June 2023
GLOBAL MARKETS ANALYSIS REPORT

JUNE 2023

Table of Contents

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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 4

1.1 Bloomberg US Aggregate and Global Indices 4

2 Sovereign Debt Product Performance Comparisons 5

2.1 Global 10-Year Treasury Yields (Unhedged) 5

2.2 US Treasury Hedged Yields 6

SECONDARY MORTGAGE MARKET 7

3 Fixed Income Product Performance Comparisons 7

3.1 Ginnie Mae Yields – USD 7

3.2 Ginnie Mae Hedged Yields 8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.4 Global Treasury Yield Per Duration 10

4 Prepayments 11

4.1 Aggregate Prepayments (CPR) 11

4.2 Involuntary Prepayments (CDR) 12

4.3 Voluntary Prepayment Rates (CRR) 13

5 Single-Family MBS Pass-Through Issuance 14

5.1 Gross Issuance of Agency MBS 14

5.2 Net Issuance of Agency MBS 16

5.3 Monthly Issuance Breakdown 18

5.4 Percent Refi at Issuance – Single-Family 19

6 Agency Single-Family MBS Outstanding 20

6.1 Outstanding Single-Family Agency MBS 20

6.2 Origination Volume and Share Over Time 21

6.3 Agency Issuance and Agency Outstanding by State 22

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

7 Agency REMIC Securities 24

7.1 Monthly REMIC Demand for Ginnie Mae MBS 24

7.2 REMIC Market Snapshot 25

8 MBS Ownership 26

8.1 Commercial Bank Holdings of Agency MBS 26

8.2 Bank and Thrift Residential MBS Holdings 27

8.3 Foreign Ownership of MBS 29
GLOBAL MARKETS ANALYSIS REPORT

JUNE 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

8.4 Foreign Ownership of Agency Debt and Agency MBS 30

9 Fixed Income Liquidity Indicators 31

PRIMARY MORTGAGE MARKET 32

10 Agency Credit Breakdown 32

10.1 Credit Scores 32

10.2 Loan-to-Value (LTV) 34

10.3 Debt-to-Income (DTI) 36

10.4 High LTV Loans: Ginnie Mae vs. GSEs 38

10.5 Serious Delinquency Rates 39

10.6 Credit Box 40

10.7 Credit Box: Historical 42

11 Forbearance Trends 44

12 Holders of Ginnie Mae Mortgage Servicing Rights 45

13 Agency Nonbank Originators 46

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

13.1.1 (FICO, LTV, DTI) 48

U.S. HOUSING MARKET 52

14 Housing Affordability 52

14.1 Housing Affordability – Home Price Appreciation 52

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate 53

14.2.1 Housing Affordability – Mortgage Rate Trends 55

14.3 Housing Inventory 56

14.4 Size and Value of the US Housing Market 57

15 Disclosure 58
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

JUNE 2023

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

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

This month’s Highlights section focuses on the increase in foreign ownership of Agency Bonds,

which has emerged as a significant demand trend in the global market. Through comprehensive

tables presenting regional and country-specific data, this section explores the implications of these

shifts in bond holdings by foreign entities.

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

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

for REMIC deals.

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

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

homebuyers.

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

regions by quarter. The market shows signs of sticky inflation and increasing mortgage

rates. Home prices are increasing at a much slower pace than seen in 2021 and 2022 but

remain high. This section also includes an analysis of the average price of homes sold to

median income buyers, which shows housing affordability remains historically low.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JUNE 2023

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

Highlights

Foreign ownership of Agency Bonds is accelerating with foreign holdings increasing by $30.8 billion

through March, the latest Treasury data that is available1

. In contrast to calendar year 2022, foreign 

holdings of Agency Bonds decreased by $2.7 billion. This demand from foreign entities comes at a

time in which higher interest rates and elevated home prices have slowed both mortgage loan

originations and mortgage-backed security production.

Although foreign entities were net sellers of Agency Bonds in calendar year 2022, driven by large

scale Agency Bond sales during the first quarter of 2022, beginning in April 2022 foreign entities

began significant increases in their holdings of Agency Bonds. Since April 2022, foreign entities have

accumulated approximately $108 billion of additional holdings, timing that coincides with the end

of the Federal Reserve’s quantitative easing process.

Foreign ownership of US Treasuries increased by $241.9 billion in the first quarter of 2023 after 

decreasing by $384.6 billion in 2022. The historically wide mortgage basis and higher yields of

Agency MBS relative to Treasuries is likely contributing to the ongoing increase in foreign demand

for MBS securities although overall MBS production continues to slow.

Table 1 shows the outright foreign holdings of Agency Bonds as of March 2023, year-end 2022, and

year-end 2021, in addition to year-to-date (YTD) and 2022 YoY changes by geographic area. As seen

below, Asia increased their holdings of Agency Bonds by $14.9 billion since year-end 2021 (“YTD 

Change” plus “2022 Change”). Over the same time period, Asia decreased their holdings of

Treasuries by $374.9 billion.

Table 1: Agency Bond Holdings by Geographic Area (USD in Millions)

2

Geographic Area March 2023 Y/E 2022 Y/E 2021 YTD Change 2022 Change

Total Asia 867,037 836,243 852,105 30,794 (15,862)

Total Europe 192,643 200,983 206,480 (8,340) (5,497)

Total Caribbean 70,691 72,303 73,028 (1,612) (725)

Total Latin America 21,129 20,187 18,609 942 1,578

On the other hand, Europe and the Caribbean have been net sellers of Agency Bonds in both time

periods listed above while being net buyers of Treasuries. Latin America has increased their

holdings of Agency Bonds thus far in 2023 and YoY 2022, $942 million and $1.6 billion, respectively.

Table 2 shows the outright holdings of Agency Bonds by country as of March 2023, year-end 2022,

and year-end 2021, in addition to year-to-date (YTD) and 2022 YoY changes. In 2022, China was the

1 As of March 2023, 92.8% of Agency Bond Holdings were asset-backed securities. Holdings represent the market value of securities as of March 

2023.

2 Sources: Treasury International Capital (TIC), as of March 2023.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JUNE 2023

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

largest accumulator of Agency Bonds adding $48.9 billion of holdings followed by Canada, $19.0

billion, and Luxembourg, $12.6 billion, versus Taiwan and Japan offloading $34.1 billion and $23.9

billion, respectively.

Table 2: Agency Bond Holdings by Country (USD in Millions) 2

Country March 2023 Y/E 2022 Y/E 2021 YTD Change 2022 Change

Japan 287,050 278,068 301,979 8,982 (23,911)

China, Mainland 263,891 251,566 202,668 12,325 48,898

Taiwan 212,782 210,309 244,375 2,473 (34,066)

Canada 105,527 97,234 78,224 8,293 19,010

Luxembourg 51,268 47,142 34,558 4,126 12,584

United Kingdom 41,147 61,418 73,011 (20,271) (11,593)

Korea, South 38,146 36,240 42,051 1,906 (5,811)

Cayman Islands 29,485 30,954 35,206 (1,469) (4,252)

Ireland 25,100 22,478 21,323 2,622 1,155

France 22,578 19,805 16,870 2,773 2,935

Netherlands 19,728 14,145 16,278 5,583 (2,133)

Bermuda 19,419 19,008 23,212 411 (4,204)

Malaysia 17,423 14,822 18,830 2,601 (4,008)

Bahamas 16,737 17,649 10,850 (912) 6,799

Mexico 13,150 12,716 12,942 434 (226)

Thailand 13,043 12,962 13,193 81 (231)

Indonesia 9,678 8,976 5,451 702 3,525

Belgium 9,269 8,381 10,349 888 (1,968)

Switzerland 7,941 13,195 19,770 (5,254) (6,575)

Hong Kong 7,014 7,093 9,280 (79) (2,187)

Total3 1,210,376 1,184,161 1,190,420 26,215 (6,259)

Noticeably, countries such as Indonesia, The Bahamas, The Netherlands, France, Ireland,

Luxembourg, Canada, and China have increased their holdings substantially since year-end 2021

and relative to their Treasury holdings.

