October 2022
OCTOBER 2022

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

Table of Contents

Inside this Month’s Global Market Analysis Report 1

Highlights 2

1 US Aggregate and Global Indices 5

1.1 Bloomberg US Aggregate and Global Indices 5

2 Sovereign Debt Product Performance Comparisons 6

2.1 Global 10-Year Treasury Yields (Unhedged) 6

2.2 US Treasury Hedged Yields 7

SECONDARY MORTGAGE MARKET 8

3 Fixed Income Product Performance Comparisons 8

3.1 Ginnie Mae Yields – USD 8

3.2 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.3 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

8.4 Foreign Ownership of Agency Debt and Agency MBS 30
OCTOBER 2022

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

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 47

13 Agency Nonbank Originators 48

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

13.1.1 (FICO, LTV, DTI) 50

U.S. HOUSING MARKET 54

14 Housing Affordability 54

14.1 Housing Affordability – Home Price Appreciation 54

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

Rent 56

14.2.1 Housing Affordability – Mortgage Rate Trends 57

14.3 Housing Inventory 58

14.4 Size and Value of the US Housing Market 59

15 Disclosure 60
OCTOBER 2022

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

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

This month’s Highlights section includes an analysis of the role of nonbank origination in the Agency

MBS market and the credit profile of the borrowers served by these non-depository issuers. Given 

the recent amended eligibility requirements that nonbank mortgage companies must comply with, 

the distinct credit characteristics and the size of the nonbank book of business was of particular

interest. 

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

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

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

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

rates for REMIC deals.

• The Agency Credit Breakdown 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, details a decline in the housing market due to factors that

include increasing home rates and rising inflation that is outpacing wage growth. The section

shows signs of decelerating inflation this month, particularly in the rental housing market, as

well as home prices beginning to decline nationally.
OCTOBER 2022

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

Highlights

According to Freddie Mac’s Primary Mortgage Market Survey, the U.S. 30-Year Fixed Rate Mortgage

sits at 6.66% as of October 6, 2022. 1

 This represents an increase from 3.67% from one year ago and

is the highest rate since July of 2007. In this rising rate environment, nonbank issuers remain the

dominant providers of credit for borrowers utilizing FHA, USDA, and PIH programs. Ginnie Mae nonbank originators produced 88.4% of government MBS in September 2022.

Higher interest rates have subdued refinance activity. In September 2022, refinance mortgage loans

were 27% of Ginnie Mae nonbank origination share. The Mortgage Bankers Association’s most recent 

mortgage finance forecast projects lower refinance activity in 2022 and 2023 as compared to 2020

(64%) and 2021 (62%), 2

 declining to 33% of mortgage originations in 2022 and 27% of mortgage

originations in 2023. Despite the expectation of a reduction in refinance activity, the Ginnie Mae

nonbank origination share may remain elevated due to the volume of nonbank purchase loan

originations. Importantly, monthly Ginnie Mae nonbank origination share of purchase loans has also

remained elevated, holding above 85% since July 2020.

Figure 1. Agency Nonbank Originator Share (All, Purchase, Refi)

Figures 2 and 3 of the October 2022 Global Market Analysis Report provides data on the

characteristics of Ginnie Mae loans by originator type (bank versus nonbank). The FICO data

demonstrates that nonbanks are also important lenders to those borrowers with less financial

resources than that of conventional residential lending. FICO scores for nonbank originated loans

have declined since February 2021 when the nonbank median FICO score was 696.

1 https://www.freddiemac.com/pmms

2 https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-sep-2022.pdf?sfvrsn=e48612bf_1

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

88.4%

77.4%

74.2%

69.3%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Fannie Freddie Ginnie
OCTOBER 2022

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

As of September 2022, the spread between Ginnie Mae nonbank median FICO score (669) and Ginnie

Mae bank median FICO score (689) was 20 FICO score points, the largest spread since December 2019

(24 FICO score point spread). With nonbank originations driving Ginnie Mae loan production, the

Ginnie Mae median FICO score, including both bank and nonbank originations, was 671 in September 

2022,

3 showing that FICO scores are beginning to trend upwards after a decline. Additional data in

Figure 3 displays the debt-to-income (DTI) percentage for bank and nonbank originated Ginnie Mae

loans. Ginnie Mae nonbank median DTI has steadily increased since March 2021 and it reached its 

highest level since February 2019 (44.14%) in July 2022, at 44.30%. In September 2022, Ginnie Mae

nonbank median DTI reached 44.55%. The current spread between Ginnie Mae nonbank median DTI

(44.55%) and Ginnie Mae bank median DTI (42.61%) is 1.94%. Similarly, GSE nonbank median DTI has 

also seen increases with GSE nonbank median DTI at 39.00% in September.

Figure 4 shows the Ginnie Mae bank originator loan-to-value (LTV) and Ginnie Mae nonbank

originator LTV remained close in value until 2020 during the rise in forbearance due to the COVID-19 

pandemic as shown in Figure 4. Ginnie Mae nonbank LTV dropped to 95.99% in March 2021 but has

since risen to 98.19% in recent months. Similarly, GSE nonbank LTV has also risen to 80.00% as of

September. Ginnie Mae nonbank origination share is a major driver for the overall characteristics of

Ginnie Mae-eligible loans.

3 Data is sourced from Recursion

Figure 2. Ginnie Mae FICO: Bank vs. Nonbank Figure 3. Ginnie Mae DTI: Bank vs Nonbank

30

32

34

36

38

40

42

44

46

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median DTI Bank Median DTI

Nonbank Median DTI

640

650

660

670

680

690

700

710

720

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median FICO Bank Median FICO

Nonbank Median FICO

Figure 4. Ginnie Mae LTV: Bank vs. Nonbank

90

92

94

96

98

100

All Median LTV Bank Median LTV Nonbank Median LTV
OCTOBER 2022

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

Ginnie Mae nonbank mortgage servicing rights (MSR) ownership continues to increase, reaching

nearly 80% in Q3 2022 while bank MSR ownership declined to less than 20% as of Q3 2022. Figure 5

illustrates the decline in bank MSR ownership since Q4 2014 and the increase in nonbank MSR

ownership over the same period. As of September 2022, the total amount of Ginnie Mae MSR

outstanding is $2.3 trillion.

4

Nonbank issuers are a dominate and important supplier of mortgage credit in our country.

In September 2022, Ginnie Mae released amended eligibility requirements that nonbank mortgage

companies must comply with to limit exposure for all issuers. Ginnie Mae’s risk-based capital rule

requirement reduced the minimum risk-based capital ratio to 6%. For excess MSRs, there will be a 

250% risk weight on the dollar-for-dollar deduction from the risk-based capital ratio. In October 2022,

the effective date was extended to year-end 2023.

Figure 5. Ginnie Mae MSR Ownership: Bank vs. Nonbank 4

4 Inside Mortgage Finance Analysis of Fannie Mae, Freddie Mac, and Ginnie Mae MBS disclosures

 $2,500

 $2,000

 $1,500

 $1,000

 $500

 $-

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

$ in Billions

Total Banks Nonbanks
OCTOBER 2022

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 6. Bloomberg US Aggregate Index.

As of month’s end September, US Treasuries contributed approximately 41% to the Bloomberg US 

Aggregate Index, up from 40% in 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 7. 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 13%. For the Global

Aggregate Index, all countries remained stable when compared to the prior month.

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

2% 2%1% 0% 1% 0%

8%

14%

28%

41%

2% Treasury - 41%

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 0%

Local Authority - 1%

ABS - 0%

2%

3%

2%

4%

4%

4%

5%

9%

8%

13%

41%

United States - 41%

Japan - 13%

China - 9%

France - 5%

United Kingdom - 4%

Germany - 4%

Canada - 4

Italy - 2%

Spain - 2%

Netherlands - 2%

Other - 14%
OCTOBER 2022

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The US 10-year Treasury yield moved to 3.83% at month-end September 2022, a MoM increase of 73

bps. US Treasury yields continue to remain second highest of all the government treasury yields

depicted in the figure below, behind Italian Treasury yields.

