February 2023
FEBRUARY 2023

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

Table of Contents

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

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

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

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

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

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

2.2 US Treasury Hedged Yields.....................................................................................6

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

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

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

3.2 Ginnie Mae 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 Foreign Ownership of MBS ....................................................................................29
FEBRUARY 2023

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

8.4 Foreign Ownership of Agency Debt and Agency MBS...........................................30

9 Fixed Income Liquidity Indicators ...............................................................................31

PRIMARY MORTGAGE MARKET.............................................................................................32

10 Agency Credit Breakdown ...........................................................................................32

10.1 Credit Scores..........................................................................................................32

10.2 Loan-to-Value (LTV)...............................................................................................34

10.3 Debt-to-Income (DTI) .............................................................................................36

10.4 High LTV Loans: Ginnie Mae vs. GSEs .................................................................38

10.5 Serious Delinquency Rates ....................................................................................39

10.6 Credit Box...............................................................................................................40

10.7 Credit Box: Historical..............................................................................................42

11 Forbearance Trends......................................................................................................44

12 Holders of Ginnie Mae Mortgage Servicing Rights....................................................45

13 Agency Nonbank Originators ......................................................................................46

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE............48

13.1.1 (FICO, LTV, DTI) ........................................................................................48

U.S. HOUSING MARKET...........................................................................................................52

14 Housing Affordability....................................................................................................52

14.1 Housing Affordability – Home Price Appreciation...................................................52

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

Rent.... ...................................................................................................................53

14.2.1 Housing Affordability – Mortgage Rate Trends...........................................55

14.3 Housing Inventory ..................................................................................................56

14.4 Size and Value of the US Housing Market .............................................................57

15 Disclosure......................................................................................................................58
FEBRUARY 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 Highlightssection discusses agency single- family MBS issuance and agency single-family 

and multifamily REMIC issuance in 2022. This month’s Highlights section compares Ginnie Mae’s 

agency MBS and REMIC issuance to the GSEs. 

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

• The Prepayments section illustrates the decline of prepayment rates across the agencies, due 

to decreased refinance activity in the U.S. housing market. 

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

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

refinance activity. 

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

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

homebuyers. 

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

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

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

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

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

remaining historically low.
FEBRUARY 2023

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

Highlights

In December of 2022, Ginnie Mae gross issuance volume of MBS was $28.8 billion in unpaid principal 

balance (UPB). That same month, Fannie Mae gross issuance volume was $24.9 billion and Freddie 

Mac gross issuance volume was $25.5 billion. Total gross MBS issuance volume in 2022 for Ginnie 

Mae was $512.3 billion. Total gross MBS issuance volume in 2022 for Fannie Mae was $628.3 billion 

and for Freddie Mac was $551.7 billion. As illustrated in Figure 1, through 2022, the GSEs had a 

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

gross monthly issuance volume decreased by 70.3% in 2022 while Fannie Mae gross monthly issuance 

volume decreased by 73.2%. Ginnie Mae gross monthly issuance volume only decreased 51.1% during 

the same period. 

Figure 1. Agency Single-Family MBS Gross Issuance Amount

Net MBS issuance amounts for the GSEs were also significantly lower in 2022 relative to Ginnie Mae. 

In fact, Fannie Mae experienced a 99.5% decline in monthly net issuance amount from $45.6 billion 

in January 2022 to only $200 million in net issuance in December 2022. In December 2022 Freddie 

Mac also saw an 82.4% drop in net MBS issuance amount from $37.6 billion in January 2022 to $6.6 

billion in December 2022. Ginnie Mae maintained a net issuance amount of $14 billion in January 

2022 and $14 billion in December 2022—showing a stable performance in 2022 for Ginnie Mae as 

depicted in Figure 2.

Figure 2. Agency Single-Family MBS Net Issuance Amount

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

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Billions

Fannie Mae Freddie Mac Ginnie Mae

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Billions

Fannie Mae Freddie Mac Ginnie Mae
FEBRUARY 2023

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

In 2022, Ginnie Mae total single-family and multifamily REMIC issuance volume was $115.4 billion. 

The total REMIC issuance amount for Freddie Mac was $105.8 billion and $50.4 billion for Fannie 

Mae. The GSEs saw a dip during 2022 in single-family and multifamily monthly REMIC issuance 

volume as well. As shown in Figure 3, Freddie Mac monthly REMIC issuance volume dropped from 

$12.0 billion in January 2022 to $4.0 billion in December 2022—a 66.7% decrease; Fannie Mae 

monthly REMIC issuance volume dropped from $11.3 billion in January 2022 to less than $1 billion in 

December 2022—a 98.2% decrease. With $8.1 billion of single and multifamily REMIC issuance in 

December 2022, Ginnie Mae had a higher issuance REMIC issuance volume compared to Freddie Mac 

and Fannie Mae.

Figure 3. Agency Single-Family and Multifamily REMIC Issuance

Ginnie Mae is the only agency issuer of HREMICs (collateralized by Home Equity Conversion 

Mortgages, which are FHA’s reverse mortgage loan product). The average monthly deal size for 

Ginnie Mae HREMICs has grown 260% from $246.2 million in January 2022 to $885.3 million in 

December 2022 as seen in Figure 4. Total HREMIC issuance was $9.7 billion in 2022 with 26 

deals compared to 19 transactions in 2021. $947 million of HREMICs were issued in January 

2023 relative to $885 million in December 2022. 1

Figure 4. Ginnie Mae HREMIC Issuance

1 https://www.ginniemae.gov/data_and_reports/reporting/REMIC%20Issuance%20Summaries/remic%20monthly_issuance_jan23.pdf

 $-

 $5.00

 $10.00

 $15.00

 $20.00

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

Dec-22

Billions

Ginnie Mae Freddie Mac Fannie Mae

 $-

 $0.2000

 $0.4000

 $0.6000

 $0.8000

 $1.0000

 $1.2000

 $1.4000

 $-

 $200

 $400

 $600

 $800

 $1,000

Billions

Millions

Issuance HREMIC Average Deal Size
FEBRUARY 2023

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 5. Bloomberg US Aggregate Index

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

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

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

components were no larger than 1%. 

Figure 6. Bloomberg Global Aggregate Index by Country

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

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

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

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

larger than 1%. 

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

41%

28%

14%

8%

2%

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

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

41%

12% 5% 9%

4%

4%

4%

3%

2%

2%

14%

United States - 41%

Japan - 12%

China - 9%

France - 5%

United Kingdom - 4%

Germany - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 2%

Other - 14%
FEBRUARY 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 US 10-year Treasury yield moved to 3.51% at month-end January 2023, a MoM decrease of 37 

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

the figure below behind Italian Treasury yields.

The yield on the UK 10-year notes decreased to 3.37% at month-end January, a MoM decrease

of 29 bps.