Section 8.4, “Foreign Ownership of Agency Debt and Agency MBS”, of this month’s Global Market

Analysis Report examines the top 10 holders of Agency Debt and their YoY changes as well as their

quarter-over-quarter changes as the data becomes available.

3 Total is the sum of the top 20 foreign holders of Agency Bonds as of March 2023 and these top 20 holders made up 95.1% of total foreign 

holdings.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JUNE 2023

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

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

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

contributes approximately 27%. For the US Aggregate Index, all other changes to the index

components were no larger than 1%.

Figure 1. Bloomberg US Aggregate Index

Figure 2. 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, up slightly from the prior month. Japan’s share of fixed income is the

second highest at 12%, up slightly from the prior month. For the Global Aggregate Index, all

countries remained stable compared to the prior month with no changes larger than 1%.

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

41%

27%

14%

8%

2%

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

MBS Passthrough - 27%

Industrial - 14%

Financial Institutions - 8%

Utility - 2%

Agency - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

41%

12% 9%

5%

4%

4%

4%

3%

2%

2% 14%

United States - 41%

Japan - 12%

China - 9%

France - 5%

Germany - 4%

United Kingdom - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 2%

Other - 14%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

JUNE 2023

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

3.80%

4.33%

2.54%

4.38%

0.41%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

% Yield

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged) 

The US 10-year Treasury yield moved to 3.80% at month-end May 2023, a MoM increase of 35 bps. 

US Treasury yields are the third highest of all the government treasury yields depicted in the figure 

below behind Italian and UK government bond yields.

The yield on the UK 10-year notes increased to 4.33% at month-end May, a MoM increase of 60

bps. 

The yield on the German 10-year increased to 2.54% at month-end May, a MoM increase of 14

bps.

The yield on the Italian 10-year increased to 4.38% at month-end May, a MoM increase of 12 bps.

The yield on the Japanese 10-year notes decreased to 0.41% at month-end May, a MoM decrease

of 4 bps.

Figure 3. Global 10-Year Treasury Yields

Source: Bloomberg. Note: Data as of May 2023.
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

JUNE 2023

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

2.16

2.00

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

1.26

1.10

1.20

1.30

1.40

1.50

1.60

1.70

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY decreased MoM by 4 bps to 2.16% at monthend May.

The hedged yield for the 10-year Treasury EUR decreased MoM by 2 bps to 1.26% at monthend May.

Figure 4. 7–10yr Total Return Hedged Index, JPY

Figure 5. 7–10yr Total Return Hedged, EUR

Source: Bloomberg. Note: Data as of May 2023.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JUNE 2023

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 4.94% in March, increased 20 bps to 5.14% by month-end April, then 

increased 36 bps to 5.50% by month-end May. Ginnie Mae I yields were 4.95% in March, increased

12 bps to 5.07% by month-end April, then increased 22 bps to 5.29% by month-end May. The yields

on the Ginnie Mae I were 149 bps higher than the US 10-year Treasury yield at month-end May

2023, a decrease of 13 bps MoM. Ginnie Mae II spreads over the US 10-year Treasury yield

increased 78 bps YoY to 170 bps over the US 10-year Treasury yield by month-end May 2023.

Figure 7. Ginnie Mae I SF Yield, USD

Figure 6. Ginnie Mae II SF Yield, USD

Sources Bloomberg. Note: Data as of May 2023.

5.50%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

5.29%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JUNE 2023

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

3.2 Ginnie Mae Hedged Yields

The yield for the Ginnie Mae II, hedged in the Japanese Yen stood at 3.86% at month-end 

May, a 4 bps decrease MoM. The yield for the Ginnie Mae II, hedged in the Euro, stood at 

2.96% at month-end May, a 1 bp decrease MoM.

The yield for the Ginnie Mae I, hedged in the Japanese Yen, stood at 3.65% at month-end 

May, an 18 bps decrease MoM. The yield for the Ginnie Mae I, hedged in the Euro, stood at 

2.75% at month-end May, a 15 bps decrease MoM.

Figure 8. Ginnie Mae I and II Hedged, JPY

Figure 9. Ginnie Mae I and II Hedged, EUR

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

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

3.86%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

GN II Hedged JPY GN I Hedged JPY

2.96%

2.75%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

GN II Hedged EUR GN I Hedged EUR

3.65%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JUNE 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased by 8 bps

to 0.58% at month-end May. The GNMA II 30-year OAS decreased 8 bps MoM as of month-end

May. The US Intermediate credit OAS was unchanged MoM as of month-end May.

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

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

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

0.52%

1.10%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.58%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JUNE 2023

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

3.4 Global Treasury Yield Per Duration

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

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

Figure 12. Yield vs. Duration

Security Duration Yield

US 5y 4.53 3.81

US 10y 8.36 3.69

JPY 5y 4.78 0.10

JPY 10y 9.41 0.43

GER 5y 4.54 2.46

GER 10y 8.55 2.43

ITA 5y 4.33 3.76

ITA 10y 8.16 4.37

UK 5y 5.06 4.20

UK 10y 8.04 4.24

GNMA II 2% 6.96 4.22

GNMA II 2.5% 6.92 4.31

GNMA II 3% 6.75 4.42

GNMA II 3.5% 6.59 4.51

GNMA II 4% 6.40 4.65

GNMA II 4.5% 5.65 4.89

GNMA II 5% 5.62 5.13

GNMA II 5.5% 5.03 5.44

GNMA II 6% 4.23 5.72

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

Yield 7.00

6.00

5.00

4.00

3.00

2.00

1.00

0.00

GNMA II 6%

GNMA II 5.5%

GNMA II 5%

GNMA II 4.5%

GNMA II 4%

GNMA II 3% GNMA II 3.5%

UK 10y GNMA II 2.5%

UK 5y ITA 10y GNMA II 2%

US 5y

US 10y

ITA 5y

GER 5y GER 10y

JPY 10y

JPY 5y

3.00 5.00 7.00 9.00 11.00

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

JUNE 2023

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds increased in May 2023 by 19.3% MoM.

Likewise, Fannie Mae and Freddie Mac CPRs increased 20.6% and 21.5%, respectively. ARM

prepayments increased for GSEs and decreased for Ginnie Mae MoM.

Figure 14. ARM Aggregate 1-Month CPR

Figure 13. Fixed Rate Aggregate 1-Month CPR

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

6.2

6.0

7.6

0

10

20

30

40

50

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

7.0

12.6

14.0

0

10

20

30

40

50

60

70

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

JUNE 2023

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

4.2 Involuntary Prepayments (CDR)

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

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

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

continued to remain below Ginnie Mae as of month-end May 2023 after slightly overtaking Ginnie

Mae in September 2022.

Figure 15. Fixed Rate Aggregate CDR

Figure 16. ARM Aggregate CDR

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

0.2

0.2

0.9

0

10

20

30

40

50

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.3

0.7

0

5

10

15

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

JUNE 2023

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

4.3 Voluntary Prepayment Rates (CRR)

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

GSEs. Fannie Mae and Freddie Mac saw increases of 21.8% MoM and 22.1% MoM in fixed rate 

aggregate CRR, respectively. Freddie Mac saw a 3.7% MoM increase and Fannie Mae saw a 25.2% 

MoM increase in ARM aggregate CRR. Ginnie Mae increased 21.0% MoM in fixed rate aggregate 

CRR and saw a 21.7% MoM decrease in ARM aggregate CRR.

Figure 18. ARM Aggregate CRR

Figure 17. Fixed Rate Aggregate CRR

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

6.2

13.8

12.4

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.9

5.7

6.9

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JUNE 2023

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

$140

$126

$0.0 $108

$500.0

$1,000.0

$1,500.0

$ in

Billions

Fannie Mae Freddie Mac Ginnie Mae

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance increased by 15% MoM. Freddie Mac, Ginnie Mae, and Fannie Mae all 

saw increases in gross issuance compared to April 2023 as seen in Section 5.3.