The yield on the UK 10-year notes increased to 4.08% at month-end September, a MoM increase

of 138 bps.

The yield on the German 10-year notes increased to 2.12% at month-end September, a MoM 

increase of 62 bps.

The yield on the Italian 10-year note increased to 4.52% at month-end September, a MoM 

increase of 64 bps.

The yield on the Japanese 10-year notes increased to 0.25% at month-end September, a MoM 

increase of 3 bps.

Figure 8. Global 10-Year Treasury Yields.

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

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

4.52%

4.08%

3.83%

2.12%

0.25%

% Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year
OCTOBER 2022

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

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY decreased MoM 11 bps to 2.16% at month-end

September.

The hedged yield for the 10-year Treasury EUR decreased MoM 6 bps to 1.24% at month-end

September.

Figure 9. 7–10yr Total Return Hedged Index, JPY.

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

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

270

260

250

240

230

220

210

280

160

150

140

130

120

170

123.58

216.01
OCTOBER 2022

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae fixed rate MBS yields continued to increase MoM in September 2022. Ginnie Mae II yields

were at 3.63% at month-end July, increased to 4.48% at month-end August, and have now increased

108 bps to 5.56% at month-end September. Ginnie Mae I yields were at 3.61% at month-end July,

increased to 4.49% at month-end August, and have now increased 102 bps to 5.51% at month-end

September. Over the past year, Ginnie Mae spreads over US 10-year Treasury yields have widened.

Ginnie Mae II spreads over the US 10-year Treasury yield, just 30 bps at month-end September 2021,

had increased 143 bps to 173 bps over the US 10-year Treasury yield at month-end September 2022.

The yields on the Ginnie Mae I SF were 167 bps higher than the US 10-year Treasury yield at monthend September, an increase in spread of 37 bps MoM and an increase of 117 bps YoY.

Figure 11. Ginnie Mae II SF Yield, USD

Figure 12. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of October 2022

6.0%

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

5.56%

% Yield

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

5.51%

6.0%

% Yield
OCTOBER 2022

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

3.2 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS decreased by 16 bps

to 0. 57% at month-end September. The Ginnie Mae II 30-year OAS increased 32 bps MoM. The US

Intermediate credit OAS has increased 15 bps MoM.

Figure 13. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS.

Figure 14. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS.

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

4.0%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

1.21%

0.65%

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

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

0.57%

% Yield % Yield
OCTOBER 2022

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

3.3 Global Treasury Yield Per Duration

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

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

Particularly for lower coupon GNMA II securities, increases in duration have been observed relative

to the month prior.

Figure 15. Yield vs. Duration

Security Duration Yield

US 5y 4.49 4.02

US 10y 8.48 3.79

JPY 5y 4.71 0.08

JPY 10y 9.50 0.25

GER 5y 4.81 2.02

GER 10y 8.96 2.12

ITA 5y 4.66 3.95

ITA 10y 8.49 4.52

UK 5y 4.56 4.41

UK 10y 7.81 4.14

GNMA II 2% 4.04 7.21

GNMA II 2.5% 4.20 6.98

GNMA II 3.0% 4.34 6.76

GNMA II 3.5% 4.44 6.51

GNMA II 4.0% 4.61

-

6.15

GNMA II 4.5% 4.79 5.85

GNMA II 5.0% 4.99 5.37

GNMA II 5.5% 5.24 5.13

GNMA II 6.0% 5.61 6.45

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

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%

ITA 10y

US 5y

ITA 5y US 10y

UK 5y

UK 10y

GER 5y

GER 10y

JPY 10y

JPY 5y

GNMA II 6%

Yield

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

1.00

-3.00 2.00 7.00 12.00

Duration
OCTOBER 2022

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 September by 12.5% MoM, while

Fannie Mae and Freddie Mac CPRs decreased by 12.9% and 11.8%, respectively. ARM prepayments

have dropped for Fannie Mae and Ginnie Mae and remained flat for Freddie Mac, due to decreased

refinance activity in the current higher interest rate environment.

Figure 16. Fixed Rate Aggregate 1-Month CPR.

Figure 17. ARM Aggregate 1-Month CPR.

Source: Recursion. Note: Data as of September 2022

50

40

30

20

10

0

9.4

6.9

6.5

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

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

60

50

40

30

20

10

0

15.8

12.2

8.6

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

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
OCTOBER 2022

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’s and GSE prepayments has converged significantly since

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

in September for the first time since June 2022. 

Figure 18. Fixed Rate Aggregate CDR.

Figure 19. ARM Aggregate CDR.

Source: Recursion. Note: Data as of September 2022

15

10

5

0

0.9

0.4

0.3

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

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.9

50

40

30

20

10

0

1.1

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

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
OCTOBER 2022

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 on Housing

Affordability – Mortgage Rate Trends), voluntary prepayments are facing downward trends for both 

Ginnie Mae and the GSEs. Fannie Mae and Freddie Mac saw decreases of 13.4% and 11.7% MoM in 

fixed rate aggregate CRR, respectively. Freddie Mac saw a 2.7% MoM decrease and Fannie Mae saw

a 17.4% MoM decrease in ARM aggregate CRR. Ginnie Mae decreased 12.4% MoM in fixed rate

aggregate CRR and saw a 40.6% MoM decrease in ARM aggregate CRR. This was the largest MoM

decrease since June 2022.

Figure 20. Fixed Rate Aggregate CRR.

Figure 21. ARM Aggregate CRR.

Source: Recursion. Note: Data as of September 2022

40

30

20

10

0

8.6

6.5

6.3

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

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

7.7

14.9

40

30

20

10

0

11.9

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

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
OCTOBER 2022

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 7.1% (from August to September). All three agencies

saw decreases in gross issuance as compared to August.

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

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

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

2022 YTD $543.6 $477.3 $1,020.9 $414.4 $1,435.3

2022 Annualized $724.8 $636.4 $1,361.2 $552.5 $1,913.7

Figure 22. Agency Gross Issuance

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

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

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

$725

$636

$1,500.0

$1,000.0

$500.0

$0.0

$

$553

 in

Billions

Fannie Mae Freddie Mac Ginnie Mae
OCTOBER 2022

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

Ginnie Mae’s $39.9 billion in gross issuance in September was approximately 43% below the average

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

2021 by approximately $288.4 billion.

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7 

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6 

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 YTD $220.2 $181.9 $12.3 $414.4

2022 Annualized $293.6 $242.5 $16.4 $552.5

Figure 23. Ginnie Mae Gross Issuance

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

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

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

$450.00

$400.00

$350.00

$300.00

$250.00

$200.00

$150.00

$100.00

$50.00

$0.00

$294

$243

$16

$ in Billions

FHA VA Other
OCTOBER 2022

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

5.2 Net Issuance of Agency MBS

Agency net issuance in September was approximately $39.8 billion, which represents an 2.5% MoM

decrease in net issuance. Ginnie Mae net issuance was $18.3 billion in September, an increase from

August 2022. FHA net issuance now slightly outpaces VA, as shown in Table 4 and Figure 25.

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

2014 -4.0 $30.0 $26.0 $61.6 $87.7 

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 YTD $185.5 $155.3 $340.8 $127.8 $468.6

2022 Annualized $247.4 $207.0 $454.4 $170.4 $624.8

Figure 24. Agency Net Issuance

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

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

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

$247

$207

$600.00

$500.00

$400.00

$300.00

$200.00

$100.00

$0.00

-$100.00

-$200.00

$170

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
OCTOBER 2022

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 YTD $67.0 $62.5 -$1.7 $127.8

2022 Annualized $89.3 $83.4 -$2.3 $170.4

Figure 25. Ginnie Mae Net Issuance

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

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

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

$250.00

$200.00

$150.00

$100.00

$50.00

$0.00

-$50.00

-$100.00

$83

$89

-$2

$ in Billions

FHA VA Other
OCTOBER 2022

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

issuance for Fannie Mae and Freddie Mac. Note: Numbers are rounded to the nearest hundred million.
OCTOBER 2022

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity has increased for Ginnie Mae in September. In the conventional mortgage market

space, Fannie Mae saw a decline of approximately 9% MoM while Freddie Mac’s refinance share

remained stable MoM. Ginnie Mae’s MoM increase has been approximately 12%, with the greater

rise taking place with VA lending which was up almost 16% in September MoM. FHA’s refinance share

increased by approximately 13%.