The yield on the German 10-year note fluctuated during January, having dipped 54 bps from 

2.57% at month-end December to 2.02% at mid-month January. The yield rebounded to 2.28% 

at month-end January which represents a MoM decrease of 29 bps

The yield on the Italian 10-year note fluctuated during January, having dipped 95 bps from 4.70%

at month-end December to 3.75% at mid-month January. The yield rebounded to 4.15% at 

month-end January which represents a MoM decrease of 47 bps

The yield on the Japanese 10-year notes increased to 0.49% at month-end January, a MoM 

increase of 8 bps.

Figure 7. Global 10-Year Treasury Yields 

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

3.51%

3.37%

2.28%

4.15%

0.49%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

% Yield

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

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

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY increased MoM 6 bps to 2.21% at month-end 

January.

The hedged yield for the 10-year Treasury EUR increased MoM 3 bps to 1.27% at month-end 

January.

Figure 8. 7–10yr Total Return Hedged Index, JPY

Figure 9. 7–10yr Total Return Hedged, EUR

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

221.32

210

220

230

240

250

260

270

280

127.44

120

130

140

150

160

170
FEBRUARY 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 fixed rate MBS yields decreased MoM in January 2023. Ginnie Mae II yields were 5.03% 

in November, increased 28 bps to 5.31% in December, and have now decreased 59 bps to 4.72%. 

Ginnie Mae I yields were 4.99% in November, increased 23 bps to 5.22%, and have now decreased 

47 bps to 4.75%. Ginnie Mae II spreads over the US 10-year Treasury yield increased 65 bps to 120 

bps over the US 10-year Treasury yield at month-end January 2023. The yields on the Ginnie Mae I 

were 123 bps higher than the US 10-year Treasury yield at month-end January 2023, a decrease of 12

MoM but an increase of 56 bps YoY. 

Figure 10. Ginnie Mae II SF Yield, USD

Figure 11. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of January 2023. 

4.72%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

% Yield

4.75%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

% Yield
FEBRUARY 2023

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

3.2 Ginnie Mae Hedged Yields 

The yield for the Ginnie Mae II, hedged in the Japanese Yen stood at 3.42% at month-end 

January, a 17 bps decrease MoM. The yield for the Ginnie Mae II, hedged in the Euro, stood at 

2.48% at month-end January, a 19 bps decrease MoM.

The yield for the Ginnie Mae I, hedged in the Japanese Yen, stood at 3.45% at month-end 

January, a 5 bps decrease MoM. The yield for the Ginnie Mae I, hedged in the Euro, stood at

2.51% at month-end January, a 7 bps decrease MoM.

Figure 12. Ginnie Mae I and II Hedged, JPY

 

Figure 13. Ginnie Mae I and II Hedged, EUR

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

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

3.42%

3.45%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

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

Percent Yield

GN II Hedged JPY GN I Hedged JPY

2.51%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

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

GN II Hedged EUR GN I Hedged EUR

2.48%
FEBRUARY 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased 4 bps to 

0.55% at month-end January. After significant fluctuation in the month of January, the GNMA II 30-

year OAS decreased 15 bps MoM as of month-end January. The US Intermediate credit OAS was 

similarly volatile in January but as of month-end January there had been a 12 bps decrease MoM.

Figure 14. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS

Figure 15. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS

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

0.37%

0.91%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.55%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
FEBRUARY 2023

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

3.4 Global Treasury Yield Per Duration

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

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

Figure 16. Yield vs. Duration

Security Duration Yield

US 5y 4.48 4.17

US 10y 8.29 3.91

JPY 5y 4.86 N/A

JPY 10y 9.44 0.38

GER 5y 4.85 2.11

GER 10y 8.84 2.06

ITA 5y 4.59 3.33

ITA 10y 7.94 3.91

UK 5y 5.37 3.28

UK 10y 8.42 3.48

GNMA II 2% 7.15 3.83

GNMA II 2.5% 7.07 3.95

GNMA II 3% 6.88 4.09

GNMA II 3.5% 6.35 4.27

GNMA II 4% 6.13 4.42

GNMA II 4.5% 5.87 4.63

GNMA II 5% 5.34 4.89

GNMA II 5.5% 4.78 5.21

GNMA II 6% 3.91 5.43

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 January 2023. Yields are in base currency of security and unhedged. JPY 5Y yields 

were unavailable on the date this data was pulled. 

US 5y

US 10y

JPY 5y

JPY 10y

GER 5y GER 10y

ITA 5y

ITA 10y

UK 5y

UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

-2.00 0.00 2.00 4.00 6.00 8.00 10.00 Yield

Duration
FEBRUARY 2023

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in January by 17.2% MoM, while 

Fannie Mae and Freddie Mac CPRs decreased 16.1% and 16.4%, respectively. ARM prepayments have

decreased for GSEs since December 2022 and dropped for Ginnie Mae for the third straight month, 

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

Figure 17. Fixed Rate Aggregate 1-Month CPR

Figure 18. ARM Aggregate 1-Month CPR

 

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

3.9

3.7

4.6

0

10

20

30

40

50

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.1

9.4

9.5

0

10

20

30

40

50

60

70

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
FEBRUARY 2023

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

4.2 Involuntary Prepayments (CDR)

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

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

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

below Ginnie Mae in January 2023 after slightly overtaking Ginnie Mae in September 2022. 

Figure 19. Fixed Rate Aggregate CDR

Figure 20. ARM Aggregate CDR

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

0.3

0.2

0.6

0

5

10

15

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.3

0.7

0

10

20

30

40

50

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
FEBRUARY 2023

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

4.3 Voluntary Prepayment Rates (CRR)

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

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

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

Mac saw decreases of 17.0% MoM and 17.2% MoM in fixed rate aggregate CRR, respectively. Freddie 

Mac saw a 21.8% MoM decrease and Fannie Mae saw a 6.3% MoM decrease in ARM aggregate CRR. 

Ginnie Mae decreased 19.9% MoM in fixed rate aggregate CRR and saw a 19.3% MoM decrease in 

ARM aggregate CRR. 

Figure 21. Fixed Rate Aggregate CRR

Figure 22. ARM Aggregate CRR

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

3.6

3.5

4.0

0

10

20

30

40

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

4.5

9.2

9.2

0

10

20

30

40

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
FEBRUARY 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

Agency gross MBS issuance decreased MoM by 5.05%. Freddie Mac and Ginnie Mae saw decreases 

in gross issuance as compared to December, while Fannie Mae saw an increase.

Table 1. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9 

2005 $514.1 $379.9 $894.0 $81.4 $975.3 

2006 $500.2 $352.9 $853.0 $76.7 $929.7 

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2 

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

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

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

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

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

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

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

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

2023 YTD $25.7 $22.4 $48.1 $27.1 $75.2

2023 Annualized $308.4 $268.8 $577.2 $325.2 $902.4 

Figure 23. Agency Gross Issuance

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

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

$325

$308

$269

$0.0

$500.0

$1,000.0

$1,500.0

$ in Billions 

Fannie Mae Freddie Mac Ginnie Mae
FEBRUARY 2023

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

Ginnie Mae’s $27.1 billion in gross issuance in January was approximately 37% below the average 

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

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

$187.1 billion less than that of 2022. 