Table 3. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

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

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

2023 YTD $126.4 $108.0 $234.4 $140.3 $374.7

Figure 19. Agency Gross Issuance

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

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

Single Family MBS Pass-Through Issuance

JUNE 2023

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

$82

$55

$0.0 $3

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $82.1 $54.8 $3.3 $140.2

Figure 20. Ginnie Mae Gross Issuance

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

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

Single Family MBS Pass-Through Issuance

JUNE 2023

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

$60

$8

-$3

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae

5.2 Net Issuance of Agency MBS

Agency net issuance as of month-end May was approximately $20.1 billion, which represents an

18% MoM increase. Ginnie Mae net issuance was $13.5 billion as of month-end May, a 10%

decrease from April 2023. Since May 2022, FHA net issuance continues to outpace VA net issuance

MoM, as shown in Table 6 and Figure 22.

Table 5. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $8.2 -$3.4 $4.8 $60.0 $64.8

Figure 21. Agency Net Issuance

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

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

Single Family MBS Pass-Through Issuance

JUNE 2023

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

Table 6. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $42.4 $18.2 -$0.6 $60.0

Figure 22. Ginnie Mae Net Issuance

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

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

$18

$42

-$1

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JUNE 2023

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

5.3 Monthly Issuance Breakdown

Ginnie Mae’s $32.6 billion in gross issuance as of month-end May, seen in Table 7, was

approximately 24% below the average monthly issuance for 2022.

Table 7. 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

May 2023. Beginning with the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to

reflect the current UPB of the portfolios. July 2021 through May 2023 GMAR net issuance data reflect the UPB at security issuance

for Fannie Mae and Freddie Mac. Note: Numbers are rounded to the nearest hundred million.
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JUNE 2023

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity decreased for Ginnie Mae as of month-end May 2023. Ginnie Mae’s MoM

decrease was approximately 4.8%, with a greater decrease taking place with VA lending which was

down approximately 7.0% in May MoM. FHA’s refinance share decreased by approximately 2.6%. In

the conventional conforming mortgage market space, Fannie Mae saw an increase of 4.3% MoM

and Freddie Mac saw a decrease of 6.5% MoM.

Freddie Mac’s refinance percentage dropped to 12.0% in May, down from 12.8% in April.

Fannie Mae’s refinance percentage rose to 14.6% in May, up from 14.0% in April.

Ginnie Mae’s refinance percentage dropped to 15.3% in May, down from 16.1% in April.

FHA’s refinance percentage dropped to 15.2% in May, down from 15.6% in April.

VA’s refinance percentage dropped to 16.4% in May, down from 17.6% in April.

Figure 23. Percent Refinance at Issuance – Single-Family

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

14.6%

16.4%

15.2%

12.0%

15.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

JUNE 2023

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

$3,571

$2,904

$2,193

$8,668

0

2,000

4,000

6,000

8,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,171

$920

$106

0

200

400

600

800

1000

1200

1400

$ in Billions

 FHA VA OTHER

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of month-end May 2023, outstanding single-family MBS in the agency market totaled $8.668

trillion: 41.2% Fannie Mae, 33.5% Freddie Mac, and 25.3% Ginnie Mae MBS. Over the past twelve

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

approximately 1.2%, 2.9%, and 8.8%, respectively. Fannie Mae outstanding MBS remains larger

than Freddie Mac’s and Ginnie Mae’s by approximately $667 billion and $1.4 trillion, respectively.

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

2018, 60.3% of Ginnie Mae outstanding collateral was FHA and 33.5% was VA. As of month-end

May 2023, FHA collateral comprised 53.3% of Ginnie Mae MBS outstanding, and VA collateral

comprised 41.9% of Ginnie Mae MBS outstanding.

Figure 24. Outstanding Agency Mortgage-Backed Securities

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

Sources: Recursion. Note: Data as of May 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

JUNE 2023

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

$0.12

$0.06

$0.01

$0.09

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ in Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

43%

22%

4%

31%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio

6.2 Origination Volume and Share Over Time

First lien origination volume continued to decline in Q1 2023, with $290 billion in originations,

which represents a decline in issuance from Q4 2022 of approximately 13%. Ginnie Mae’s share of

total origination decreased from 25.6% to 22.3% in Q1 2023, while portfolio origination increased

from 25.3% to 31.1% in Q1 2023.

Figure 26. First Lien Origination Volume

Figure 27. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q1 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

JUNE 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 34% of new agency issuance over the past year, roughly

8% higher than Ginnie Mae’s 26% share of agency outstanding. The share of Ginnie Mae’s new

agency issuance varies across states, with the highest Ginnie Mae share being in Alaska (56%) and 

the lowest in the District of Columbia (22%). The highest Ginnie Mae outstanding share is also in 

Alaska (48%) and the lowest in the District of Columbia (13%). 

Table 8. 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)