Freddie Mac’s refinance percentage has stayed consistent at 19% in September.

Fannie Mae’s refinance percentage dropped to 20% in September, down from 22% in August.

Ginnie Mae’s refinance percentage increased to 19% in September, up from 17% in August.

FHA’s refinance percentage increased to 18% in September, up from 16% in August.

VA’s refinance percentage increased to 22% in September, up from 19% in August.

Figure 26. Percent Refinance at Issuance – Single-Family.

Sources: Recursion. Note: Data as of September 2022

22%

20%

19%

18%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

19%

Mar/14

Jun/14

Sep/14

Dec/14

Mar/15

Jun/15

Sep/15

Dec/15

Mar/16

Jun/16

Sep/16

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

Freddie Fannie Ginnie FHA VA
OCTOBER 2022

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 September 2022, outstanding single-family MBS in the Agency market totaled $8.532 trillion:

41.8% Fannie Mae, 33.8% Freddie Mac, and 24.4% Ginnie Mae MBS. Over the past twelve months,

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

11.1%, 6.7% and 7.7%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s

and Ginnie Mae’s by approximately $687 billion and $1.5 trillion, respectively.

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

September 2017, 61.3% of Ginnie Mae outstanding collateral was FHA and 32.5% was VA. In

September 2022, FHA collateral comprised 52.6% of Ginnie Mae MBS outstanding and VA collateral

comprised 42.3% of Ginnie Mae MBS outstanding.

Figure 28. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities.

Figure 27. Outstanding Agency Mortgage-Backed Securities.

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

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

$8,532

$3,568

$2,881

$ in Billions

$2,083

Fannie Mae Freddie Mac Ginnie Mae Total

$1,097

1200

1000

800

600

400

200

0

$833

$106

1400

$ in

Billions

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

 FHA VA OTHER
OCTOBER 2022

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 Q2 2022, with $650 billion in originations in Q2, which

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

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

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

Figure 29. First Lien Origination Volume

Figure 30. First Lien Origination Share

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

$5.0

$4.5

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

$0.20

$0.02

$0.12

$0.31

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

30.8%

3.3%

17.8%

48.1%

GSE securitization FHA/VA securitization PLS securitization Portfolio
OCTOBER 2022

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 27% of new agency issuance over the past year. The share

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

in Alaska (50%) and the lowest in the District of Columbia (16%). The highest Ginnie Mae outstanding

share is in Alaska and Mississippi (47%) and the lowest still in the District of Columbia (13%). There is

currently a 2% difference between Ginnie Mae’s share of new agency issuance and Ginnie Mae’s

share of agency outstanding. 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA Loan 

Count

GNMA Avg.

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

27% 2,753,407 272.56 280.53 25% 10,524,937 202.54 210.88

AK 50% 9,389 327.41 291.30 47% 37,050 260.60 221.64

AL 40% 58,897 215.26 230.80 40% 232,317 154.88 177.42

AR 37% 31,802 184.01 213.50 38% 135,093 130.61 160.69

AZ 25% 83,566 298.46 305.25 24% 266,735 215.28 225.19

CA 19% 196,403 429.05 422.12 16% 668,934 324.69 321.73

CO 26% 64,445 383.93 366.27 23% 209,814 288.20 277.14

CT 27% 26,365 256.46 273.93 25% 104,068 200.88 209.97

DC 16% 2,202 496.37 433.02 13% 8,779 379.98 352.08

DE 32% 13,576 258.73 280.31 31% 50,800 202.58 211.07

FL 31% 241,028 277.46 281.12 31% 830,024 208.56 210.38

GA 34% 138,361 241.49 275.20 33% 487,772 176.79 205.98

HI 37% 9,197 604.28 480.96 31% 33,069 468.40 359.32

IA 25% 18,819 179.68 195.14 22% 81,225 132.71 149.02

ID 24% 16,461 323.16 309.92 23% 62,541 214.55 222.44

IL 24% 92,557 206.34 240.30 21% 358,773 158.71 179.83

IN 30% 68,879 183.45 202.22 30% 274,031 132.10 150.53

KS 29% 22,301 189.72 219.26 28% 95,029 138.68 164.11

KY 34% 40,357 192.05 208.96 34% 161,976 141.97 155.95

LA 43% 49,746 201.87 232.07 39% 196,813 156.82 178.02

MA 20% 31,101 362.89 359.68 15% 111,260 282.35 270.02

MD 36% 79,110 330.35 321.70 33% 286,605 263.95 250.43

ME 27% 9,444 236.47 260.05 25% 37,199 175.84 191.83

MI 20% 66,352 181.98 210.30 20% 270,271 132.28 157.18

MN 19% 36,931 240.79 266.52 17% 157,450 180.92 198.82

MO 29% 57,926 192.89 214.63 28% 240,456 140.50 162.26

MS 48% 29,106 195.68 210.42 47% 120,201 141.94 161.23

MT 23% 7,742 294.55 300.68 23% 31,943 206.53 216.17

NC 28% 108,234 238.43 271.97 28% 406,544 173.01 201.43

ND 28% 4,420 241.63 239.23 23% 16,784 192.66 185.41

NE 26% 14,117 210.19 214.11 26% 64,020 147.38 161.23

NH 22% 9,344 297.17 293.78 22% 37,674 224.13 215.18

NJ 24% 62,098 305.54 328.30 21% 227,110 238.23 255.24

NM 36% 21,686 231.34 241.47 37% 93,557 164.80 178.14

NV 30% 40,159 324.97 314.36 29% 129,814 244.88 234.71

NY 21% 61,333 299.96 340.70 20% 302,261 207.32 248.69

OH 28% 98,152 177.22 198.96 28% 415,746 128.82 149.28

OK 39% 41,568 195.73 214.82 41% 186,388 139.58 162.01

OR 20% 29,770 339.00 344.73 19% 108,614 251.65 253.60

PA 24% 81,499 197.58 242.47 25% 382,678 147.96 182.34

RI 33% 9,511 307.11 287.02 29% 34,828 231.50 213.60

SC 34% 66,226 240.96 252.65 33% 229,329 180.80 191.82

SD 30% 6,803 235.68 235.40 29% 28,883 171.42 177.95

TN 30% 70,474 246.42 269.46 31% 265,601 172.68 203.65

TX 29% 264,346 249.88 285.64 31% 1,066,900 179.30 211.32

UT 20% 27,355 356.88 357.87 18% 93,376 256.01 263.26

VA 39% 116,443 326.64 316.20 35% 438,779 255.62 251.15

VI 20% 149 389.88 412.99 23% 778 246.89 303.08

VT 19% 2,709 235.50 255.82 18% 11,934 180.57 180.73

WA 24% 63,703 384.08 385.16 21% 228,482 282.02 289.59

WI 18% 30,240 205.01 222.92 17% 121,593 155.44 164.06

WV 44% 14,314 191.37 194.68 43% 58,330 143.00 145.62

WY 35% 6,691 259.91 261.27 34% 24,706 205.21 202.17

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

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

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

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 September 2022, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS

increased slightly from 2.98% in August 2022 to 3.01% in September. With 30-year fixed mortgage

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

The bottom chart illustrates that loans originated since 2019 account for 76% of Ginnie Mae MBS

collateral outstanding.

Figure 31. Outstanding Ginnie Mae MBS Balance, by Coupon.

Figure 32. Outstanding Ginnie Mae MBS Balance, by Vintage.

