from just 52% in 2011.

Figure 80. Value of the U.S. Housing Market

Figure 81. Size of the U.S. Residential Mortgage Market

Source: Federal Reserve Flow of Funds Data as of Q3 2023.

12.9

32.6

45.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

$ Trillions

Debt Household Equity Total Value

0.4

0.5

9.0

3.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

December 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 64

17 DISCLOSURE

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

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

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

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

to buy, securities.

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

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

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

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

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

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

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

in, or omissions from, the report.

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

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.”