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5 

2002 $128.6 $37.9 $2.5 $169.0 

2003 $147.9 $62.7 $2.5 $213.1 

2004 $85.0 $31.8 $2.5 $119.2 

2005 $55.7 $23.5 $2.1 $81.4 

2006 $51.2 $23.2 $2.3 $76.7 

2007 $67.7 $24.2 $3.0 $94.9 

2008 $221.7 $39.0 $6.9 $267.6 

2009 $359.9 $74.6 $16.8 $451.3 

2010 $304.9 $70.6 $15.3 $390.7 

2011 $216.1 $82.3 $16.9 $315.3 

2012 $253.4 $131.3 $20.3 $405.0 

2013 $239.2 $132.2 $22.2 $393.6 

2014 $163.9 $111.4 $21.0 $296.3 

2015 $261.5 $155.6 $19.2 $436.3 

2016 $281.8 $206.5 $19.9 $508.2 

2017 $257.6 $177.8 $20.2 $455.6 

2018 $222.6 $160.8 $17.2 $400.6 

2019 $266.9 $225.7 $16.0 $508.6 

2020 $327.0 $423.5 $24.9 $775.4 

2021 $392.2 $422.1 $26.7 $840.9 

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $15.4 $11.1 $0.6 $27.1

2023 Annualized $184.8 $133.2 $7.2 $325.2 

Figure 24. Ginnie Mae Gross Issuance

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

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

$185

$133

$7 $0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
FEBRUARY 2023

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

5.2 Net Issuance of Agency MBS

Agency net issuance in January was approximately $22.8 billion, which represents a 9.7% MoM 

increase in net issuance. Ginnie Mae net issuance was $14.1 billion in January, a 1.0% increase from 

December 2022. Since May 2022, FHA net issuance outpaces VA net issuance MoM, as shown in Table 

4 and Figure 21. 

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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 $5.3 $3.4 $8.7 $14.1 $22.8

2023 Annualized $64.0 $40.3 $104.2 $169.6 $273.8 

Figure 25. Agency Net Issuance

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

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

$170

$64

$40

-$200.00

-$100.00

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
FEBRUARY 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 $8.8 $5.3 $0.0 $14.1

2023 Annualized $105.9 $64.0 -$0.2 $169.6

Figure 26. Ginnie Mae Net Issuance

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

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

$106

$64

$0

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
FEBRUARY 2023

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

5.3 Monthly Issuance Breakdown

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

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

January 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 January 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. 
FEBRUARY 2023

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

5.4 Percent Refi at Issuance – Single-Family 

Refinance activity decreased for Ginnie Mae in January 2023. In the conventional mortgage market 

space, Fannie Mae saw an increase of 1.5% MoM and Freddie Mac saw a decrease of 1.9% MoM. 

Ginnie Mae’s MoM decrease was approximately 8.7%, with the greater drop taking place with VA 

lending which was down approximately 9.3% in January MoM. FHA’s refinance share decreased by 

approximately 8.6%. 

Freddie Mac’s refinance percentage dropped to 14.1% in January, down from 14.4% in 

December.

Fannie Mae’s refinance percentage rose to 16.2% in January, up from 15.9% in December.

Ginnie Mae’s refinance percentage dropped to 14.5% in January, down from 15.9% in December

FHA’s refinance percentage dropped to 13.8% in January, down from 15.1% in December.

VA’s refinance percentage dropped to 16.3% in January, down from 17.9% in December.

Figure 27. Percent Refinance at Issuance – Single-Family

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

16.3%

16.2%

14.1%

13.8%

14.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Jul/14

Oct/14

Jan/15

Apr/15

Jul/15

Oct/15

Jan/16

Apr/16

Jul/16

Oct/16

Jan/17

Apr/17

Jul/17

Oct/17

Jan/18

Apr/18

Jul/18

Oct/18

Jan/19

Apr/19

Jul/19

Oct/19

Jan/20

Apr/20

Jul/20

Oct/20

Jan/21

Apr/21

Jul/21

Oct/21

Jan/22

Apr/22

Jul/22

Oct/22

Jan/23

Freddie Fannie Ginnie FHA VA
FEBRUARY 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 January 2023, outstanding single-family MBS in the agency market totaled $8.626 trillion: 41.5% 

Fannie Mae, 33.6% Freddie Mac, and 24.9% Ginnie Mae MBS. Over the past twelve months, Fannie 

Mae’s, Freddie Mac’s, and Ginnie Mae’s total outstanding MBS increased by approximately 3.7%, 

5.8%, and 9.0%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s and

Ginnie Mae’s by approximately $677 billion and $1.4 trillion, respectively.

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

2018, 60.6% of Ginnie Mae outstanding collateral was FHA and 33.3% was VA. In January 2023, FHA 

collateral comprised 52.9% of Ginnie Mae MBS outstanding and VA collateral comprised 42.2% of 

Ginnie Mae MBS outstanding. 

Figure 28. Outstanding Agency Mortgage-Backed Securities

Figure 29. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

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

$3,578

$2,901

$2,147

$8,626

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,138

$907

$106

0

200

400

600

800

1000

1200

1400

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

$ in Billions

 FHA VA OTHER
FEBRUARY 2023

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

6.2 Origination Volume and Share Over Time

Origination volume continued to decline in Q4 2022, with $335 billion in originations in Q4, which 

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

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

26.4% to 25.3% in Q4 2022. 

Figure 30. First Lien Origination Volume

Figure 31. First Lien Origination Share

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

$0.16

$0.08

$0.01

$0.08

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

47.4%

25.6%

1.7%

25.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
FEBRUARY 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 30% of new agency issuance over the past year. The share 

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

in Alaska (52%) and the lowest in the District of Columbia (19%). The highest Ginnie Mae outstanding