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

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

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

4.1

3.9

3.7

3.5

3.3

3.1

2.9

2.7

Sep/16

Nov/16

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

Avg Coupon %

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

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Sep/14

Dec/14

Mar/15

Jun/15

Sep/15

Dec/15

Mar/16

Jun/16

Sep/16

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

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

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 September 2022, $8.0 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage

Investment Conduits (REMICs) as underlying collateral, a 33% month over month increase. Of that,

approximately $1.9 billion were Multifamily MBS having coupons between 2.5% and 4.0%.

Approximately $6.1 billion were Single Family MBS with 83.9% of the Single-Family MBS having

coupons over 4.5%.

As of month-end September 2022, approximately $88.7 billion of Ginnie Mae Single Family and

Multifamily MBS were securitized into Ginnie Mae REMIC transactions. Thisrepresents a roughly 40%

decrease over the same period in 2021 ($133.6 billion).

Figure 33. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs.

Table 7. September 2022 REMIC Collateral Coupon Distribution.

5

Totals may not sum due to rounding.

$14.2

$16.6

$13.2

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4 $8.8

$6.0

$25

$20

$15

$10

$5

$8.0

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

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

REMIC Deals ($MM)5

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

2.51-3.00 185.1 9.8%

3.01-3.50 1,502.5 79.5%

3.51-4.00 201.9 10.7%

Subtotal 1,889.5 100%

Single-Family

2.51-3.00 191.9 3.2%

3.01-3.50 263.1 4.3%

3.51-4.00 130.7 2.2%

4.01-4.50 368.6 6.1%

4.51-5.00 2,849.3 46.9%

5.01-5.50 1,789.7 29.5%

5.51-6.00 475.5 7.5%

Subtotal 6,068.9 100%

Grand Total 7,958.3
OCTOBER 2022

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

Source: Ginnie Mae Disclosure Files

7.2 REMIC Market Snapshot

In September 2022, Ginnie Mae Single-Family REMIC collateral WAC surpassed 5.0%, continuing to

increase MoM, while Fannie Mae and Freddie Mac Single-Family REMIC collateral WAC decreased

MoM by 13 basis points and 18 basis points, respectively.

 In September 2022, Fannie Mae guaranteed a Multifamily REMIC transaction for the first time

since June 2022.

 In September 2022, Ginnie Mae REMIC issuance volume was $9.7 billion, the fifth consecutive

month of REMIC issuance volume below $10.0 billion.

 Ginnie Mae guaranteed three HREMIC transactions in September 2022. This is the fourth

month in 2022 in which Ginnie Mae has guaranteed three HREMIC transactions. In 2021,

there were no months where Ginnie Mae guaranteed three or more HREMIC transactions in

a single month.

Figure 34. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF

REMIC

Issuance

Volume

($B)

% of SF

REMIC

Issuance

Volume

Number of

SF REMIC

Transactions

MF REMIC

Issuance

Volume ($B)

% of MF

REMIC

Issuance

Volume

Number of

MF REMIC

Transactions

Ginnie Mae 7.0 58.0 11 1.9 24.2 10

Freddie Mac 2.7 22.1 9 5.3 68.0 8

Fannie Mae 2.4 19.9 8 0.6 7.7 1

Total $12.1 100% 28 $5.9 100% 19

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

September 2.4

2.7

0.6

5.3

1.9

7.0

Ginnie Mae Freddie Mac

Outer: Single Family

Inner: Multifamily

Fannie Mae
OCTOBER 2022

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

8 MBS OWNERSHIP

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

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

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

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

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

domestic banks.

Figure 35. Who Owns Total Agency Debt?

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

governments, households and nonprofits. Data as of Q2 2022.

8.1 Commercial Bank Holdings of Agency MBS

Table 8. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 7-Sep 14-Sep 21-Sep 28-Sep

Largest 25 

Domestic Banks 2,188.8 2,200.4 2,186.8 2,163.9 2,143.9 2,122.4 2,117.0 2,115.5 2,100.9 2,096.5 2,091.4 2,078.1

Small Domestic 

Banks 742.2 748.6 744.1 736.1 730.8 735.8 731.8 738.3 723.9 726.5 723.0 716.9

Foreign Related 

Banks 42.2 39.3 36.6 34.2 36.5 36.5 38.0 35.1 36.8 38.6 37.6 36.6

Total, Seasonally 

Adjusted 2,973.2 2,988.3 2,967.5 2,934.2 2,911.2 2,894.7 2,886.8 2,888.9 2,861.6 2,861.6 2,852.0 2,831.6

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

top 25. Data as of September 2022.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
OCTOBER 2022

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

8.2 Bank and Thrift Residential MBS Holdings

In Q2 2022, MBS holdings at banks and thrifts continued to decrease. Like Q1 2022, the decrease was

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

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

thrift MBS holdings decreased by approximately 5.7% from Q2 2021 and 6.3% from Q1 2022. Out of

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

and $369 billion were Ginnie Mae pass-throughs.

Table 9. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

2001 730.84 380.12 109.53 37.62 236.91 76.18 606.91 203.37

2002 832.50 477.57 101.46 20.08 244.98 89.88 702.44 209.66

2003 899.89 536.83 75.11 19.40 236.81 106.86 775.66 206.45

2004 1,011.01 621.73 49.33 20.55 208.18 160.55 879.75 234.31

2005 1,033.77 602.73 35.92 29.09 190.70 211.25 897.06 242.69

2006 1,124.46 659.65 31.13 42.32 179.21 243.28 983.49 223.42

2007 1,149.10 591.34 31.58 26.26 174.27 357.24 971.42 264.59

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

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

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

Table 10. Top 20 Bank and Thrift Residential MBS Investors ($ in millions)

Institution Total GSE PT GNMA PT Agency 

CMO

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

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

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

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

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

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

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

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

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

9 PNC Bank, National 

Association

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

10 CAPITAL ONE FINANCIAL

CORPORATION

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

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

12 BANK OF NEW YORK 

MELLON CORP

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

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

14 State Street Bank and Trust

Company

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

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

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

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

18 Citizens Bank, National

Association

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

19 Ally Bank $22,166.0 $14,142.0 $1,756.0 $1,874.0 $4,394.0 0.8%

20 HSBC Bank USA, National

Association

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

Total Top 20 $1,959,755.5 $1,318,836.8 $324,838.2 $285,185.2 $30,895.4 74.8%

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

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

8.3 Foreign Ownership of MBS

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

down approximately $2 billion from July 2022. Total foreign ownership includes $535 billion held by 

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

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

approximately 17.5% has fallen all the way to 13.84% in August of 2022.

Figure 36. Foreign Share of Agency MBS Market

Figure 37. 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 August 2022.

19.0%

18.0%

17.0%

16.0%

15.0%

14.0%

13.0%

12.0%

11.0%

13.84%

10.0%

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Percent of A

gency

M

B

S O

wned

b

y F

oreigners

Foreign Share of MBS

1,400

1,200

1,000

800

600

400

200

0

1,170

635

535

$ Billions

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

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 non-US holders of agency MBS are in Japan, China, and Taiwan. As of June 2022, these 

three own 60% of all US MBS held by investors outside of the United States. Between June 2021 and 

June 2022, Japan and Taiwan have decreased their agency MBS holdings while China has increased 

their holdings. Japan has decreased their holdings by $59.1 billion, Taiwan has decreased their

holdings by $27.3 billion, and China has increased their holdings by $26.4 million.