34% 1,762,567 285.55 294.37 26% 10,842,486 206.25 210.92

AK 56% 5,529 341.11 304.59 48% 37,513 261.94 220.41

AL 48% 41,281 227.87 241.81 41% 239,366 158.77 177.93

AR 44% 21,404 195.51 225.76 39% 137,674 133.68 161.32

AZ 33% 52,073 324.74 331.65 25% 278,064 222.87 226.98

CA 29% 110,146 451.41 447.01 17% 692,413 329.98 320.03

CO 32% 38,293 407.48 398.18 24% 215,516 294.80 278.26

CT 33% 15,863 267.91 278.90 26% 107,072 202.99 208.88

DC 22% 1,382 493.78 424.58 13% 9,041 384.36 348.88

DE 36% 8,137 274.76 302.23 31% 52,509 205.36 211.91

FL 37% 160,950 305.82 304.83 32% 863,114 215.47 213.21

GA 41% 94,747 263.55 296.62 34% 504,263 182.95 207.84

HI 44% 4,788 620.52 506.23 32% 33,768 470.27 357.76

IA 32% 12,619 184.42 197.95 22% 83,088 134.88 148.14

ID 31% 10,419 337.13 328.31 23% 64,313 221.53 223.85

IL 29% 57,859 212.22 246.08 22% 370,770 160.70 179.06

IN 36% 46,529 195.24 216.09 30% 281,594 135.68 151.38

KS 35% 14,769 196.16 226.69 29% 96,656 141.02 163.91

KY 43% 27,993 201.46 218.12 35% 166,455 144.97 156.09

LA 49% 33,550 207.62 238.56 40% 203,265 158.51 177.36

MA 28% 17,364 379.59 372.88 16% 114,752 285.92 267.95

MD 43% 44,556 341.35 331.23 34% 294,683 266.03 249.22

ME 34% 5,887 250.06 274.93 26% 38,206 178.87 191.80

MI 27% 43,437 188.57 216.93 20% 277,846 134.83 156.73

MN 23% 21,189 251.72 280.74 18% 160,196 182.97 198.32

MO 36% 38,959 201.62 223.40 29% 246,186 143.32 162.23

MS 55% 20,366 205.64 220.63 48% 123,533 145.07 161.28

MT 29% 4,524 314.97 318.78 24% 32,403 210.71 216.63

NC 35% 73,569 259.33 292.83 29% 418,164 178.55 203.14

ND 35% 2,593 247.27 240.76 24% 17,105 193.63 183.55

NE 33% 9,212 223.73 227.21 27% 65,157 150.77 161.11

NH 29% 5,430 320.17 312.69 22% 38,453 227.70 215.00

NJ 30% 37,212 323.54 338.07 22% 234,117 242.04 254.20

NM 44% 14,530 247.94 257.72 38% 95,884 168.70 178.72

NV 37% 23,733 350.86 339.58 30% 134,740 250.86 236.43

NY 26% 40,219 299.53 340.01 20% 309,447 210.71 248.27

OH 35% 64,747 187.75 204.37 29% 426,796 131.45 149.32

OK 44% 28,363 206.12 227.50 42% 189,953 142.49 162.91

OR 25% 16,982 357.33 367.42 19% 111,362 255.89 253.78

PA 29% 53,182 203.90 249.14 26% 391,165 149.62 182.03

RI 42% 5,605 333.16 304.10 30% 35,997 236.12 212.79

SC 41% 45,545 258.11 266.49 34% 238,294 185.75 192.95

SD 36% 4,375 247.19 248.59 29% 29,365 174.18 177.42

TN 36% 48,114 264.17 286.84 31% 271,911 178.49 205.40

TX 33% 178,476 274.47 309.29 32% 1,107,798 185.46 214.25

UT 26% 16,531 384.80 392.63 19% 96,473 264.23 264.85

VA 46% 70,176 334.49 326.23 36% 449,634 258.06 250.01

VI 24% 115 353.71 424.67 24% 806 253.51 303.64

VT 25% 1,681 243.48 266.48 19% 12,219 181.87 180.55

WA 29% 35,423 404.70 411.85 21% 233,497 287.08 289.87

WI 26% 18,537 213.79 231.08 17% 124,513 157.35 163.02

WV 51% 9,723 196.34 197.57 44% 60,321 145.06 145.33

WY 41% 3,881 270.56 270.59 35% 25,056 206.69 201.69

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

April 2022 to May 2023. Values above are based on loan level disclosure data, thus excluding loan balances for the first 6 months that loans are in a 

pool. This accounts for the difference in share of outstanding MBS represented above & in Outstanding Single-Family Agency MBS.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

JUNE 2023

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pre 2008 2008-2013 2014-2018 2019-2023

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Avg Coupon

%

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

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

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

increased slightly from 3.21% in April 2023 to 3.25% as seen in Figure 28. Figure 29 illustrates that

loans originated since 2019 account for 79% of Ginnie Mae MBS collateral outstanding.

Figure 28. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 29. Outstanding Ginnie Mae MBS Balance, by Vintage

Sources: Recursion. Note: May 2023 data points reflect the current composition of balances by coupon and vintage; factor data is 

not applied to prior date balance compositions. Average coupon is weighted by remaining principal balance.
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

JUNE 2023

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

$5.9 $7.4 $8.8 $6.0 $8.0 $5.9 $3.4

$7.5 $6.4

$11.7

$7.5 $5.6

$9.9

$0

$5

$10

$15

$20

$25

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

As of month-end May 2023, $9.9 billion of Ginnie Mae MBS were securitized into Real Estate

Mortgage Investment Conduits (REMICs) as underlying collateral. This represents a roughly 59.6%

increase YoY from $5.9 billion in May 2022, and a 56.5% MoM increase from $5.6 billion in April

2023. Of that, approximately $104.6 million were multifamily MBS having coupons over 4.01%. $9.0

billion were single-family MBS having coupons over 5.01%.

Figure 30. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Table 9. May 2023 REMIC Collateral Coupon Distribution

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

REMIC Deals ($MM) 4

% Breakdown of REMIC 

Collateral by coupon

Multifamily

3.01-3.50 272.0 39.2%

3.51-4.00 317.7 45.8%

4.51-5.00 104.6 15.1%

Subtotal 694.3 100.0%

Single-Family

<2.01 0.0 0.0%

3.51-4.00 39.1 0.4%

4.01-4.50 103.4 1.1%

4.51-5.00 73.6 0.8%

5.01-5.50 578.6 6.3%

5.51-6.00 5,527.4 59.9%

6.01-6.50 2,834.5 30.7%

6.51-7.00 73.7 0.8%

Subtotal 9,230.3 100.0%

Grand Total 9,924.6 100.0%

Source: Ginnie Mae Disclosure Files

4

Totals may not sum due to rounding.
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

JUNE 2023

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

7.2 REMIC Market Snapshot

 In May 2023, Ginnie Mae saw its largest average deal size since July 2022. Ginnie Mae’s

average deal size in May was $581 million.

 In May 2023, Ginnie Mae, Fannie Mae, and Freddie Mac all had a total issuance increase. It

is the second time in 2023 that this has occurred; the previous occurrence was in February

of this year.

 In May 2023, Ginnie Mae had a Monthly YoY increase of unpaid principal balance of 58%.

This is the first month to feature a Monthly YoY increase in unpaid principal balance since

February 2022.

 In May 2023, Freddie Mac issued sixteen deals, its highest total since September 2022.

Figure 31. REMIC Issuance by Agency

Table 10. Monthly REMIC Issuance by Agency

SF

REMIC

Issuance

Volume

($B)

% of SF

REMIC

Issuance

Volume

Number of

SF REMIC

Transactions

MF REMIC

Issuance

Volume

($B)

% of MF

REMIC

Issuance

Volume

Number of

MF REMIC

Transactions

Ginnie Mae 9.6 79.0 10 0.7 15.8 6

Freddie Mac 1.3 11.0 10 3.2 71.9 6

Fannie Mae 1.2 10.0 6 0.5 12.2 1

Total 5 $12.2 100% 26 $4.4 100% 13

Source: Ginnie Mae Disclosure Files

5 Totals may not sum due to rounding.

0.7

3.2

0.5

9.6

1.3

1.2 May

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

JUNE 2023

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds &

Pension Funds

Credit Unions

Foreign Investment

Other

8 MBS OWNERSHIP

As of Q1 2023, the largest holders of agency debt (agency MBS + agency notes and bonds) included

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

Reserve’s share decreased slightly to 20% in the first quarter of 2023 from 21% in the fourth quarter

of 2022. Along with the Federal Reserve, commercial banks are one of the largest holders of agency

MBS. Out of the approximately $2.7 trillion in holdings as of the end of March 2023, $2.0 trillion

was held by the top 25 domestic banks.

Figure 32. Who Owns Total Agency Debt?

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

governments, households and nonprofits. Data as of Q1 2023.

8.1 Commercial Bank Holdings of Agency MBS

Table 11. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions)

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

Largest 25 

Domestic Banks

2,096.8 2,067.6 2,052.0 2,056.5 2,054.5 1,961.4 1,952.3 1,952.4 1,946.7

Small Domestic 

Banks

712.4 692.2 690.9 677.3 663.5 764.0 700.9 627.8 630.2

Foreign Related 

Banks

37.4 35.9 39.3 36.6 30.0 27.0 28.4 26.8 24.5

Total, 

Seasonally 

Adjusted

2,846.6 2,795.7 2,782.2 2,770.4 2,748.0 2,752.4 2,681.6 2,608.0 2,601.4

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

top 25. Data as of May 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

JUNE 2023

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

8.2 Bank and Thrift Residential MBS Holdings

In Q1 2023, MBS holdings at banks and thrifts continued to decrease. The decrease was driven by

GSE pass-throughs, agency CMO holdings, and Private CMO holdings, with GSE pass-throughs

seeing the largest decrease. In contrast, Ginnie Mae pass-throughs saw an increase of 3.9%. Total

bank and thrift MBS holdings decreased by approximately 15.8% from Q1 2022 and 2.8% from Q4

2022. Out of the $2.4 trillion in MBS holdings at banks and thrifts as of Q1 2023, $1.4 trillion were

GSE pass-throughs and $386 billion were Ginnie Mae pass-throughs.