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

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

agency outstanding. 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

30% 2,189,973 279.09 287.30 26% 10,711,729 204.78 210.99

AK 52% 7,299 332.22 297.26 48% 37,505 261.98 221.32

AL 44% 48,524 222.04 235.98 40% 236,193 157.10 177.77

AR 40% 25,692 190.44 219.01 39% 136,743 132.44 160.94

AZ 28% 65,322 313.39 320.28 24% 272,630 219.29 226.13

CA 23% 147,681 440.27 434.54 16% 682,990 327.75 320.91

CO 28% 48,879 397.47 383.88 23% 213,362 292.02 277.81

CT 30% 20,700 262.76 276.93 25% 105,865 202.54 209.68

DC 19% 1,776 491.20 429.35 13% 8,903 382.08 350.54

DE 34% 10,633 267.15 291.36 31% 51,755 204.30 211.63

FL 33% 194,139 292.75 293.40 32% 847,772 212.16 211.62

GA 37% 113,350 253.29 286.53 33% 496,911 180.18 207.01

HI 39% 6,657 611.42 492.94 32% 33,485 469.36 358.52

IA 28% 15,313 181.13 195.49 22% 82,452 134.07 148.59

ID 27% 12,834 331.04 320.66 23% 63,537 218.18 223.05

IL 27% 73,667 209.33 241.80 22% 366,196 160.16 179.50

IN 33% 56,114 190.14 208.45 30% 278,608 134.33 151.11

KS 32% 17,735 192.89 221.31 29% 96,134 140.18 164.03

KY 38% 33,566 196.80 213.28 34% 164,802 143.76 156.06

LA 46% 41,242 205.02 235.75 40% 200,494 157.92 177.74

MA 24% 23,780 373.32 366.11 16% 113,465 285.10 269.11

MD 39% 59,920 336.87 325.84 33% 291,650 265.55 249.95

ME 30% 7,503 243.61 265.92 26% 37,847 178.01 191.95

MI 24% 54,019 185.81 212.94 20% 275,062 134.05 157.11

MN 21% 28,010 246.71 272.85 18% 159,470 182.51 198.75

MO 32% 47,018 197.28 218.54 29% 244,197 142.30 162.27

MS 51% 24,309 200.73 215.60 48% 122,323 143.74 161.40

MT 25% 5,887 307.08 309.86 23% 32,335 209.40 216.55

NC 31% 88,063 249.17 282.39 29% 413,082 176.01 202.34

ND 31% 3,354 243.22 239.86 24% 17,040 193.54 184.69

NE 29% 11,253 217.13 220.04 26% 64,831 149.39 161.19

NH 25% 7,260 308.94 302.70 22% 38,211 226.78 215.34

NJ 27% 49,125 315.94 332.80 21% 231,342 240.82 254.87

NM 39% 17,685 239.83 249.53 38% 95,062 167.08 178.54

NV 33% 30,707 340.26 328.93 30% 132,415 248.20 235.75

NY 23% 51,922 300.85 340.45 20% 306,518 209.50 248.80

OH 32% 79,529 182.73 200.52 29% 422,657 130.54 149.38

OK 41% 34,312 201.80 221.43 42% 188,643 141.36 162.65

OR 22% 22,325 348.98 356.66 19% 110,296 254.29 253.78

PA 26% 66,081 201.08 244.91 25% 387,675 149.16 182.31

RI 37% 7,468 319.87 295.42 30% 35,550 234.70 213.43

SC 37% 54,371 250.50 259.56 34% 234,323 183.57 192.40

SD 33% 5,437 241.36 241.46 29% 29,320 173.41 177.91

TN 32% 57,151 256.49 278.28 31% 269,288 175.86 204.65

TX 30% 212,527 263.19 297.38 31% 1,088,713 182.65 212.81

UT 22% 20,943 372.40 378.24 18% 95,155 260.40 264.18

VA 42% 88,957 329.51 318.96 36% 445,918 257.16 250.56

VI 21% 128 355.29 416.80 23% 791 249.03 302.64

VT 21% 2,135 239.02 261.32 18% 12,100 181.72 181.04

WA 26% 47,109 394.36 397.63 21% 231,940 285.22 289.74

WI 21% 23,459 210.23 226.13 17% 123,587 156.97 163.63

WV 47% 11,913 194.26 195.55 43% 59,553 144.40 145.70

WY 37% 5,190 264.07 266.55 35% 25,033 206.38 201.97

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

from December 2021 to January 2023. Values above are based on loan level disclosure data, thus excluding loan balances for the first 6 months that 

loans are in a pool. This accounts for the difference in share of outstanding MBS represented above & in Outstanding Single-Family Agency MBS.
FEBRUARY 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 January 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS increased 

slightly from 3.10% in December 2022 to 3.13% in January 2023. With 30-year fixed mortgage rates

for certain credit profiles over 6.0% in January, this increase in WAC is likely to continue. Figure 30

illustrates that loans originated since 2019 account for 77% of Ginnie Mae MBS collateral outstanding.

Figure 32. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 33. Outstanding Ginnie Mae MBS Balance, by Vintage

Sources: Recursion. Note: January 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%

Jan/17

Mar/17

May/17

Jul/17

Sep/17

Nov/17

Jan/18

Mar/18

May/18

Jul/18

Sep/18

Nov/18

Jan/19

Mar/19

May/19

Jul/19

Sep/19

Nov/19

Jan/20

Mar/20

May/20

Jul/20

Sep/20

Nov/20

Jan/21

Mar/21

May/21

Jul/21

Sep/21

Nov/21

Jan/22

Mar/22

May/22

Jul/22

Sep/22

Nov/22

Jan/23

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%

Jan/15

Apr/15

Jul/15

Oct/15

Jan/16

Apr/16

Jul/16

Oct/16

Jan/17

Apr/17

Jul/17

Oct/17

Jan/18

Apr/18

Jul/18

Oct/18

Jan/19

Apr/19

Jul/19

Oct/19

Jan/20

Apr/20

Jul/20

Oct/20

Jan/21

Apr/21

Jul/21

Oct/21

Jan/22

Apr/22

Jul/22

Oct/22

Jan/23

Pre 2008 2008-2013 2014-2018 2019-2022
FEBRUARY 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

In January 2023, $6.4 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage 

Investment Conduits (REMICs) as underlying collateral. This represents a roughly 59.2% decrease YoY 

from $15.7 billion in January 2022. 

Of that, approximately $928.7 million were multifamily MBS having coupons over 3.51%. $5.3 billion 

were single-family MBS with 100% of the single-family MBS having coupons over 4.51%.

Figure 34. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Table 7. December 2022 REMIC Collateral Coupon Distribution

Source: Ginnie Mae Disclosure Files 

2

Totals may not sum due to rounding.

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4 $8.8

$6.0 $8.0 $5.9

$3.4

$7.5 $6.4

$0

$5

$10

$15

$20

$25

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

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

REMIC Deals ($MM)2

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

2.51-3.00 222.7 19.3%

3.51-4.00 354.7 30.8%

4.01-4.50 252.8 22.0%

4.51-5.00 321.2

Subtotal 1,151.5 100%

Single-Family

4.51-5.00 378.2 7.0%

5.01-5.50 880.0 17.0%

5.51-6.00 2,097.3 40.0%

6.01-6.50 1,544.5 29.0%

6.51-7.00 375.2 7.0%

Subtotal 5,275.2 100.0%

Grand Total 6,426.7 100.0%
FEBRUARY 2023

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

7.2 REMIC Market Snapshot

As of month-end January 2023, Ginnie Mae's Single-Family REMIC collateral WAC had increased 300 

bps YoY. This is the second consecutive year of an increase in Ginnie Mae Single-Family REMIC 

collateral WAC as the WAC increased 54 bps between January 2022 and January 2021. By 

comparison, Freddie Mac's and Fannie Mae’s Single-Family REMIC collateral WAC increased by 248 

and 229 bps, respectively. 

 In January 2023, Fannie Mae REMIC issuance volume was $728.7 million, the second 

consecutive month of FY23 where REMIC issuance volume was under $1.0 billion. 