Table 11. All Agency Debt

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

9/1/2021 12/1/2021 3/1/2022 6/1/2022 Q3 

2021 Q4 2021 Q1 2022 Q2 2022

Japan 310,272 301,979 259,844 252,455 -1,304 -8,293 -42,135 -7,389

China 215,056 202,659 219,553 244,266 -2,802 -12,397 16,894 24,713

Taiwan 246,887 244,375 233,340 222,670 -3,097 -2,512 -11,035 -10,670

Canada 75,674 77,979 73,475 75,998 -5,679 2,305 -4,504 2,523

United Kingdom 43,235 72,486 47,582 65,393 2,378 29,251 -24,904 17,811

Luxembourg 33,115 34,288 33,130 42,207 -4,641 1,173 -1,158 9,077

South Korea 43,021 42,051 40,362 37,934 -412 -970 -1,689 -2,428

Cayman Islands 35,603 35,004 31,795 33,984 -651 -599 -3,209 2,189

Ireland 21,960 21,305 20,589 19,838 121 -655 -716 -751

Switzerland 26,770 19,770 17,261 19,634 2,957 -7,000 -2,509 2,373

Other 183,394 190,886 185,541 192,354 -13,272 7,492 -5,345 6,813

Total 1,234,987 1,242,782 1,162,472 1,206,733 -26,402 7,795 -80,310 44,261

Table 12. Agency MBS

Country Level of Holdings ($ Millions)

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

Japan 311,576 252,455 -59,121

China 217,858 244,266 26,408

Taiwan 249,984 222,670 -27,314

Canada 81,353 75,998 -5,355

United Kingdom 40,857 65,393 24,536

Luxembourg 37,756 42,207 4,451

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

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

Ireland 21,839 19,838 -2,001

Switzerland 23,813 19,634 -4,179

Other 196,666 192,354 -4,312

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

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q2 2022. Agency MBS as of 

June 2022. Revised to include top 10 holders of agency debt listed as of June 2022.
OCTOBER 2022

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 as of September 2022 was $247 billion for 2022 YTD,

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

average daily trading volume saw a 9.6% increase MoM. In 2021, average agency MBS was at 2.70%,

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

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

Figure 38. Average Daily Trading Volume by Sector

Figure 39. Average Daily Turnover by Sector

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

MBS in Average Daily Turnover by Sector

$600

$500

$400

$300

$200

$100

$0

$626

$247

$39

$700

$ Billions

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

14%

12%

10%

8%

6%

4%

2%

0%

2.96%

2.70%

0.37%

Agency MBS Turnover Treasury Turnover Corporates Turnover
OCTOBER 2022

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 September 2022. The

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

10.1 Credit Scores

Table 13. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 283,920 650 690 741 778 797 731

Fannie 96,643 691 723 759 786 801 751

Freddie 92,806 692 725 760 786 800 752

Ginnie 94,471 625 648 681 730 776 690

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 89,278 626 657 702 752 785 703

Fannie 30,282 660 693 735 772 795 731

Freddie 30,258 646 677 716 758 787 716

Ginnie 28,738 598 625 655 690 732 660

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 373,198 643 681 732 774 796 725

Fannie 126,925 682 716 754 783 800 746

Freddie 123,064 677 711 751 782 798 744

Ginnie 123,209 619 642 674 721 769 683

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,471 625 648 681 730 776 690

FHA 55,627 620 641 666 698 735 672

VA 34,025 638 671 724 772 795 719

Other 4,819 638 660 694 732 765 697

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 28,738 598 625 655 690 732 660

FHA 17,069 590 616 643 670 698 644

VA 11,633 617 644 678 721 761 683

Other 36 634 658 694 750 750 698

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 123,209 619 642 674 721 769 683

FHA 72,696 610 634 661 692 728 665

VA 45,658 631 661 709 762 791.3 710

Other 4,855 638 660 694 732 765 697

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

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

Figure 40. FICO Distributions by Agency

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

800 - 850

750 - 800

700 - 750

650 - 700

600 - 650

550 - 600

5.26%

9.37%

8.58%

24.93%

43.34%

41.96%

22.99%

30.10%

29.71%

26.43%

13.88%

15.59%

17.95%

3.21%

4.16%

1.88%

0.09%

0.01%

FHA VA Fannie Mae Freddie Mac
OCTOBER 2022

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

10.2 Loan-to-Value (LTV)

Table 14. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 284,203 65 80 90.76 98 100 86

Fannie 96,731 58 75 80 95 95 80

Freddie 92,845 58 75 80 95 95 80

Ginnie 94,627 90 98.03 98.19 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 89,387 40 55 69 80 82 65

Fannie 30,284 34 49 60 72 80 59

Freddie 30,258 36 50 63 74 80 60

Ginnie 28,845 59 71 81 84 90 77

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 373,590 54 72 81 96 98 81

Fannie 127,015 48 66 80 90 95 75

Freddie 123,103 49 66 80 90 95 75

Ginnie 123,472 75 88 98 100 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,627 90 98 98 100 100 96

FHA 55,742 92 97 98 98 98 96

VA 34,050 85 100 100 100 102 96

Other 4,835 94 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 28,845 59 71 81 84 90 77

FHA 17,162 56 68 78 81 81 73

VA 11,647 64 76 88 90 100 83

Other 36 54 71 93 99 100 83

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 123,472 75 88 98 100 100 92

FHA 72,904 73 81 98 98 98 91

VA 45,697 76 90 100 100 102 93

Other 4,871 93 99 101 101 101 98

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

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

Figure 41. Loan-to Value by Agency

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

95 - 100%

80 - 95%

60 - 80%

0 - 60%

42.55%

7.43%

3.29%

12.14%

12.09%

19.32%

24.56%

28.60%

32.19%

3.48%

4.16%

21.42%

20.60%

43.92%

59.19%

65.06%

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

FHA VA Fannie Mae Freddie Mac
OCTOBER 2022

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

10.3 Debt-to-Income (DTI)

Table 15. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 283,728 26 33 41 47 50 39

Fannie 96,731 24 31 39 45 48 37

Freddie 92,845 24 31 39 44 48 37

Ginnie 94,152 31 38 45 51 55 44

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 89,189 25 32 40 45 50 39

Fannie 30,284 23 30 38 43 47 37

Freddie 30,258 25 32 40 44 48 38

Ginnie 28,647 28 35 43 50 54 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 372,917 26 33 41 46 50 39

Fannie 127,015 24 31 39 45 48 37

Freddie 123,103 24 31 39 44 48 37

Ginnie 122,799 30 37 44 51 55 43

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,152 31 38 45 51 55 44

FHA 55,727 33 40 46 52 55 45

VA 33,595 29 37 44 51 56 43

Other 4,830 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 28,647 28 35 43 50 54 42

FHA 17,101 29 36 44 50 55 43

VA 11,516 28 34 42 49 54 41

Other 30 26 29 34 37 40 33

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 122,799 30 37 44 51 55 43

FHA 72,828 32 39 46 51 55 44

VA 45,111 29 36 44 50 55 43

Other 4,860 27 31 36 40 42 35

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

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

Figure 42. Debt-to Income by Agency

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

> 44%

35 - 44%

0 - 35%

25.12%

23.82%

28.30%

29.76%

15.70%

22.46%

36.14%

38.12%

38.75%

38.06%

47.78%

56.00%

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

FHA VA Fannie Mae Freddie Mac
OCTOBER 2022

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

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

approximately 10% between periods July 2020 – September 2020 and July 2022 - September 2022.

The share of borrowers with DTIs below 35% decreased by approximately 26% over the same period.

From the period between July 2020 – September 2020 to the period between July 2022 – September

2022, the share of high-LTV loans increased in the Ginnie Mae guarantee book by approximately 9%

and in the GSE portfolios by approximately 122%. Still, Ginnie Mae maintains its key role of expanding

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

with 68.21% of its issuances between July 2022 and September 2022 having LTVs of 95 or above,

compared to 22.44% for the GSEs.

Table 16. Share of Loans with LTV > 95

Ginnie Mae GSE All

Jul 2020 - Sep 2020 62.79% 10.11% 22.12%

Jul 2022 - Sep 2022 68.21% 22.44% 41.97%

Table 17. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Jun 2020-Aug 2020)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.90% 4.53% 6.43% 10.97% 0.24% 24.07%

35-45 3.99% 9.10% 10.46% 11.21% 0.09% 34.84%

≥45 3.59% 7.83% 7.00% 5.83% 0.05% 24.30%

NA 1.70% 2.66% 2.51% 2.82% 7.10% 16.79%

All 11.18% 24.12% 26.40% 30.83% 7.48% 100.00%

Table 18. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Jun 2022-Aug 2022)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.43% 3.75% 4.51% 7.20% 0.04% 17.93%

35-45 6.53% 9.53% 9.75% 10.49% 0.04% 36.35%

≥45 8.58% 14.07% 11.40% 9.82% 0.06% 43.94%

NA 0.40% 0.31% 0.22% 0.23% 0.63% 1.79%

All 17.94% 27.66% 25.89% 27.74% 0.77% 100.00%

Sources: Recursion and Ginnie Mae. Data as of September 2022.
OCTOBER 2022

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, FHA, and VA loans all continued to fall sharply in Q2

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

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

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

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

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

Figure 43. Serious Delinquency Rates: Single-Family Loans.