Table 12. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

4Q22-1Q23 -2.8% -4.3% 3.9% 3.9% -3.4% -0.9% -3.1% -0.3%

1Q22-1Q23 -15.8% -20.7% 4.9% 1.9% -15.2% -0.6% -15.7% -16.9%

Source: Inside Mortgage Finance. Notes: Data as of Q1 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

JUNE 2023

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

Table 13. 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

$441,978.0 $371,659.0 $63,657.0 $6,507.0 $155.0 18.8%

2 WELLS FARGO & COMPANY $242,632.0 $159,544.0 $80,344.0 $2,679.0 $65.0 10.3%

3 CHARLES SCHWAB $165,161.0 $93,045.0 $5,902.0 $66,214.0 $0.0 7.0%

4 JPMORGAN CHASE & CO. $159,776.0 $68,225.0 $77,521.0 $84.0 $13,946.0 6.8%

5 Truist Bank $106,362.0 $53,175.0 $12,106.0 $37,983.0 $3,098.0 4.5%

6 U.S. BANCORP $99,297.1 $65,567.4 $22,611.2 $11,118.5 $0.1 4.2%

7 CITIGROUP INC. $728.0 3.6%

8 PNC Bank, National

Association

$72,575.9 $61,538.1 $4,239.4 $5,758.5 $1,039.9 3.1%

$85,290.0 $71,919.0

9

$10,284.0

CAPITAL ONE FINANCIAL 

$2,359.0

CORPORATION

$65,965.9 $31,251.2 $15,525.8 $18,843.8 $345.0 2.8%

10 MORGAN STANLEY $50,482.0 $33,644.0 $7,486.0 $9,352.0 $0.0 2.1%

11 BANK OF NEW YORK 

MELLON CORP

$41,504.0 $29,776.0 $1,549.0 $8,193.0 $1,986.0 1.8%

12 USAA Federal Savings Bank $39,747.0 $33,550.0 $1,969.0 $4,228.0 $0.0 1.7%

13 State Street Bank and Trust 

Company

$36,651.0 $14,278.0 $6,671.0 $14,113.0 $1,589.0 1.6%

14 BMO Harris Bank National

Association

$32,377.2 $4,377.1 $6,507.5 $21,492.6 $0.0 1.4%

15 The Huntington National Bank $29,310.3 $11,575.7 $9,649.1 $7,955.8 $129.8 1.2%

16 TD Bank USA/TD Bank NA $27,683.2 $1,003.5 $79.5 $26,559.3 $40.9 1.2%

17 KeyBank National Association $25,837.8 $3,868.3 $195.8 $21,773.7 $0.0 1.1%

18 Citizens Bank, National

Association

$22,505.8 $12,082.1 $5,622.6 $4,801.1 $0.0 1.0%

19 HSBC Bank USA, National 

Association

$22,323.7 $4,445.4 $12,249.2 $5,628.4 $0.8 0.9%

20 Ally Bank $20,329.0 $12,759.0 $1,870.0 $1,654.0 $4,046.0 0.9%

Total Top 20 $1,787,788.9 $1,137,282.7 $346,039.1 $277,297.7 $27,169.3 75.9%

Source: Inside Mortgage Finance. Notes: Data as of Q1 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

JUNE 2023

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

13.97%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Percent of Agency MBS Owned 

by Foreigners

Foreign Share of MBS

8.3 Foreign Ownership of MBS

For the month of January 2023, foreign ownership of MBS represented $1.202 trillion in agency

MBS, up approximately $36 billion from December 2022. Total foreign ownership includes $567

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

pre-Covid foreign ownership peak of approximately 17.5% has fallen to 13.97% as of January 2023.

Figure 33. Foreign Share of Agency MBS Market

Figure 34. 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 January 2023.

635

567

1,202

0

200

400

600

800

1,000

1,200

1,400 $ Billions

Foreign Official MBS Foreign Private MBS Total Agency MBS Held by Foreigners
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

JUNE 2023

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

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

owned 60% of all foreign owned US MBS. Between March 2022 and March 2023, Japan and China

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

by $27.2 billion, China’s holdings increased by $44.3 billion, and Taiwan’s holdings decreased by 

$20.6 billion.

Table 14. All Agency Debt

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

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

Japan 231,437 232,769 278,068 287,050 (28,407) 1,332 45,299 8,982

China 244,389 241,523 251,566 263,891 24,840 (2,866) 10,043 12,325

Taiwan 222,670 209,453 210,309 212,782 (10,670) (13,217) 856 2,473

Canada 76,391 89,313 97,234 12,922 7,921 8,293

Luxembourg 42,840 38,559 47,142 51,268 9,456 (4,281) 8,583 4,126

105,527 2,668

United Kingdom 66,229 56,348 61,418 41,147 17,793 (9,881) 5,070 (20,271)

South Korea 37,963 35,643 36,240 38,146 (2,365) (2,320) 597 1,906

Cayman Islands 34,981 35,081 30,954 29,485 3,009 100 (4,127) (1,469)

Ireland 20,204 17,692 22,478 25,100 (385) (2,512) 4,786 2,622

France 16,706 16,199 19,805 22,578 (421) (507) 3,606 2,773

Other 199,626 191,424 187,241 196,266 12,816 (8,202) (4,183) 9,025

Total 1,193,436 1,164,004 1,242,455 1,273,240 28,334 (29,432) 78,451 30,785

Table 15. Agency MBS

Country Level of Holdings ($ Millions)

3/1/2022 3/1/2023 YoY Change in Holdings ($ Millions)

Japan 259,844 287,050 27,206

China 219,549 263,891 44,342

Taiwan 233,340 212,782 -20,558

Canada 73,723 105,527 31,804

Luxembourg 33,384 51,268 17,884

United Kingdom 48,436 41,147 -7,289

South Korea 40,328 38,146 -2,182

Cayman Islands 31,972 29,485 -2,487

Ireland 20,589 25,100 4,511

France 17,127 22,578 5,451

Other 186,810 196,266 9,456

Total 1,165,102 1,273,240 108,138

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q1 2023. Agency MBS as of

March 2023. Revised to include top 10 holders of agency debt listed as of March 2023.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Liquidity Indicators

JUNE 2023

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

$245

$767

$43 $0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$ Billions

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume as of month-end May 2023 was $240 billion, which

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

2023, agency MBS average daily trading volume increased 2.7% MoM. See footnote below for

update on “Average Daily Turnover by Sector” data.

Figure 35. Average Daily Trading Volume by Sector

Figure 36. Average Daily Turnover by Sector

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

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

updated in this report.

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

20022003200420052006200720082009201020112012201320142015201620172018201920202021

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

Tables 16, 17, and 18 below outline the population distributions of FICOs, DTIs, and LTVs between

the agencies and between FHA, VA, and other Ginnie Mae loan sources as of month-end May 2023.

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

10.1 Credit Scores

Table 16. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 230,630 650 691 744 782 799 734

Fannie 76,767 695 731 767 790 803 757

Freddie 74,390 690 725 762 789 802 753

Ginnie 79,473 625 649 685 734 777 693

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 50,777 627 661 711 763 792 709

Fannie 18,552 669 708 751 783 801 742

Freddie 13,470 658 691 732 773 795 730

Ginnie 18,755 598 628 658 693 735 661

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 281,407 645 685 739 780 798 729

Fannie 95,319 689 727 764 789 802 754

Freddie 87,860 683 719 759 787 801 750

Ginnie 98,228 621 645 679 727 772 687

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 79,473 625 649 685 734 777 693

FHA 49,922 621 644 672 708 748 678

VA 26,122 635 671 725 774 797 720

Other 3,429 633 657 695 733 764 696

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,755 598 628 658 693 735 661

FHA 12,419 594 625 652 683 716 654

VA 6,318 606 637 673 717 760 677

Other 18 636.9 645 676.5 750 787.3 698

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 98,228 621 645 679 727 772 687

FHA 62,341 616 640 668 703 743 673

VA 32,440 628 661 713 767 794 712

Other 3,447 633 657 694 733 764 696
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

0.01%

2.8%

13.5%

28.0%

44.93%

10.9%

0.1%

2.5%

20.8%

26.2%

48.1%

12.3%

2.6%

18.1%

24.5%

22.1%

25.5%

6.1%

5.3%

38.0%

17.3%

6.9%

0.7%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac

Figure 37. FICO Distributions by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