Figure 35. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF 

REMIC 

Issuance 

Volume 

($B)

% of SF 

REMIC 

Issuance

Volume

Number of 

SF REMIC 

Transactions

MF REMIC 

Issuance 

Volume ($B)

% of MF 

REMIC 

Issuance

Volume

Number of 

MF REMIC 

Transactions

Ginnie Mae 6.4 84.9 9 1.2 29.7 7

Freddie Mac 0.5 6.8 6 2.7 70.3 3

Fannie Mae 0.6 8.4 3 0.0 0.0 0

Total 7.6 100 18 3.9 100 10

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

1.2

2.7

0.0

6.4

0.5

0.6

January

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
FEBRUARY 2023

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

8 MBS OWNERSHIP

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

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

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

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

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

by the top 25 domestic banks. 

Figure 36. Who Owns Total Agency Debt?

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

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

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 11-Jan 18-Jan 25-Jan 1-Feb

Largest 25 

Domestic Banks 2,143.9 2,122.4 2,117.0 2,115.5 2,096.8 2,067.6 2,052.0 2,056.5 2,036.5 2,041.8 2,043.9 2,039.0

Small Domestic 

Banks 730.8 735.8 731.8 738.3 712.4 692.2 690.9 677.3 680.5 673.1 675.3 680.5

Foreign Related 

Banks 36.5 36.5 38.0 35.1 37.4 35.9 39.3 36.6 32.9 33.4 25.1 25.0

Total, Seasonally 

Adjusted 2,911.2 2,894.7 2,886.8 2,888.9 2,846.6 2,795.7 2,782.2 2,770.4 2,749.9 2,748.3 2,744.3 2,744.5

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

top 25. Data as of January 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
FEBRUARY 2023

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

8.2 Bank and Thrift Residential MBS Holdings

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

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

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

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

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

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022 
FEBRUARY 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)

Institution Total GSE PT GNMA PT Agency 

CMO 

NonAgency Share

1 BANK OF AMERICA 

CORPORATION 

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

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

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

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

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

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

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

8 PNC Bank, National 

Association 

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

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

10 CAPITAL ONE FINANCIAL 

CORPORATION 

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

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

12 BANK OF NEW YORK 

MELLON CORP

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

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

14 State Street Bank and Trust 

Company 

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

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

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

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

18 Citizens Bank, National 

Association 

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

19 HSBC Bank USA, National 

Association 

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

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

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

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

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

8.3 Foreign Ownership of MBS

For the month of December 2022, foreign ownership of MBS represents $1.17 trillion in agency MBS, 

down approximately $20 billion from November 2022. Total foreign ownership includes $549 billion 

held by foreign private institutions and $617 billion held by foreign official institutions. The pre-Covid 

foreign ownership peak of approximately 17.5% has fallen to 13.6% as of December 2022.

Figure 37. Foreign Share of Agency MBS Market

Figure 38. Monthly Foreign MBS Holdings

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

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

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

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

13.59%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Percent of Agency MBS Owned 

by Foreigners

Foreign Share of MBS

617

549

1,166

0

200

400

600

800

1,000

1,200

1,400

$ Billions

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

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

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

own 59% of all foreign owned US MBS. Between September 2021 and September 2022, Japan and 

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

holdings have decreased by $77.5 billion, Taiwan’s holdings have decreased by $37.4 billion, and 

China’s holdings have increased by $26.4 billion. 

Table 12. All Agency Debt

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

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

2021 Q1 2022 Q2 2022 Q3 2022 

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

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

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

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

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

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

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

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

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

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

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

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

Table 13. Agency MBS

Country Level of Holdings ($ Millions) 

9/1/2021 9/1/2022 YoY Change in Holdings ($ Millions)

China 215,056 241,462 26,406 

Japan 310,272 232,764 -77,508 

Taiwan 246,887 209,453 -37,434 

Canada 75,674 89,083 13,409 

United Kingdom 43,235 55,677 12,442 

Luxembourg 33,115 38,341 5,226 

South Korea 43,021 35,643 -7,378 

Cayman Islands 35,603 34,996 -607 

Switzerland 26,770 20,126 -6,644 

Bermuda 24,279 18,681 -5,598 

Other 181,075 185,849 4,774 

Total 1,234,987 1,162,075 -72,912 

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

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

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume in January 2023 was $264 billion, which is up from a 

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

trading volume saw a 33.2% increase MoM. See footnote below for update on “Average Daily 

Turnover by Sector” data. 

Figure 39. Average Daily Trading Volume by Sector

Figure 40. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of January 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. 

$264

$620

$46

$0

$100

$200

$300

$400

$500

$600

$700

$ Billions

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

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
FEBRUARY 2023

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

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

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

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

10.1 Credit Scores 

Table 14. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 184,732 647 687 738 776 797 729

Fannie 58,810 692 724 759 786 800 752

Freddie 56,812 694 725 759 785 800 752

Ginnie 69,110 624 648 682 731 775 690

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,860 625 656 702 751 785 702

Fannie 16,649 661 695 736 772 795 731

Freddie 13,081 649 680 719 760 788 719

Ginnie 15,130 594 623 652 687 727 656

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,592 642 680 731 773 795 724

Fannie 75,459 683 717 754 783 800 747

Freddie 69,893 682 716 753 782 799 746

Ginnie 84,240 619 643 676 723 770 684

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 69,110 624 648 682 731 775 690

FHA 41,793 620 642 668 702 739 674

VA 24,378 635 669 723 770 795 718

Other 2,939 633 656 690 730 761 694

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 15,130 594 623 652 687 727 656

FHA 9,332 588 617 644 672 700 645

VA 5,781 607 636 671 713 753 675

Other 17 670 688 719 750 773 720

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 84,240 619 643 676 723 770 684

FHA 51,125 612 637 664 697 735 668

VA 30,159 628 660 710 763 792 710

Other 2,956 634 656 691 730 762 694

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

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

 Figure 41. FICO Distributions by Agency

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

0.00%

3.25%

14.12%

30.51%

43.35%

8.76%

0.09%

2.92%

13.33%

30.62%

43.75%

9.28%

2.36%

18.21%

25.39%

22.86%

24.96%

5.38%

5.92%

32.06%

38.72%

15.59%

5.54%

0.49%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
FEBRUARY 2023

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

10.2 Loan-to-Value (LTV)

Table 15. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 184,923 65 80 93 98 100 86

Fannie 58,873 57 75 80 95 95 80

Freddie 56,845 54 75 80 95 95 80

Ginnie 69,205 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,976 36 53 68 80 84 64

Fannie 16,653 31 46 60 70 80 58

Freddie 13,082 32 47 60 73 80 58

Ginnie 15,241 56 69 80 85 93 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,899 54 75 88 97 98 82

Fannie 75,526 47 65 80 90 95 75

Freddie 69,927 47 67 80 91 95 76

Ginnie 84,446 77 91 98 100 100 93

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 69,205 90 97 98 100 100 96

FHA 41,837 92 97 98 98 98 96

VA 24,417 86 100 100 100 102 97

Other 2,951 93 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 15,241 56 69 80 85 93 76