Sources:

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey.

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q2 2022.

12%

10%

8%

6%

4%

2%

0%

4Q052Q064Q062Q074Q072Q084Q082Q094Q092Q104Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q162Q174Q172Q184Q182Q194Q192Q204Q202Q214Q212Q22

4.43%

2.83%

0.81%

0.76%

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
OCTOBER 2022

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 52.0% in September 2022, up slightly

from 51.8% in September 2021. Ginnie Mae and Freddie Mac’s first-time homebuyer shares, 68.2%

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

homebuyer share has declined 4.9% YoY. Table 20 shows that based on mortgages originated in

September 2022, the average GSE first-time homebuyer was more likely than an average repeat

buyer to have a lower credit score, and higher LTVs. While Ginnie Mae’s first-time homebuyers were

more likely than their repeat buyers to have lower loan amounts and creditscores, other components

of the credit profile were very similar.

Figure 44. First-Time Homebuyer Share: Purchase Only Loans

Table 19. 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

65%

55%

45%

35%

25%

68.2%

52.0%

47.0%

43.0%

75%

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

First-Time homebuyer share

Freddie Fannie Ginnie All

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

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

Within the Ginnie Mae purchase market, 76.8% of FHA loans, 52.0% of VA loans, and 82.6% of other

loans represent financing for first-time home buyers in September 2022 which all increased

compared to the month prior. Table 21 shows that based on mortgages originated in September

2022, the credit profile of the average VA first-time homebuyer was significantly different than the 

average VA repeat buyer. The average VA first-time homebuyer took out 15% smaller loans, had a

21-point lower credit score, 4.5% higher LTVs and were 20 basis points higher in interest. FHA’s firsttime homebuyers are much more like their repeat buyers, with only 4.9% smaller loans, 2.4% higher

LTVs, and have very similar interest rates. FHA’s repeat buyers tend to have lower credit scores than

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

higher credit scores than first-time homebuyers. For FHA, the opposite is true, in part because FHA

lending is one of few credit options for borrowers with lower credit scores.

Figure 45. 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 671.4 668.0 708.6 729.9 696.1 691.2 683.1 702.9

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

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

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

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

90%

85%

80%

75%

70%

65%

60%

55%

50%

45%

40%

Sep-17

82.6%

76.8%

68.2%

52.0%

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

First-time Homebuyer Share

Jul-22

Sep-22

FHA VA Other All
OCTOBER 2022

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

10.7 Credit Box: Historical

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

beginning of 2022. The median FICO score for all agency loans originated in September 2022 was 732,

which represents a 7 point decrease since the start of 2022 and a decline of 14 points YoY. The trend

in declining median FICO scores has been much more pronounced for refinance loans. Ginnie median

FICO scores have declined from 691 in September 2021 to 655 in September 2022, a 36 point drop.

As of September 2022, average FICOs for refinances have dropped for Fannie Mae and Freddie Mac

borrowers YoY 32 and 37 points respectively.

Figure 46. FICO Scores for All Loans

Figure 47. FICO Scores for Purchase Loans Figure 48. FICO Scores for Refinance Loans

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

FICO Scores 780

760

740

720

700

680

660

754

751

732

672

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

Freddie Median FICO Fannie Median FICO Ginnie Median FICO

780

760

740

720

700

680

660

640

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

All Median FICO

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

780

760

740

720

700

680

660

640

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

FICO Scores

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
OCTOBER 2022

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

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

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

remained relatively flat over that same period. Median LTV for Freddie Mac increased 9.6% YoY and 

increased 14.3% YoY for Fannie Mae. Since early 2022, DTIs have been increasing for Ginnie Mae, 

Freddie Mac, and Fannie Mae and are all higher relative to September 2021.

Figure 50. DTI Ratio for All Loans

Figure 49. LTV Ratio for All Loans

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

100.0

95.0

90.0

85.0

80.0

75.0

70.0

65.0

98.2

80.0

81.4

80.0

Loan-to-value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

46.0

44.0

42.0

40.0

38.0

36.0

34.0

32.0

44.4

40.5

39.0

Debt-to-Income Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median
OCTOBER 2022

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

11 FORBEARANCE TRENDS

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

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

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

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

Table 22. Forbearance Snapshot

All Loans in Forbearance – June 2022

FICO Note Current Principal First Time Purchase Loan Count

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

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

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

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

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

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

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

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

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

Loans in Forbearance and Removed from Pools – June 2022

FICO Note Current Principal First Time Purchase Loan Count

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

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

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

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

Bank 662 4.4 $96,581.25 75.1 72.6 807

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

VA 670 3.3 $206,214.36 58.0 51.0 607

Bank 682 3.8 $137,212.56 57.9 70.2 125

Nonbank 668 3.2 $220,728.30 58.0 47.8 482

Loans in Forbearance that Remain in Pools – June 2022

FICO Note Current Principal First Time Purchase Loan Count

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

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

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

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

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

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

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

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

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

Sources: Ginnie Mae loan level MBS disclosure and forbearance file and Ginnie Mae Issuer Operational Performance Profile (IOPP)

-Peer Group Listings. Notes: Data as of June 2022; *Averages weighted by remaining principal balance of the loans.
OCTOBER 2022

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

The current share of Ginnie Mae loans in forbearance stands at 1.25% as of the end of September

2022, approximately 4.1% lower than observed as of the end of August 2022. With the forbearance

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

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

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

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

Figure 51. Share of Ginnie Mae Loans in Forbearance.

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

Source: Recursion. Note: Data as of September 2022. Beginning with the May 2022 GMAR Report, Credit Unions will be classified 

as Banks based on the updated Recursion data source.

12%

10%

8%

6%

4%

2%

0%

Bank Forbearance Nonbank Forbearance All Forbearance

 350,000

 300,000

 250,000

 200,000

 150,000

 100,000

 50,000

 -

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

 200,000

 180,000

 160,000

 140,000

 120,000

 100,000

 80,000

 60,000

 40,000

 20,000

 -

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

Figure 52. Number of Loans Removed 

from Pools: Non-bank

Figure 53. Number of Loans Removed 

from Pools: Bank
OCTOBER 2022

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

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

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

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

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

Coupon”). In September 2022, the number of loans repurchased due to delinquency decreased 39%

to 1,586 for FHA and decreased 33% to 344 for VA loans.

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

.

300,000

250,000

200,000

150,000

100,000

50,000

0

 MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

 MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

<3.5 LOSS MITIGATION <3.5 REPURCHASE OF DELINQUENT LOAN

 <3.5 MORTGAGOR PAYOFF

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

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

 >=3.5 MORTGAGOR PAYOFF

Figure 54. Number of Loans Removed from

Pools: FHA

Figure 55. Number of Loans Removed

from Pools: VA

Figure 56. Number of Loans Removed from Pools by Coupon:
OCTOBER 2022

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 83.5% of Ginnie Mae MSRs (see

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

depository institutions. As of September 2022, over half (50.93%) of the Ginnie Mae MSRs are owned

by the top six firms.

