February 2024
GLOBAL MARKETS ANALYSIS REPORT

February 2024

Table of Contents

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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 U.S. Treasury Hedged Yields 6

SECONDARY MORTGAGE MARKET 7

3 Fixed Income Product Performance Comparisons 7

3.1 Ginnie Mae Yields – USD 7

3.2 Ginnie Mae Hedged Yields 8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.4 Global Treasury Yield Per Duration 10

4 Prepayments 11

4.1 Aggregate Prepayments (CPR) 11

4.2 Involuntary Prepayments (CDR) 12

4.3 Voluntary Prepayment Rates (CRR) 13

5 Single-Family MBS Pass-Through Issuance 14

5.1 Gross Issuance of Agency MBS 14

5.2 Net Issuance of Agency MBS 16

5.3 Monthly Issuance Breakdown 18

5.4 Percent Refi at Issuance – Single-Family 19

6 Agency Single-Family MBS Outstanding 20

6.1 Outstanding Single-Family Agency MBS 20

6.2 Origination Volume and Share Over Time 21

6.3 Agency Issuance and Agency Outstanding by State 22

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

7 Agency REMIC Securities 24

7.1 Monthly REMIC Demand for Ginnie Mae MBS 24

7.2 REMIC Market Snapshot 25

8 MBS Ownership 26

8.1 Commercial Bank Holdings of Agency MBS 26

8.2 Bank and Thrift Residential MBS Holdings 27
GLOBAL MARKETS ANALYSIS REPORT

February 2024

8.3 SOMA Holdings .................................................................................................................... 29

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

14.1.1 (FICO, LTV, DTI) ....................................................................................................... 50

15 Environmental, Social, and Governance................................................................................54

15.1 Environmental, Social, and Governance: A Summary.......................................................... 54

15.2 Environmental...................................................................................................................... 55

15.3 Social...............................................................................................................................................

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

8.3 SOMA Holdings 29

8.4 Foreign Ownership of MBS 31

8.5 Foreign Ownership of Agency Debt and Agency MBS 32

9 Fixed Income Liquidity Indicators 33

PRIMARY MORTGAGE MARKET 34

10 Agency Credit Breakdown 34

10.1 Credit Scores 34

10.2 Loan-to-Value (LTV) 36

10.3 Debt-to-Income (DTI) 38

10.4 High LTV Loans: Ginnie Mae vs. GSEs 40

10.5 Serious Delinquency Rates 41

10.6 Credit Box 42

10.7 Credit Box: Historical 44

11 Forbearance Trends 46

12 Holders of Ginnie Mae Mortgage Servicing Rights 47

13 Agency Nonbank Originators 48

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

14.1.1 (FICO, LTV, DTI) 50

15 Environmental, Social, and Governance 54

15.1 Environmental, Social, and Governance: A Summary 54

15.2 Environmental 55

15.3 Social... 55

15.3.1 Low-to-Moderate Income Borrowers 56

15.3.2 Purchase and Refinance Origination by Income Bracket 57

U.S. HOUSING MARKET 58

16 Housing Affordability 58

16.1 Housing Affordability – Home Price Appreciation 58

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

16.2.1 Housing Affordability – Affordability Index 60

16.2.2 Housing Affordability – Mortgage Rate Trends 61

16.3 Housing Inventory 62

16.4 Size and Value of the U.S. Housing Market 64

17 Disclosure 65
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

February 2024

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

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

In this month’s edition, the Highlights section discusses the factors driving the variability in mortgage

origination volume throughout recent years. Trends in refinance and new purchase loans are

discussed as they relate to shifts in monetary policy and resulting interest rates. The path of forward

interest rate expectations as a function of inflation and monetary policy provides the basis to

understand the outlook and composition of mortgage originations in 2024. 

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

• The new Housing Affordability - Affordability Index section shows how homebuyer

affordability has declined for families purchasing median priced homes. Accordingly, the new

homebuyer monthly payment figure shows how monthly payments have increased for firsttime homebuyers. 

• New figures in the Housing Inventory section show trends in Single-Family and Multifamily

construction metrics.

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

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

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

government lending/mortgage insurance programs are playing in the post-pandemic

mortgage market. Gross and net issuance of Single-Family Ginnie Mae pass-throughs exceeds

that of both Fannie Mae and Freddie Mac.