FHA 9,386 52 66 76 81 81 72

VA 5,838 64 77 89 91 100 84

Other 17 51 60 83 98 100 78

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 84,446 77 91 98 100 100 93

FHA 51,223 75 90 98 98 98 91

VA 30,255 79 90 100 100 102 94

Other 2,968 92 98 101 101 101 98

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

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

Figure 42. Loan-to Value by Agency

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

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
FEBRUARY 2023

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

10.3 Debt-to-Income (DTI)

Table 16. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 184,583 27 35 42 48 51 41

Fannie 58,873 25 32 40 46 49 38

Freddie 56,845 25 32 40 45 49 38

Ginnie 68,865 32 39 46 52 56 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 44,877 26 33 41 45 50 40

Fannie 16,653 23 31 39 44 48 38

Freddie 13,082 25 33 40 45 48 39

Ginnie 15,142 29 36 44 50 54 43

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,460 27 34 42 47 51 40

Fannie 75,526 24 32 40 45 49 38

Freddie 69,927 25 32 40 45 49 38

Ginnie 84,007 32 39 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 68,865 32 39 46 52 56 45

FHA 41,832 34 40 47 52 55 45

VA 24,079 31 38 46 52 57 45

Other 2,954 27 32 37 40 42 36

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 15,142 29 36 44 50 54 43

FHA 9,359 29 37 44 50 55 43

VA 5,766 29 36 43 49 54 42

Other 17 27 34 38 41 43 36

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 84,007 32 39 45 51 55 44

FHA 51,191 33 40 46 52 55 45

VA 29,845 31 38 45 51 56 44

Other 2,971 27 32 37 40 42 36

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

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

Figure 43. Debt-to Income by Agency

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

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
FEBRUARY 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

From November 2020 – January 2021 to November 2022 – January 2023, the share of high-LTV 

agency loans going to borrowers with: 

• FICO scores above 750 has decreased by approximately 3% 

• DTIs below 35% decreased by approximately 30% 

The share of high-LTV loans increased in the Ginnie Mae guarantee book by approximately 22% and 

in the GSE portfolios by approximately 179%. Still, Ginnie Mae maintains its key role of expanding 

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

with 69.84% of its issuances between November 2022 and January 2023 having LTVs of 95 or above, 

compared to 23.37% for the GSEs. 

Table 17. Share of Loans with LTV > 95

 Ginnie Mae GSE All

Nov 2020 - Jan 2021 57.40% 8.37% 19.14%

Nov 2022 - Jan 2023 69.84% 23.37% 40.96%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.91% 4.47% 6.16% 10.24% 0.12% 22.90%

35-45 4.08% 8.96% 9.97% 10.63% 0.03% 33.68%

≥45 3.92% 8.08% 6.98% 5.69% 0.02% 24.69%

NA 1.56% 3.13% 2.97% 3.36% 7.71% 18.73%

All 11.47% 24.64% 26.09% 29.92% 7.88% 100.00%

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

 FICO 

DTI <650 650-700 700-750 ≥750 NA All

<35 2.03% 3.13% 4.29% 6.53% 0.05% 16.02%

35-45 5.75% 8.68% 10.29% 11.08% 0.03% 35.84%

≥45 8.38% 14.18% 12.91% 11.33% 0.06% 46.86%

NA 0.27% 0.21% 0.14% 0.18% 0.46% 1.27%

All 16.43% 26.20% 27.63% 29.13% 0.61% 100.00%

Sources: Recursion and Ginnie Mae. Data as of January 2023. 
FEBRUARY 2023

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

10.5 Serious Delinquency Rates

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

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

serious delinquencies decreased 4 and 1 bps, respectively, or 6% and 1% respectively, as a percentage 

change. Ginnie Mae collateral’s serious delinquency rates decreased less than the GSE rates in 

absolute terms, with VA dropping 8 bps but FHA increasing 18 bps. This overall decline in serious 

delinquency rates is consistent with the decrease in the number of loans in forbearance captured in

Section 11 below. 

Figure 44. Serious Delinquency Rates: Single-Family Loans

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports 

2. MBA Delinquency Survey 

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

4.33%

0.66%

0.65%

2.43%

0%

2%

4%

6%

8%

10%

12%

2Q064Q062Q074Q072Q084Q082Q094Q092Q104Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q162Q174Q172Q184Q182Q194Q192Q204Q202Q214Q212Q224Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
FEBRUARY 2023

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 53.9% in January 2023, down slightly 

from 54.2% in December 2022 but up from 51.1% in January 2022. Ginnie Mae and Fannie Mae’s

first-time homebuyer shares, 67.8% and 45.7% respectively in January 2023, have remained relatively 

flat YoY. Freddie Mac’s first-time homebuyer share has increased 14.1% YoY. Table 20 shows that 

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

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

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

while DTI and loan rate were very similar. 

Figure 45. First-Time Homebuyer Share: Purchase Only Loans

Table 20. Agency First-Time Homebuyer Share Summary

 Fannie Mae Freddie Mac Ginnie Mae All 

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

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

Credit Score 744.7 757.3 747.0 756.3 683.3 703.1 720.9 746.0 

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

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

Loan Rate (%) 

5.5 5.5 5.4 5.5 5.3 5.2 5.4 5.4 

45.7%

67.8%

53.9%

25%

35%

45%

55%

65%

75%

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

First-Time Homebuyer Share

Freddie Fannie Ginnie All

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

45.6%
FEBRUARY 2023

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

Within the Ginnie Mae purchase market, 76.5% of FHA loans, 50.9% of VA loans, and 83.8% of other 

loans provided financing for first-time home buyers in January 2023. While FHA and VA loans 

decreased MoM, other loans remained relatively stable MoM. Table 21 shows that based on 

mortgages originated in January 2023 the credit profile of the average VA first-time homebuyer 

differed from the average VA repeat buyer. The average VA first-time homebuyer took out 15.2% 

smaller loans, had a 22-point lower credit score, 4.5% higher LTVs and had a 10 bps higher interest 

rate. FHA’s first-time homebuyers are much more like their repeat buyers, with only 4.9% smaller 

loans, 10 bps higher in interest rate, and 2.4% higher LTVs. Because FHA provides one of few credit 

options for borrowers with lower credit scores, repeat borrowers with weaker credit profiles are 

often limited to FHA financing; FHA’s repeat buyers continue to have lower credit scores than their 

first-time home buyers. For VA and conventional borrowers alike, repeat buyers tend to have higher 

credit scores than first-time homebuyers.

Figure 46. First-time Homebuyer Share: Ginnie Mae Breakdown

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

 FHA VA Other Total

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

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

Credit Score 672.1 669.1 707.6 729.7 695.9 704.3 683.3 703.1 

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

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

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

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

76.5%

50.9%

83.8%

67.8%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

First-time Homebuyer Share

FHA VA Other All
FEBRUARY 2023

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

10.7 Credit Box: Historical

The median FICO score for all agency loans originated in January 2023 was 728, which represents an

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

more pronounced for refinance loans. Ginnie Mae median FICO scores have remained stable at 673

between January 2022 and January 2023. As of January 2023, average FICO scoresfor refinances have 

dropped for Fannie Mae and Freddie Mac borrowers by 21 and 27 points YoY respectively. 