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

Rank MSR Holder UPB ($ millions) Share Cumulative Share

1 DBA FREEDOM HOME MOR $251,551,717,948 12.1% 12.06%

2 PENNYMAC LOAN SERVIC $238,674,967,937 11.4% 23.50%

3 LAKEVIEW LOAN SERVIC $238,349,564,718 11.4% 34.92%

4 NATIONSTAR MORTGAGE, $116,615,820,831 5.6% 40.51%

5 WELLS FARGO BANK, NA $114,702,748,205 5.5% 46.01%

6 ROCKET MORTGAGE, LLC $102,758,249,037 4.9% 50.93%

7 CARRINGTON MORTGAGE $79,157,855,544 3.8% 54.72%

8 NEWREZ LLC $66,123,821,468 3.2% 57.89%

9 CALIBER HOME LOANS, $52,700,507,102 2.5% 60.42%

10 UNITED WHOLESALE MOR $49,899,300,441 2.4% 62.81%

11 U. S. BANK, NA $49,412,543,240 2.4% 65.18%

12 PLANET HOME LENDING, $38,191,975,385 1.8% 67.01%

13 MORTGAGE RESEARCH CE $36,678,148,758 1.8% 68.77%

14 LOANDEPOT.COM,LLC $35,129,161,275 1.7% 70.45%

15 NAVY FEDERAL CREDIT $28,984,108,455 1.4% 71.84%

16 AMERIHOME MORTGAGE C $27,664,901,906 1.3% 73.17%

17 GUILD MORTGAGE COMPA $21,726,773,911 1.0% 74.21%

18 THE MONEY SOURCE INC $21,020,744,606 1.0% 75.22%

19 TRUIST BANK $20,353,731,431 1.0% 76.19%

20 CROSSCOUNTRY MORTGAG $17,612,967,545 0.8% 77.04%

21 NEW AMERICAN FUNDING $16,793,957,616 0.8% 77.84%

22 VILLAGE CAPITAL & IN $15,346,240,115 0.7% 78.58%

23 MOVEMENT MORTGAGE,LL $15,062,713,488 0.7% 79.30%

24 CMG MORTGAGE, INC. $14,567,852,394 0.7% 80.00%

25 RUSHMORE LOAN MANAGE $14,084,334,437 0.7% 80.67%

26 IDAHO HOUSING AND FI $13,849,249,240 0.7% 81.33%

27 CITIZENS BANK N.A. $13,742,480,653 0.7% 81.99%

28 MIDFIRST BANK $11,897,955,243 0.6% 82.56%

29 PHH MORTGAGE CORPORA $11,808,730,972 0.6% 83.13%

30 CARDINAL FINANCIAL C $11,169,670,987 0.5% 83.67%

Source: Deloitte. Data as of October 2022.
OCTOBER 2022

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination experienced an increase in September, up approximately 4% since

last month. This increase in non-bank origination share was driven primarily by Freddie Mac (nonbank origination share up 8% MoM). The Ginnie Mae non-bank share rose to 88.4% as of September

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

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

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

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

Figure 57. Agency Nonbank Originator Share (All, Purchase, Refi)

otes: Data as of Augus

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

Sources: Recursion. Not t 2022.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

88.4%

77.4%

74.2%

69.3%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Fannie Freddie Ginnie

Figure 58. Nonbank Origination Share:

Purchase Loans

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Figure 59. Nonbank Origination Share: 

Refi Loans

All Fannie Freddie Ginnie

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Fannie Freddie Ginnie
OCTOBER 2022

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

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

discussed in the Highlights section, Ginnie Mae continues to have a very high proportion of nonbank 

originations, with a rate of 88.3% in September 2022.

Figure 60. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

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

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

89.3%

88.3%

87.5%

87.3%

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

FHA VA Other All

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All FHA VA Other

Figure 61. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 62. Ginnie Mae Nonbank Share: 

Refi Loans

120%

100%

80%

60%

40%

20%

0%

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All FHA VA Other
OCTOBER 2022

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

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 1 FICO score point from August 2022 to September 2022. The agency median

FICO decreased by 3 FICO score points to 729 MoM.

Figure 63. Agency FICO: Bank vs. Nonbank

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

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

729

750

722

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

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median FICO Bank Median FICO

Nonbank Median FICO
OCTOBER 2022

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

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

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

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

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

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

Figure 68. GSE DTI: Bank vs. Nonbank Figure 69. Ginnie Mae DTI: Bank vs. Nonbank

64

66

68

70

72

74

76

78

80

82

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median LTV Bank Median LTV

Nonbank Median LTV

90

92

94

96

98

100

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median DTI Bank Median DTI

Nonbank Median DTI
OCTOBER 2022

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

In September 2022, the median FICO score for Ginnie Mae bank originatorsincreased by 2 points and

non-bank originatorsincreased by 1 point MoM. The median FICO for all Ginnie originationsincreased

to 671 MoM. The gap between banks and non-banks is most apparent in VA lending (38-point

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

spread).

Figure 71. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 70. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 72. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 73. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

690

680

670

660

650

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

720

710

700

690

680

670

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

760

750

740

730

720

710

700

690

680

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median FICO Bank Median FICO

Nonbank Median FICO
OCTOBER 2022

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

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

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

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

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

Figure 74. Ginnie Mae DTI:

Bank vs. Nonbank

Figure 76. Ginnie Mae VA DTI:

Bank vs. Nonbank

Figure 77. Ginnie Mae Other DTI:

Bank vs. Nonbank

Figure 75. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

48

46

44

42

40

38

36

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

46

44

42

40

38

36

34

32

30

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Other Median DTI

Other Bank Median DTI

44

42

40

38

36

34

32

30

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

All Median DTI Bank Median DTI

Nonbank Median DTI
OCTOBER 2022

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices are beginning to decelerate, with Compound Annual Growth Rate (CAGR) for HPI at 

18.8% between March 2020 and July 2022. Over that same period, the Mountain region has

experienced the greatest home price appreciation (22.7% CAGR), while in the West North Central

region, increases in home values have remained the slowest (15.7% CAGR).

Table 24. Regional HPI Trend Analysis

U.S. Census 

Subregion

New 

England

Middle 

Atlantic

East 

North 

Central

East 

South 

Central

South 

Atlantic

West 

North 

Central

West 

South 

Central

Mountain Pacific National

2000 to Peak CAGR 10.5% 8.7% 4.0% 4.5% 8.7% 5.0% 4.3% 8.3% 13.9% 7.1%

Peak to Trough CAGR -8.4% -5.3% -9.8% -5.5% -14.2% -5.7% -2.1% -15.6% -17.9% -10.4%

Trough to Pandemic

CAGR

3.7% 3.5% 4.7% 4.4% 5.9% 4.6% 5.1% 8.3% 8.1% 5.4%

Pandemic CAGR 18.6% 17.0% 16.2% 19.8% 22.3% 15.7% 18.4% 22.7% 18.0% 18.8%

12-Month Period of Max

HPI Growth During

Pandemic

7-2020 to

6-2021

7-2020

to 6-

2021

7-2020

to 6-

2021

4-2021

to 3-

2022

6-2021

to 5-

2022

7-2020

to 6-

2021

6-2021

to 5-

2022

9-2020 to

8-2021

8-2020

to 7-

2021

8-2020

to 7-

2021

Max 12-Month Period

Change, During 

21.9% 18.1% 17.2% 21.3% 23.9% 16.2% 19.7% 25.6% 21.9% 19.3%

Pandemic

12-Month Period of Max

HPI Growth, PrePandemic

7-2020 to

6-2021

7-2020

to 6-

2021

7-2020

to 6-

2021

4-2021

to 3-

2022

6-2021

to 5-

2022

7-2020

to 6-

2021

6-2021

to 5-

2022

9-2020 to

8-2021

1-2004

to 12-

2004

8-2020

to 7-

2021

Max 12-Month HPI 21.9% 18.1% 17.2% 21.3% 23.9% 16.2% 19.7% 25.6% 22.3% 19.3%

Growth, Pre-Pandemic

Figure 78. FHFA.US Census Subregions as defined by the US Census Bureau.