10.2 Loan-to-Value (LTV)

Table 17. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 230,925 65 80 91.58 98.18 99 85.7

Fannie 76,874 56 75 80 95 96 79.2

Freddie 74,415 59 75 80 95 95 80.7

Ginnie 79,636 91.2 98.2 98.2 100 100 96.5

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 50,360 33 50 67 79.4 83 63.1

Fannie 18,555 27 41 58 70 77 54.8

Freddie 13,470 29 45 60 72 80 57.2

Ginnie 18,335 55.7 69.5 80 81.4 90.7 75.9

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 281,285 54 75 86 97 98.2 81.6

Fannie 95,429 45 65 80 90 95 74.5

Freddie 87,885 50 70 80 95 95 77.1

Ginnie 97,971 76.7 91.2 98.2 99 100 92.6

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 79,636 91.2 98.2 98.2 100 100 96.5

FHA 50,010 91.6 97.7 98.2 98.2 98.2 96.3

VA 26,183 85.8 100 100 100 102.3 96.6

Other 3,443 93.6 98.6 101 101.0 101.0 98.4

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,335 55.7 69.5 80 81.4 90.7 75.9

FHA 12,466 53.1 66.8 77.4 81.4 81.4 72.2

VA 5,830 63.6 77.2 88.7 92.8 100 83.8

Other 39 69.9 82.5 90.8 93.2 99.2 86.2

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 97,971 76.7 91.2 98.2 99 100 92.6

FHA 62,476 75.4 89.6 98.2 98.2 98.2 91.5

VA 32,013 79.3 91.1 100 100 102.2 94.2

Other 3,482 93.0 98.4 101 101.01 101.0 98.2

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

Agency Credit Breakdown

JUNE 2023

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

18.0%

41.2%

33.6%

7.2%

22.3%

42.9%

26.7%

8.1%

3.8%

9.4%

21.0%

65.9%

3.5%

10.5%

17.9%

68.1%

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac

Figure 38. Loan-to Value by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

10.3 Debt-to-Income (DTI)

Table 18. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 230,597 26 33.2 41 47 50 39.7

Fannie 76,874 24 31 38 45 48 37.0

Freddie 74,415 25 32 39 45 49 37.9

Ginnie 79,308 31.6 38.2 45.0 51.0 55.1 44.0

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 50,142 25 32 40 46 50 38.8

Fannie 18,555 22 29 37 43 47 35.8

Freddie 13,470 24 32 40 45 49 38.3

Ginnie 18,117 28.8 36.0 43.6 49.7 54.5 42.3

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 280,739 26 33 41 47 50 39.6

Fannie 95,429 23 30 38 44 48 36.8

Freddie 87,885 25 32 40 45 49 37.9

Ginnie 97,425 31.0 37.8 44.7 50.7 55.0 43.7

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 79,308 31.6 38.2 45.0 51.0 55.1 44.0

FHA 49,996 33.1 39.6 46.0 51.5 55.0 44.8

VA 25,868 30.0 37.2 44.6 50.9 55.8 43.7

Other 3,444 27.3 31.8 36.2 39.8 41.7 35.3

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 18,117 28.8 36.0 43.6 49.7 54.5 42.3

FHA 12,387 29.3 36.6 44 49.9 54.7 42.7

VA 5,712 27.6 34.8 42.5 49.2 54.0 41.5

Other 18 26.1 30.6 34.8 38.3 39.6 33.7

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 97,425 31.0 37.8 44.7 50.7 55.0 43.7

FHA 62,383 32.3 39.0 45.6 51.2 55.0 44.4

VA 31,580 29.6 36.7 44.2 50.5 55.4 43.3

Other 3,462 27.3 31.7 36.2 39.8 41.7 35.3

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

Agency Credit Breakdown

JUNE 2023

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

35.7%

35.4%

28.9%

40.3%

35.6%

24.1%

20.4%

28.7%

50.9%

15.0%

27.9%

57.1%

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac

Figure 39. Debt-to Income by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of March 2022 – May 2022 to the three-month range of March

2023 – May 2023, the share of high-LTV agency loans are going to borrowers with:

 FICO scores above 750 decreased by approximately 6.4%.

 DTIs below 35% decreased by approximately 14.5%.

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

and in the GSE portfolios by approximately 60%. 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 71.12% of its issuances between March 2023 – May 2023 having LTVs of 95 or above,

compared to 24.65% for the GSEs.

Table 19. Share of Loans with LTV > 95

Ginnie Mae GSE All

Mar 2022 - May 2022 61.06% 15.37% 28.26%

Mar 2023 - May 2023 71.12% 24.65% 42.06%

Table 20. Agency Market Share by DTI and FICO for Loans with LTV > 95 (March 2022-May 2022)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.16% 3.80% 5.16% 8.41% 0.06% 19.58%

35-45 5.15% 8.15% 9.12% 10.16% 0.05% 32.63%

≥45 6.01% 9.51% 13.50% 14.07% 0.05% 43.13%

NA 0.86% 0.56% 0.36% 0.29% 2.60% 4.67%

All 14.17% 22.02% 28.13% 32.93% 2.75% 100.00%

Table 21. Agency Market Share by DTI and FICO for Loans with LTV > 95 (March 2023-May 2023)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.04% 3.08% 4.44% 7.13% 0.06% 16.74%

35-45 5.80% 8.46% 10.28% 11.96% 0.05% 36.56%

≥45 8.01% 13.09% 12.60% 11.56% 0.07% 45.33%

NA 0.30% 0.21% 0.13% 0.18% 0.56% 1.37%

All 16.15% 24.84% 27.46% 30.18% 0.74% 100.00%

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

Agency Credit Breakdown

JUNE 2023

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

3.96%

0.62%

0.59%

2.26%

0%

2%

4%

6%

8%

10%

12%

3Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, VA, and FHA loans all fell in Q1 2023. From Q4 2022 

to Q1 2023, Fannie and Freddie serious delinquencies decreased by 6 and 4 bps, respectively. 

Ginnie Mae collateral’s serious delinquency rates decreased more than the GSE rate, with VA 

decreasing 17 bps and FHA decreasing 37 bps. This overall decline in serious delinquency rates is 

consistent with the decrease in the number of loans in forbearance captured in Section 11 below.

Figure 40. 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 Q1 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.7% as of month-end May 2023, a

decrease from 56.2% in April 2023 but is up from 53.4% in May 2022. Ginnie Mae and Fannie Mae’s

first-time homebuyer shares, 69.0% and 47.4% respectively, as of month-end May 2023, have

remained relatively flat YoY. Freddie Mac’s first-time homebuyer share increased 10.3% YoY. Table

22 shows that based on mortgages originated as of month-end May 2023, the average GSE firsttime homebuyer was more likely to have a lower credit score and higher LTV. Ginnie Mae’s firsttime homebuyers were more likely to have lower loan amounts, credit scores, and DTI while loan

rates were very similar.

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

Table 22. 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 $ 339,381 337,852 328,686 348,579 301,846 364,209 320,074 348,096

Credit Score 750.3 762.9 746.4 759.6 686.8 705.8 721.6 748.2

LTV (%) 85.1 74.0 85.9 76.0 97.4 94.5 90.7 79.6

DTI (%) 36.9 37.1 37.8 37.9 43.6 45.0 40.1 39.2

Loan Rate (%)

6.3 6.4 6.4 6.4 6.2 6.1 6.3 6.3

47.4%

47.0%

69.0%

54.7%

25%

35%

45%

55%

65%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

In the Ginnie Mae purchase market, 76.8% of FHA loans, 52.0% of VA loans, and 84.3% of other

loans provided financing for first-time home buyers as of month-end May 2023. While VA loans

were unchanged MoM, FHA and other loans increased. Table 23 shows that based on mortgages

originated as of month-end May 2023; the credit profile of the average VA first-time homebuyer

differed from the average VA repeat buyer. The average VA first-time homebuyer took out 18.0%

smaller loans, had a 23.6-point lower credit score, 4.5% higher LTVs and had a 20 bp higher interest

rate. FHA’s first-time homebuyers are much more like their repeat buyers, with only 7.1% smaller

loans, 10 bps higher in interest rate, and 2.3% higher LTVs. Because FHA provides one of few credit

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

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

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

credit scores than first-time homebuyers.