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

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

Agency MBS portfolio run-off.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

February 2024

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

Highlights

Mortgage originations, new purchase and refinance, have decreased steadily since 2021’s record

breaking volume of $4.436 billion. The volume seen in 2021, a function of extremely accommodative

monetary policy and a proceeding low-rate environment, benefited from a much greater share of

refinance originations versus new purchase originations, $2.574 billion and $1.863 billion,

respectively. Throughout 2021, the Federal Reserve stayed committed to their accommodative policy

with quantitative easing and a target policy rate of 0.0% - 0.25%. Mortgage originations in 2022 saw

a precipitous decline in refinances over new purchase, $686 million and $1,619 billion, respectively.

Beginning in 2022, the mortgage origination paradigm shifted as a result of macroeconomic

overheating and inflationary pressures, which forced the Fed to maneuver from an accommodative

policy to a more restrictive monetary policy. As a result of the Fed’s interest rate hikes, average 30-

year fixed mortgage rates increased to 6.6% in Q4 2022 from 3.1% in Q4 2021. The pace and 

magnitude of these rate increases decreased mortgage originations in 2022 by $2.131 billion to

$2.305 billion. Not only did the macroenvironment have a significant impact on origination volumes,

but it also shifted the makeup of originations from predominantly refinance in 2020 and 2021 to

predominantly new purchase in 2022, $686 billion and $1.619 billion, respectively.

The downward trend in origination volume continued in 2023 as mortgage originations fell

substantially from 2022 levels as monetary policy continued to stay restrictive and interest rates

climbed even higher throughout the year. The average 30-year fixed mortgage rate increased from

6.6% in Q4 2022 to 7.3% in Q4 2023. Mortgage originations totaled $1,639 billion in 2023, of which

$1,325 billion were new purchase originations and $314 billion were refinance originations.

As interest rates, starting with the Fed’s monetary policy, increase, the share of refinance originations

to total mortgage originations tends to fall. The share of refinance originations in 2023 fell to 23% 

from a 2020 cycle high of 63.9%. However, the Mortgage Bankers Association’s (MBA) mortgage

finance forecast predicts that this ratio will increase to 28% in 2024, subsequently, resulting in an

increase in total mortgage origination volumes.

Figure 1, 2024 MBA Mortgage Finance Forecast, below shows that the MBA sees mortgage

originations increasing 22.1% YoY from $1,639 billion in 2023 to $2,001 billion in 2024. The MBA 

forecasts YoY increases in refinance and new purchase originations of 50.0% and 15.5%, respectively.

Figure 1: 2024 MBA Mortgage Finance Forecast
GLOBAL MARKETS ANALYSIS REPORT 

Highlights

February 2024

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

Mortgage origination forecasts, specifically refinance originations, are in part a function of forward

interest rate expectations. The Fed announced in their quarterly Statement of Economic Projections

(SEP) that the central bank forecasts three policy rate cuts in 2024 as inflation approaches the Fed’s

target of 2%. Further increases in the Fed’s forecast of rate cuts for 2024 should be bullish for US

Treasury yields and therefore the 30-year fixed mortgage rate. Additionally, any macroeconomic data

print, such as inflation and payrolls, that the market deems beneficial in the Fed’s efforts of reaching

its inflation target will also directly impact spot and forward interest rates, possibly resulting in an

increase in refinance originations.

In the current primary mortgage environment, most mortgage borrowers are out of the money to

refinance, or simply said most borrowers have a mortgage rate lower than the current 30-year fixed

mortgage rate, as many pre-existing homeowners refinanced during the cycle lows. However, there

is a portion of the market, especially the new purchase market from end of year 2022 and 2023, that

have mortgage rates slightly below and even above the current market rate and are waiting for any 

marginal decrease in the market rate to refinance. These borrowers will likely drive the majority of

refinances realized in 2024 and influence the MBA’s refinance forecast alongside Fed guidance and

the future path of interest rates.