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau. Notes: HPI data as of May 2022. Peak

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

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

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

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

S&P’s CoreLogic Case-Shiller US National Housing Price Index’s September 27, 2022, reporting July 

data indicated that home price gains slowed across the country. In fact, a 15.8% annual gain in July 

was reported, down from 18.1% compared to the month prior. This latest reported MoM HPI 

appreciation value suggests continued increases at a slower rate as home prices start to show signs 

of deceleration.

Table 25. Home Price Trends by State

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

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

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

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

2022 in its Report dated March 29, 2022

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

National 59.5% -21.2% 117.3% 11.7% 71.3%

AK 66.9% -5.4% 53.2% 7.5% 45.0%

AL 41.6% -15.1% 90.5% 13.3% 61.7%

AR 39.8% -11.1% 81.1% 12.8% 60.9%

AZ 110.2% -49.5% 239.4% 18.5% 71.4%

CA 144.8% -47.1% 172.5% 12.6% 44.3%

CO 32.2% -10.3% 179.5% 14.5% 150.7%

CT 72.8% -19.7% 53.3% 10.8% 23.1%

DC 163.1% -11.7% 123.6% 5.2% 97.4%

DE 88.3% -23.5% 71.5% 11.7% 31.1%

FL 130.0% -46.5% 205.8% 21.2% 63.6%

GA 35.9% -27.1% 154.9% 16.8% 85.8%

HI 139.0% -27.1% 129.1% 14.0% 67.1%

IA 27.8% -5.4% 71.5% 9.7% 62.2%

ID 73.3% -32.2% 252.6% 15.0% 138.9%

IL 49.9% -23.8% 62.2% 9.6% 23.6%

IN 19.0% -8.6% 100.4% 11.7% 83.1%

KS 31.0% -7.7% 86.9% 11.2% 72.5%

KY 28.9% -5.4% 85.6% 11.4% 75.5%

LA 51.6% -6.7% 58.5% 8.2% 47.9%

MA 69.9% -18.3% 98.2% 10.8% 61.9%

MD 126.4% -26.4% 68.0% 9.9% 23.6%

ME 72.0% -12.4% 107.5% 15.3% 81.8%

MI 18.4% -31.6% 137.2% 11.0% 62.2%

MN 52.6% -23.0% 101.9% 8.9% 55.4%

MO 39.2% -15.0% 97.6% 12.1% 68.0%

MS 38.9% -12.8% 64.4% 11.7% 43.4%

MT 79.4% -13.5% 139.3% 17.9% 107.1%

NC 39.6% -14.1% 121.9% 17.8% 90.5%

ND 51.6% -0.8% 84.3% 7.5% 82.8%

NE 24.3% -5.9% 99.0% 10.8% 87.2%

NH 72.9% -21.9% 110.4% 14.4% 64.2%

NJ 102.2% -22.8% 69.2% 11.2% 30.7%

NM 66.5% -17.9% 77.7% 12.5% 46.0%

NV 117.4% -59.4% 264.0% 16.8% 48.0%

NY 75.6% -10.6% 75.8% 11.2% 57.2%

OH 19.5% -16.6% 99.7% 11.2% 66.6%

OK 36.7% -4.5% 82.7% 12.3% 74.5%

OR 85.6% -28.6% 160.2% 11.6% 85.7%

PA 68.8% -10.9% 75.1% 10.1% 55.9%

RI 108.2% -28.2% 104.9% 12.5% 47.0%

SC 40.6% -16.0% 119.1% 15.7% 84.0%

SD 40.2% -2.3% 100.3% 13.7% 95.6%

TN 38.2% -12.6% 142.6% 17.9% 112.1%

TX 35.8% -3.0% 130.8% 14.8% 123.9%

UT 65.1% -26.0% 202.0% 16.6% 123.3%

VA 95.0% -18.8% 80.0% 11.4% 46.1%

VT 78.4% -10.5% 76.7% 11.5% 58.2%

WA 83.3% -27.3% 184.2% 14.1% 106.6%

WI 38.6% -14.3% 90.5% 10.8% 63.3%

WV 39.3% -5.9% 57.6% 11.3% 48.3%

WY 84.6% -9.7% 75.1% 12.3% 58.1%
OCTOBER 2022

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

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

Rent

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

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

Year-over-year rents appear to be moderating. Nationally, rents are up 8.8 percent compared to last

year, the first time in 2022 that yearly increases have dropped into the single digits. Wage growth is 

now at 7.2%, a 21.8% MoM increase.

Figure 79. Inflation | 12-Month Percent Change in CPI

Figure 80. Asset Price Appreciation vs. Wage Increases

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

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

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

8.2%

Jan-12

May-12

Sep-12

Jan-13

May-13

Sep-13

Jan-14

May-14

Sep-14

Jan-15

May-15

Sep-15

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

15.8%

8.2%

7.2%

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

General Inflation Wage Growth Home Appreciation

Metric Statistic

Rental Price 

Appreciation

General Inflation

(Median Rent 

Change YoY)

8.2%

8.8%

Home Price 

Wage Growth 7.2%

Appreciation 15.8%
OCTOBER 2022

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

Although the Federal Funds Target Rate wasraised in September 2022 by 75 bps to a range of 3.00%-

3.25%—the fifth consecutive hike since March 2022. The Fed is expected to raise interest rates again.

On October 10, 2022, the Fed Vice Chair, Lael Brainard, indicated that additional increases were likely

through the end of this year.

6 As of October 13, 2022, the average 30-year and 15-year fixed rate

mortgage rates were 6.92% and 6.09% respectively. The average 30-year fixed rate mortgage

increased 90 bps and the average 15-year fixed rate mortgage increased 88 bps compared to the

prior month, showing upward pressure on mortgage rates as a potential result of the interest rate

increases.

Figure 81. Average Fixed Rate Mortgage Rates

Sources: FRED data as of October 2022

6 https://www.federalreserve.gov/newsevents/speech/brainard20221010a.htm

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

6.92

6.09

30-Year 15-Year
OCTOBER 2022

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

14.3 Housing Inventory

As of September 27, 2022, there was 8.1 months of housing inventory on the market. August housing

inventory values fell 22.0% MoM with a decrease of approximately 20,000 homes “active” on the

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

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

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

been increasing.

Figure 83. Multifamily Construction Metrics: Permits, Starts, Completions

Figure 82. Single-Family Housing Inventory

Source: FRED data as of September 30, 2022 and New Residential Construction, US Census Bureau

11.0

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

8.1

in thousdands

600

550

500

450

400

350

300

567

460

364

2015 2016 2017 2018 2019 2020 2021

Number of Starts Number of Completions Number of Permits
OCTOBER 2022

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

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market reached $41.1 trillion in Q2 2022. The total value

of the US housing market is up 102% from its trough in 2011. Over that same period, mortgage debt

outstanding has increased by just 10%. From Q4 2021 to Q2 2022 mortgage debt outstanding

increased from $11.7 trillion to $12.1 trillion and household equity increased from $26.3 trillion to 

$29.0 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 $8.71 trillion in Q2 2022, agency

SF MBS account for a growing percentage of the total mortgage debt outstanding, up to 67% of total

mortgage debt from just 52% in 2011.

Sources:

Figure 84. Value of the US Housing Market.

Figure 85. Size of the US Residential Mortgage Market.

1. Federal Reserve Flow of Funds Data. Notes: Data as of Q2 2022. 

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

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

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

45.0

40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

20002001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

$41.1

$29.0

$12.1

2021Q12021Q22021Q32021Q42022Q12022Q2

$ Trillions

Debt Household Equity ousehold Equit Total Value otal Value

10

9

8

7

6

5

4

3

2

1

0

$8.71

$3.46

$0.40

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

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

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
OCTOBER 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

15 DISCLOSURE

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

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

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

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

to buy, securities.

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

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

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

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

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

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

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

in, or omissions from, the report.

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

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

forward-looking statement or underlying assumption contained in the report to reflect any change in

its expectations or any change in circumstances upon which such statement is based.

Past performance is not a guarantee of future results. Accordingly, there are no assurances given, nor

representations or warranties made, that all estimated returns or projections will be realized, or that

actual returns or performance results will not materially differ from those estimated herein.”