Figure 47. FICO Scores for All Loans

 Figure 48. FICO Scores for Purchase Loans Figure 49. FICO Scores for Refinance Loans

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

753

754

673

728

660

680

700

720

740

760

780

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

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

640

660

680

700

720

740

760

780

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

Jan-23

FICO Scores

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

Jan-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
FEBRUARY 2023

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

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

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

programs. Freddie Mac and Fannie Mae each saw increases in median LTV YoY from 74% and 72% 

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

same period. In January 2023, median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 45.2%, 

40.0%, and 40.0% respectively. These median DTIs and are all higher compared to January 2022. In 

January 2022, median DTI for Ginnie Mae, Fannie Mae, and Freddie Mac was 38.0% compared to 

42.0% in January 2023. 

Figure 50. LTV Ratio for All Loans

Figure 51. DTI Ratio for All Loans

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

80.0

98.2

89.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Loan-to-value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

40.0

45.2

42.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Debt-to-Income Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

80.0
FEBRUARY 2023

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

11 FORBEARANCE TRENDS

At the end of January 2023, 127,523 Ginnie Mae loans were in forbearance. The number of loans in 

forbearance removed from MBS pools was 582 while 126,941 loans in forbearance still actively 

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

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

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

Table 22. Forbearance Snapshot

All Loans in Forbearance – January 2023

FICO 

Score* 

Note 

Rate* 

Current Principal Balance 

Median 

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%) 

Loan Count

Ginnie 656 3.5 $201,326.65 74.4 74.6 127,523 

Bank 671 3.8 $147,895.61 81.9 86.2 13,247 

Nonbank 655 3.5 $208,000.00 73.8 73.8 114,264 

FHA 652 3.6 $197,458.32 77.8 78.1 93,459 

Bank 670 3.8 $145,639.44 85.0 88.5 10,781 

Nonbank 651 3.6 $204,791.54 77.1 77.2 82,669 

VA 666 3.3 $255,506.65 59.7 60.6 24,308 

Bank 678 3.5 $190,711.39 63.0 72.1 1,669 

Nonbank 665 3.3 $259,627.84 59.5 60.0 22,637 

Loans in Forbearance and Removed from Pools – January 2023

FICO 

Score* 

Note 

Rate* 

Current Principal Balance 

Median 

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 668 3.8 $135,838.39 73.4 61.1 582 

Bank 658 5.0 $80,697.20 75.6 77.3 255 

Nonbank 670 3.3 $190,886.03 72.6 56.3 327 

FHA 657 4.1 $119,352.22 78.2 66.5 373 

Bank 656 5.2 $76,042.58 81.4 74.5 190 

Nonbank 658 3.5 $179,909.86 76.6 63.0 183 

VA 681 3.2 $192,156.25 61.0 48.8 153 

Bank 649 4.5 $94,411.14 55.2 78.6 40 

Nonbank 686 3.0 $225,069.97 62.0 45.2 113 

Loans in Forbearance that Remain in Pools – January 2023

FICO 

Score* 

Note 

Rate* 

Current Principal Balance 

Median 

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.5 $201,635.88 74.4 74.7 126,941 

Bank 671 3.8 $149,168.09 82.0 86.3 12,992

Nonbank 655 3.5 $208,080.82 73.8 73.8 113,937 

FHA 652 3.6 $197,750.96 77.8 78.2 93,086 

Bank 670 3.8 $146,943.73 85.1 88.6 10,591 

Nonbank 651 3.6 $204,910.07 77.1 77.3 82,486 

VA 666 3.3 $255,874.58 59.7 60.6 24,155 

Bank 678 3.5 $193,377.63 63.0 72.0 1,629 

Nonbank 665 3.3 $259,761.10 59.5 60.1 22,524 

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 January 2023; *Averages weighted by remaining principal balance of the loans.
FEBRUARY 2023

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

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

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

depository institutions. As of January 2023, over half (53.07%) of the Ginnie Mae MSRs are owned by 

the top six firms.

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

MSR Holder

 

Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 3 $272,273,475,120 12.7% 12.66% 4.39% 0.41%

DBA FREEDOM HOME MOR 2 1 $261,756,100,219 12.2% 24.83% 5.33% 1.04%

PENNYMAC LOAN SERVIC 3 2 $248,558,123,865 11.6% 36.39% 4.19% 0.65%

NATIONSTAR MORTGAGE, 4 6 $127,821,916,064 5.9% 42.33% 4.74% 0.67%

NEWREZ LLC 5 7 $119,144,048,732 5.5% 47.87% 4.14% 0.57%

WELLS FARGO BANK, NA 6 4 $111,837,413,124 5.2% 53.07% 5.10% 0.50%

ROCKET MORTGAGE, LLC 7 5 $104,302,473,215 4.8% 57.92% 5.75% 0.48%

CARRINGTON MORTGAGE 8 10 $89,263,741,507 4.2% 62.07% 4.78% 0.76%

U. S. BANK, NA 9 9 $51,662,773,973 2.4% 64.47% 4.25% 0.87%

UNITED WHOLESALE MOR 10 11 $45,951,106,614 2.1% 66.61% 2.33% 0.50%

PLANET HOME LENDING, 11 15 $43,936,379,389 2.0% 68.65% 2.97% 0.21%

LOANDEPOT.COM,LLC 12 12 $36,852,218,454 1.7% 70.36% 4.83% 0.41%

MORTGAGE RESEARCH CE 13 14 $33,963,436,769 1.6% 71.94% 3.02% 0.23%

AMERIHOME MORTGAGE C 14 22 $31,712,229,854 1.5% 73.42% 2.43% 0.25%

NAVY FEDERAL CREDIT 15 16 $29,217,152,269 1.4% 74.77% 4.37% 0.31%

GUILD MORTGAGE COMPA 16 19 $22,404,410,154 1.0% 75.82% 3.80% 0.50%

THE MONEY SOURCE INC 17 18 $20,906,874,348 1.0% 76.79% 5.05% 0.80%

TRUIST BANK 18 17 $20,304,845,519 0.9% 77.73% 4.31% 0.39%

CROSSCOUNTRY 

MORTGAG

19 20 $18,259,278,838 0.8% 78.58% 3.62% 0.51%

NEW AMERICAN FUNDING 20 21 $17,852,279,406 0.8% 79.41% 4.07% 0.53%

VILLAGE CAPITAL & IN 21 23 $16,682,006,041 0.8% 80.19% 6.33% 0.58%

MOVEMENT MORTGAGE,LL 22 N/A $16,528,613,618 0.8% 80.95% 2.75% 0.50%

CMG MORTGAGE, INC. 23 27 $15,671,593,426 0.7% 81.68% 3.71% 0.62%

IDAHO HOUSING AND FI 24 26 $14,618,867,326 0.7% 82.36% 3.58% 1.06%

CITIZENS BANK N.A. 25 25 $13,895,196,614 0.6% 83.01% 3.46% 0.40%

PHH MORTGAGE CORPORA 26 29 $12,949,689,031 0.6% 83.61% 4.91% 0.82%

FLAGSTAR BANK, FSB 27 N/A $11,737,519,785 0.5% 84.16% 3.54% 0.23%

MIDFIRST BANK 28 N/A $11,443,548,148 0.5% 84.69% 6.24% 1.99%

JP MORGAN CHASE BANK 29 30 $10,276,190,079 0.5% 85.17% 5.71% 1.71%

SUN WEST MORTGAGE CO 30 N/A $10,123,926,030 0.5% 85.64% 4.52% 0.30%

Source: Deloitte. Data as of January 2023 
FEBRUARY 2023

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination experienced an increase in January 2023, up approximately 4.4% 

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

origination share up 8.0% MoM). The Ginnie Mae non-bank share rose to 88.6% as of January 2023 

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

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

the MoM decline of agency non-bank origination share. 