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

Table 23. 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 $ 298,229 321,094 337,299 411,159 183,526 197,553 301,846 364,209

Credit Score 678.4 677.2 708.8 732.4 695.5 701.7 686.8 705.8

LTV (%) 96.8 94.6 98.7 94.2 98.4 98.2 97.4 94.5

DTI (%) 44.5 46.0 42.9 44.4 35.2 36.0 43.6 45.0

Loan Rate (%) 6.2 6.2 6.2 6.0 6.3 6.2 6.2 6.1

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

76.8%

52.0%

84.3%

69.0%

40%

50%

60%

70%

80%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

759

764

675

736

660

680

700

720

740

760

780

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

640

660

680

700

720

740

760

780

May-18

Oct-18

Mar-19

Aug-19

Jan-20

Jun-20

Nov-20

Apr-21

Sep-21Feb-22

Jul-22

Dec-22

May-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

May-18

Oct-18

Mar-19

Aug-19

Jan-20

Jun-20

Nov-20

Apr-21

Sep-21Feb-22

Jul-22

Dec-22

May-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

10.7 Credit Box: Historical

The median FICO score for all agency loans originated as of month-end May 2023 was 736, which

represents a 6-point increase YoY from May 2022. Ginnie Mae median FICO scores increased 4

points between May 2022 and May 2023 to 675. As of month-end May 2023, average FICO scores

for refinances increased for Fannie Mae and Freddie Mac borrowers by 2 and 9 points YoY,

respectively.

Figure 43. FICO Scores for All Loans

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

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JUNE 2023

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

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

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

programs. Freddie Mac and Fannie Mae each saw increases in median LTV YoY from 75% in May

2022 whereas Ginnie Mae LTVs remained flat from 98.2% over the same period. In May 2023,

median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 44.8%, 40.0%, and 38.0% 

respectively. In May 2022, median DTIs for Ginnie Mae, Fannie Mae, and Freddie Mac were 43.3%, 

38.0%, and 38.0%.

Figure 47. DTI Ratio for All Loans

Figure 46. LTV Ratio for All Loans

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

80.0

98.2

88.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

38.0

44.8

41.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Freddie Median Fannie Median Ginnie Median All Median

80.0
GLOBAL MARKETS ANALYSIS REPORT

Forbearance Trends

JUNE 2023

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

11 FORBEARANCE TRENDS

At the end of May 2023, 96,419 Ginnie Mae loans were in forbearance. The number of loans in

forbearance removed from MBS pools in May was 519 while 95,900 loans in forbearance remain in

pools. The number of loans in forbearance and loans that remained in pools increased MoM while

loans in forbearance that were removed from pools remained the same. The median current

principal balance for Ginnie Mae, FHA, and VA was higher for loans in forbearance originated by 

nonbanks than banks in all subsets.

Table 24. Forbearance Snapshot

All Loans in Forbearance – May 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.7 $210,373 73.6 75.7 96,419

Bank 672 3.9 $148,305 81.9 87.2 10,658

Nonbank 655 3.7 $218,120 72.8 74.8 85,744

FHA 652 3.8 $205,878 77.3 78.8 71,731

Bank 671 4.0 $146,070 85.1 90.1 8,843

Nonbank 650 3.8 $214,214 76.5 77.8 62,876

VA 666 3.5 $266,645 58.0 63.1 18,106

Bank 676 3.6 $190,463 58.6 69.1 1,234

Nonbank 666 3.5 $271,338 58.0 62.8 16,869

Loans in Forbearance and Removed from Pools – May 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 665 3.6 $186,518 64.4 63.6 519

Bank 673 4.0 $110,810 69.6 76.6 114

Nonbank 663 3.5 $206,704 63.5 61.8 405

FHA 655 3.8 $175,852 69.6 69.5 342

Bank 671 4.1 $95,403 74.4 76.4 89

Nonbank 651 3.7 $205,452 68.7 68.4 253

VA 679 3.3 $228,500 47.5 49.6 136

Bank 674 3.9 $182,382 52.0 65.3 13

Nonbank 680 3.2 $236,647 47.0 48.5 123

Loans in Forbearance that Remain in Pools – May 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.7 $210,517 73.6 75.7 95,900

Bank 672 3.9 $148,798 82.0 87.3 10,544

Nonbank 655 3.7 $218,183 72.9 74.9 85,339

FHA 652 3.8 $206,000 77.3 78.8 71,389

Bank 671 4.0 $146,471 85.2 90.1 8,754

Nonbank 650 3.8 $214,286 76.5 77.8 62,623

VA 666 3.5 $266,942 58.1 63.2 17,970

Bank 676 3.6 $190,650 58.7 69.1 1,221

Nonbank 665 3.5 $271,565 58.1 62.9 16,746

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

Holders of Ginnie Mae Mortgage Servicing Rights

JUNE 2023

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

Mae MBS is shown in Table 25. The top 30 firms collectively own 87.02% of Ginnie Mae MSRs (see

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

seven are depository institutions. As of May 2023, over half (54.27%) of the Ginnie Mae MSRs are

owned by the top six firms.

Table 25. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

MSR Holder Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 3 $298,104,424,497 13.57% 13.57% 7.70% 0.92%