Sources: October 2022 Mortgage Finance Forecast, October 2023 Mortgage Finance Forecast, and February 2024 Mortgage Finance Forecast
GLOBAL MARKETS ANALYSIS REPORT

Aggregate Global Indices

February 2024

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 January, U.S. Treasuries contributed 41.8% to the Bloomberg U.S. Aggregate Index, up

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

Mac) contributed 26.4%, down 0.1% from the month prior. For the U.S. Aggregate Index, all other

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

Figure 2. Bloomberg U.S. Aggregate Index

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

largest share of total outstanding issuance, representing 40.6% of the total Bloomberg Global

Aggregate Index, up 0.6% from the prior month. Japan’s share of fixed income was the second largest 

at 10.9%, decreasing approximately 0.4% from the prior month. “Other” countries share decreased

from the prior month by approximately 0.2%, from 14.6% to 14.4%. All other countries listed

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

Figure 3. Bloomberg Global Aggregate Index by Country

Source: Bloomberg [both charts]. Note: Data as of January 2024. Figures in charts may not add to 100% due to rounding.

42%

26%

14%

8%

2% 2%

2% 1% 1% 1% 0% Treasury - 41.8%

MBS Passthrough - 26.4%

Industrial - 14.5%

Financial Institutions - 8.2%

Utility - 2.2%

Agency - 1.7%

CMBS - 1.6%

Supranational - 1.3%

Sovereign - 1.0%

Local Authority - 0.8%

ABS - 0.5%

40.6%

9.4% 10.9% 5.3%

4.3%

4.3%

3.5%

3.0%

2.2%

1.9% 14.4%

United States - 40.6%

Japan - 10.9%

China - 9.4%

France - 5.3%

Germany - 4.3%

United Kingdom - 4.3%

Canada - 3.5%

Italy - 3.0%

Spain - 2.2%

Netherlands - 1.9%

Other - 14.4%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

February 2024

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The U.S. 10-year Treasury yield moved to 3.91% at month-end January 2024, a MoM increase of 3

bps. Since October 2023, month end U.S. 10-year Treasury note rates have marked the highest

government yield amongst the countries listed below. All month-end yields listed have increased

MoM from December 2023 to January 2024.

The yield on the UK 10-year note increased to 3.79% at month-end January, a MoM increase of 26

bps. 

The yield on the German 10-year note increased to 2.17% at month-end January, a MoM increase

of 15 bps.

The yield on the Italian 10-year note increased to 3.72% at month-end January, a MoM increase of

25 bps.

The yield on the Japanese 10-year note increased to 0.73% at month-end January, a MoM increase

of 13 bps.

Figure 4. Global 10-Year Treasury Yields

Source: Bloomberg. Note: Data as of January 2024.

3.91%

3.72%

3.79%

2.17%

0.73%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

% Yield

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

Sovereign Debt Product Performance Comparisons 

February 2024

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

2.2 U.S. Treasury Hedged Yields

The yield for the 10-year Treasury, hedged in Japanese Yen (JPY) stood at -0.98% at monthend January, a 7 bp increase from month-end December.

The yield for the 10-year Treasury, hedged in Euros (EUR) stood at 2.34% at month-end 

January, a 6 bp increase from month-end December.

Figure 6. U.S. 10yr Total Return Hedged, 1 yr. EUR

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

Source: Bloomberg. Notes: Data as of January 2024. The 10yr Total Return Hedged Yields are calculated by taking the 10yr treasury yield and 

subtracting the 1yr hedge cost for JPY and EUR.

1.50%

1.00%

0.50%

0.00%

-0.50%

-1.00%

-1.50%

-2.00%

-2.50%

-0.98%

2.34%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

February 2024

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 5.72% at month-end November, decreased 52 bps to 5.20% at month-end

December, then decreased 1 bps to 5.19% at month-end January. The Ginnie Mae II spread over the

U.S. 10-year Treasury yield increased 8 bps YoY to 128 bps over the U.S. 10-year Treasury yield as of

month-end January 2024.

Figure 8. Ginnie Mae II SF Yield – U.S. 10yr Treasury Yield

Figure 7. Ginnie Mae II SF Yield, USD

Source: Bloomberg. Note: Data as of January 2024.

5.19%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

% Yield

1.28%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

GNMA 2 - 10yr Treasury Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

February 2024

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

3.2 Ginnie Mae Hedged Yields

The yield for Ginnie Mae II’s, hedged in Japanese Yen stood at 0.31% at month-end January, a 

4 bp increase from month-end December.

The yield for Ginnie Mae II’s, hedged in Euros stood at 3.62% at month-end January, a 2 bp 

increase from month-end December.