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

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

Figure 53. Nonbank Origination Share: 

Purchase Loans

Figure 54. Nonbank Origination Share: 

Refi Loans

81.2%

76.8%

77.2%

88.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Fannie Freddie Ginnie
FEBRUARY 2023

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

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

continues to have a very high proportion of nonbank originations, with a rate of 88.6% in January

2023. The percent of Ginnie Mae’s Other non-bank refinanced loans rose to approximately 88.4% in 

January 2023, an increase of about 2% from December 2022. 

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

 

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

Figure 56. Ginnie Mae Nonbank Share:

Purchase Loans

Figure 57. Ginnie Mae Nonbank Share: 

Refi Loans

89.3%

88.4%

87.5%

88.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

FHA VA Other All

0%

20%

40%

60%

80%

100%

120%

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All FHA VA Other

0%

20%

40%

60%

80%

100%

120%

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All FHA VA Other
FEBRUARY 2023

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

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

13.1.1 (FICO, LTV, DTI)

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

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

scores decreased by 2 points from December 2022 to January 2023. The agency median FICO 

remained consistent at 729 MoM.

Figure 58. Agency FICO: Bank vs. Nonbank

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

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

729

746

724

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median FICO Bank Median FICO

Nonbank Median FICO
FEBRUARY 2023

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

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

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

consistent MoM at approximately 46% in January 2023 in non-bank originations. 

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

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

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

90

92

94

96

98

100

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median LTV Bank Median LTV

Nonbank Median LTV

64

66

68

70

72

74

76

78

80

82

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median DTI Bank Median DTI

Nonbank Median DTI
FEBRUARY 2023

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

In January 2023, the median FICO score for Ginnie Mae bank increased 3 points to 689 and non-bank 

increased 1 point to 671 MoM. The median FICO for all Ginnie originations increased 1 point to 673 

MoM. The gap between banks and non-banks is most apparent in VA lending (32-point spread).

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

Figure 66. Ginnie Mae FHA FICO Score: 

Bank vs. Nonbank

Figure 65. Ginnie Mae FICO Score: 

Bank vs. Nonbank

Figure 67. Ginnie Mae VA FICO Score: 

Bank vs. Nonbank

Figure 68. Ginnie Mae Other FICO Score: 

Bank vs. Nonbank

640

650

660

670

680

690

700

710

720

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO
FEBRUARY 2023

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

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

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

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

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

Figure 69. Ginnie Mae DTI: 

Bank vs. Nonbank

Figure 71. Ginnie Mae VA DTI: 

Bank vs. Nonbank

Figure 72. Ginnie Mae Other DTI: 

Bank vs. Nonbank

Figure 70. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

All Median DTI Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

Jul-22

Jan-23

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI
FEBRUARY 2023

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

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

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

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

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

Figure 73. Regional HPI Trend Analysis Q/Q

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

Figure 74. FHFA.US Census Subregions as defined by the US Census Bureau

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

1.44%

-2.20%

-0.18%

-2.22%

0.60%

0.61%

0.50%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

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

2017 2018 2019 2020 2021 Q32022

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central

0.56%

0.91%
FEBRUARY 2023

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

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

Rent 

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

impacted by general asset price changes. As of January 2023, inflation was 6.3%, down slightly from 

6.4% the month prior. Nationally, rents are up 2.4% YoY as of month-end January 2023. However, 

January’s median rent has declined 1.88% suggesting that the YoY increases are being driven by 

strong rental price appreciation in early to mid-2022. The MoM decline in January continues the 

declining rent trend observed in December 2022 when median rent decreased 1.41% MoM. Wage 

growth saw a minor decrease from 6.3% in December 2022 to 6.2% in January 2023. November 2022 

reporting data shows YoY home price appreciation has now slowed to 7.7%, down from 9.2% in

October 2022.

Figure 75. Inflation | 12-Month Percent Change in CPI

Figure 76. Asset Price Appreciation vs. Wage Increases

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

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

6.3%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Jan-13

May-13

Sep-13

Jan-14

May-14

Sep-14

Jan-15

May-15

Sep-15

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

Jan-23

6.3%

6.2%

7.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

Jan-23

General Inflation Wage Growth Home Appreciation

Metric Statistic 

General Inflation 6.3% 

Home Price 

Appreciation 

(YoY)

9.2% 

Rental Price 

Appreciation 

(Median Rent 

Change YoY) 

2.4% 

Wage Growth 6.2% 
FEBRUARY 2023

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

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

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

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

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

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

Figure 77. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

1984198519861987198919901991199219941995199619971999200020012002200420052006200720092010201120122014201520162017201920202021

Housing Bubble COVID-19 Pandemic
FEBRUARY 2023

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate was increased by 25 bps on February 1, 2023 to a range of 4.50% and 

4.75% per the FOMC.

3 As of February 16, 2023, the average 30-year and 15-year fixed rate mortgage 

rates were 6.32% and 5.51% respectively. The average 30-year fixed rate mortgage rate increased 17 

bps and the average 15-year fixed rate mortgage rate increased 23 bps MoM. 

Figure 78. Average Fixed Rate Mortgage Rates

Sources: FRED data as of January 2023 

3

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230201a.htm

6.32

5.51

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

30-Year 15-Year
FEBRUARY 2023

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

14.3 Housing Inventory

As of December 2022, there was 9.0 months of housing inventory on the market, an increase from 

8.6 as of November 2022. As housing affordability continues to remain high (See above section 14.2) 

single-family home sales are unlikely to play a large role in the resolution of the housing shortfall. 

Multifamily construction volume metrics, shown in Figure 80 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. Single-Family Housing Inventory

Figure 80. Multifamily Construction Metrics: Permits, Starts, Completions

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

9.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

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
FEBRUARY 2023

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

14.4 Size and Value of the US Housing Market

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

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

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

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

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

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

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

Figure 81. Value of the US Housing Market

Figure 82. Size of the US Residential Mortgage Market. 

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

$12.3

$29.5

$41.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q12022Q22022Q3

$ Trillions

Debt Household Equity Total Value

$0.42

$0.42

$8.81

$3.55

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

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

$ Trillions

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

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

15 DISCLOSURE

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

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

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

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

to buy, securities. 

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

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

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

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

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

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

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

in, or omissions from, the report.

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

28, 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.”