DBA FREEDOM HOME MOR 2 1 $278,021,492,231 12.66% 26.23% 8.38% 0.87%

PENNYMAC LOAN SERVIC 3 2 $256,737,071,106 11.69% 37.92% 8.45% 0.88%

NATIONSTAR MORTGAGE, 4 6 $127,446,195,322 5.80% 43.72% 8.30% 0.97%

NEWREZ LLC 5 8 $122,898,985,726 5.59% 49.31% 6.93% 0.47%

WELLS FARGO BANK, NA 6 4 $108,946,251,093 4.96% 54.27% 7.41% 0.30%

ROCKET MORTGAGE, LLC 7 5 $105,808,804,814 4.82% 59.09% 9.65% 0.63%

CARRINGTON MORTGAGE 8 7 $93,715,454,813 4.27% 63.35% 8.14% 0.76%

U. S. BANK, NA 9 10 $53,396,510,050 2.43% 65.79% 6.29% 0.60%

PLANET HOME LENDING, 10 14 $49,039,941,082 2.23% 68.02% 6.57% 0.39%

UNITED WHOLESALE MOR 11 11 $42,580,882,708 1.94% 69.96% 4.67% 0.54%

AMERIHOME MORTGAGE C 13 17

LOANDEPOT.COM,LLC 12 13 $37,872,246,710 1.72% 71.68% 7.96% 1.09%

$36,096,946,615 73.32% 5.66% 0.43%

NAVY FEDERAL CREDIT 14 16 $29,194,998,065 1.33% 74.65% 8.11% 0.38%

1.64%

MORTGAGE RESEARCH CE 15 12 $26,768,957,865 1.22% 75.87% 7.17% 0.26%

GUILD MORTGAGE COMPA 16 19 $22,929,904,432 1.04% 76.92% 7.89% 0.82%

THE MONEY SOURCE INC 17 18 $21,203,909,428 0.97% 77.88% 7.67% 0.68%

TRUIST BANK 18 20 $20,137,931,213 0.92% 78.80% 7.89% 0.87%

CROSSCOUNTRY MORTGAG 19 21 $19,237,426,005 0.88% 79.67% 7.57% 0.58%

NEW AMERICAN FUNDING 20 22 $18,539,238,690 0.84% 80.52% 7.17% 0.40%

VILLAGE CAPITAL & IN 21 23 $18,246,927,792 0.83% 81.35% 10.12% 1.63%

CMG MORTGAGE, INC. 22 27 $17,943,428,007 0.82% 82.16% 6.30% 0.35%

MOVEMENT MORTGAGE, LL 23 28 $17,928,885,561 0.82% 82.98% 6.34% 0.42%

IDAHO HOUSING AND FI 24 25 $15,222,406,826 0.69% 83.67% 6.09% 1.48%

PHH MORTGAGE CORPORA 25 NR $14,176,831,057 0.65% 84.32% 7.43% 1.05%

CITIZENS BANK N.A. 26 26 $13,877,797,719 0.63% 84.95% 7.20% 0.28%

FLAGSTAR BANK, N.A. 27 NR $12,637,287,677 0.58% 85.53% 6.57% 0.43%

MIDFIRST BANK 28 29 $12,344,548,700 0.56% 86.09% 7.53% 1.43%

CARDINAL FINANCIAL C 29 30 $10,380,776,547 0.47% 86.56% 6.78% 0.86%

SUN WEST MORTGAGE CO 30 NR $10,195,673,364 0.46% 87.02% 6.92% 0.21%

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

Agency Nonbank Originators

JUNE 2023

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

13 AGENCY NONBANK ORIGINATORS

Total agency nonbank origination share increased only slightly as of month-end May 2023 by 

approximately 0.1% MoM. The stagnation in nonbank origination share was driven by an increase

in both Ginnie Mae and Fannie Mae nonbank origination share (up 2.3% and 2.0% MoM, 

respectively) counteracted by a decrease in Freddie Mac nonbank origination share (down 3.0%). 

The Ginnie Mae nonbank share rose to 90.8% as of May 2023 and has remained consistently higher 

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

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

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

81.4%

75.6%

76.9%

90.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

Figure 49. Nonbank Origination Share: 

Purchase Loans

Figure 50. Nonbank Origination Share: 

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JUNE 2023

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

Ginnie Mae’s total nonbank originator share remained relatively stable as of month-end May 2023. 

Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 90.8% in 

May 2023. The percent of Ginnie Mae’s Other nonbank refinanced loans increased slightly to 88.9% 

in May 2023.

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

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

88.9%

90.8%

91.4%

89.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FHA VA Other All

Figure 52. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 53. Ginnie Mae Nonbank Share: 

Refi Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JUNE 2023

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

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

All Median FICO Bank Median FICO

Nonbank Median FICO

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

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

13.1.1 (FICO, LTV, DTI)

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

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

scores increased by 6 points from April 2023 to May 2023. The agency median FICO also increased 

by 6 points MoM to 736.

Figure 54. Agency FICO: Bank vs. Nonbank

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

736

756

731

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JUNE 2023

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

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

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

increased MoM to approximately 45.0% in May 2023 in nonbank originations.

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

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

64

66

68

70

72

74

76

78

80

82

All Median LTV Bank Median LTV

Nonbank Median LTV

90

92

94

96

98

100

All Median LTV Bank Median LTV

Nonbank Median LTV

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

30

32

34

36

38

40

42

44

46

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

All Median DTI Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JUNE 2023

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

As of month-end May 2023, the median FICO score for Ginnie Mae bank increased 10 points to 684 

and nonbank increased 1 point to 674 MoM. The median FICO for all Ginnie originations increased 2 

points to 675 MoM. The gap between banks and nonbanks is most apparent in VA lending (23-point 

spread).

640

650

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

FHA All Median FICO

FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

VA All Median FICO

VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Other All Median FICO

Other Bank Median FICO

Other Nonbank Median FICO

Figure 62. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 61. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 63. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

Sources: Recursion. Notes: Data as of May 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JUNE 2023

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

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

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

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

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

30

32

34

36

38

40

42

44

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

Figure 65. Ginnie Mae DTI:

Bank vs. Nonbank

Figure 67. Ginnie Mae VA DTI:

Bank vs. Nonbank

Figure 68. Ginnie Mae Other DTI:

Bank vs. Nonbank

Figure 66. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

48

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions but the Pacific, Mountain, and West South Central in Q1 2023.

Notably, the New England region experienced a 177 basis point QoQ increase in HPI between 2022

Q4 to 2023 Q1. The East South Central and West North Central regions saw a 72 and 68 basis point

increase in the QoQ change in HPI, respectively.

Figure 69. Regional HPI Trend Analysis Q/Q

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

Figure 70. 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.

-3.00%

-1.00%

1.00%

3.00%

5.00%

7.00%

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

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

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

As of month-end May 2023, inflation was 4.1%, in line with the month prior. Nationally, rents are

down -0.57% YoY as of month-end May 2023. However, the MoM change from April 2023 to May

2023 increased by 1.44%. Wage growth saw a decrease from 6.1% in April 2023 to 6.0% as of 

month-end May 2023. Month-end May 2023 reporting data shows YoY home price appreciation has

slowed to 0.8%, down from 2.0% in February 2023.

Figure 72. Asset Price Appreciation vs. Wage Increases

Figure 71. Inflation | 12-Month Percent Change in CPI

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.

4.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

4.1%

6.0%

0.0% 0.80%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic

General Inflation 4.1%

Home Price 

Appreciation

(YoY)

0.8%

Rental Price 

Appreciation

(Median Rent 

Change YoY)

-0.57%

Wage Growth 6.0%
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

Home affordability remains low, as the ratio of the average price of sold homes to median incomes

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

median income ratio exceeds the ratio observed during the housing bubble (6.4:1). With declining

home price appreciation, and home prices even dropping in some regions in the country, this ratio

may drop back down to historically normal levels.

Figure 73. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate stayed the same on June 14, 2023, at a range of 5.00% and 5.25%

per the FOMC.

6 As of June 15, 2023, the average 30-year and 15-year fixed rate mortgage rates 

were 6.69% and 6.10%, respectively. The average 30-year fixed rate mortgage rate increased 34 bps 

and the average 15-year fixed rate mortgage rate increased 35 bps MoM from May 11, 2023.

Figure 74. Average Fixed Rate Mortgage Rates

Sources: FRED data as of June 2023

6

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230614a.htm

6.69

6.10

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

7.6

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

$ in thousands

Number of Starts Number of Completions Number of Permits

14.3 Housing Inventory

As of April 2023, there was 7.6 months of housing inventory on the market, a decrease from 7.9 

months in March 2023. As housing affordability continues to remain high (See above Section 14.2) 

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

Multifamily construction volume metrics, shown in Figure 76, increased in 2022; number of starts

increased by 15.0% and numbers of permits increased by 10.7% while number of completions

remained relatively stable.

Figure 75. Single-Family Housing Inventory

Figure 76. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED. Figure 75: data as of April 2023. New Residential Construction, US Census Bureau. Figure 76: data as of December

2022.
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market declined to $41.2 trillion in Q1 2023. However,

the total value of the US housing market is up 117% from its trough in 2011. From Q1 2022 to Q1

2023 mortgage debt outstanding increased from $12.0 trillion to $12.5 trillion and household equity

increased from $27.8 trillion to $28.7 trillion. At $8.9 trillion in Q1 2023, agency single family MBS

continues to account for a growing percentage of the total mortgage debt outstanding, up to 66%

of total mortgage debt from just 52% in 2011. 

Figure 77. Value of the US Housing Market

Figure 78. Size of the US Residential Mortgage Market.

Source: Federal Reserve Flow of Funds Data as of Q1 2023. 

12.5

28.7

41.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

$ Trillions

Debt Household Equity Total Value

0.4

8.9

3.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0 $ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JUNE 2023

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

15 DISCLOSURE

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

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

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

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

to buy, securities.

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

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

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

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

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

information, Ginnie Mae disclaims any and all liability relating to that information, including, 

without limitation, any express or implied representations or warranties for statements or errors

contained in, or omissions from, the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of May 31,

2023. Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any 

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

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

Past performance is not a guarantee of future results. Accordingly, there are no assurances given,

nor representations or warranties made, that all estimated returns or projections will be realized, or 

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