Figure 10. Ginnie Mae II Hedged, 1 yr. EUR

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

Source: Bloomberg. Notes: Data as of January 2024. The Ginnie Mae II Hedged Yields are calculated by taking the Ginnie Mae II Yield and 

subtracting the 1yr hedge cost for JPY and EUR.

0.31%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

3.62%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

February 2024

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The GNMA II 30-year OAS decreased 1 bp MoM, to 0.39%, as of month-end January. The U.S.

Intermediate Credit OAS remained 0.81% from month-end December to month-end January. The 

yield differential between U.S. Intermediate Credit and GNMA II 30-year OAS increased 1 bp to 0.42%

at month-end January.

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

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

Source: Bloomberg. Note: Data as of January 2024.

0.39%

0.81%

-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

0.42%

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

February 2024

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

3.4 Global Treasury Yield Per Duration

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

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

Figure 13. Yield vs. Duration

Security Duration Yield

U.S. 5y 4.50 3.97

U.S. 10y 7.85 4.03

JPY 5y 4.82 0.29

JPY 10y 9.24 0.71

GER 5y 4.88 2.12

GER 10y 8.92 2.23

ITA 5y 4.39 3.13

ITA 10y 7.94 3.73

UK 5y 3.91 3.85

UK 10y 7.70 3.90

GNMA II 2% 6.62 4.72

GNMA II 2.5% 6.52 4.76

GNMA II 3% 6.25 4.85

GNMA II 3.5% 6.04 4.93

GNMA II 4% 5.76 5.04

GNMA II 4.5% 5.65 5.13

0

GNMA II 5% 5.13 5.25

GNMA II 5.5% 4.45 5.43

GNMA II 6% 3.71 5.61

GNMA II 6.5% 3.20 5.77

Source: Bloomberg. Note: Yield and modified duration for GNMA II securities is based on median prepayment assumptions from surveyed 

Bloomberg participants. All data is as of January 2024. Yields are in base currency of security and unhedged.

US 5y

US 10y

UK 5y UK 10y

ITA 10y

ITA 5y

GER 10y

GER 5y

JPY 10y

JPY 5y

GNMA II 2.5% GNMA II 2%

GNMA II 3% GNMA II 3.5%

GNMA II 4% GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

6.50

6.00

5.50

5.00

4.50

GNMA II 6.5%

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.

Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

February 2024

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Freddie Mac fixed rate aggregate prepayment speeds remained at 4.1% from December 2023 to

January 2024. Contrarily, Fannie Mae CPRs decreased by 0.1% and Ginnie Mae CPRs increased by 

0.9% from December 2023 to January 2024. ARM prepayments decreased 0.4% and 13.6% for Freddie

Mac and Ginnie Mae, respectively, and increased 0.6% for Fannie Mae.

Figure 14. Fixed Rate Aggregate 1-Month CPR

Figure 15. ARM Aggregate 1-Month CPR

Source: Recursion. Note: Data as of January 2024.

4.1

4.3

6.0

0

10

20

30

40

50

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

4.7

9.6

10.6

0

10

20

30

40

50

60

70

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

February 2024

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

4.2 Involuntary Prepayments (CDR)

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

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

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

below Ginnie Mae as of month-end January 2024 after slightly overtaking Ginnie Mae in September 

2022.

Figure 16. Fixed Rate Aggregate CDR

Figure 17. ARM Aggregate CDR

Source: Recursion. Note: Data as of January 2024.

0.2

0.3

0.8

0

5

10

15

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.4

0.5

0

10

20

30

40

50

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

February 2024

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

4.3 Voluntary Prepayment Rates (CRR)

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

Fannie Mae saw a decrease of 0.1% in fixed rate aggregate CRR while Freddie Mac remained at 3.9%. 

Freddie Mac saw a 0.6% decrease in ARM aggregate CRR while Fannie Mae saw 0.6% increase. Ginnie 

Mae fixed rate aggregate CRR increased by 0.9% and ARM aggregate CRR decreased by 13.6%.

Figure 18. Fixed Rate Aggregate CRR

Figure 19. ARM Aggregate CRR

Source: Recursion. Note: Data as of January 2024.

4.0

3.9

5.2

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

4.2

10.3

9.3

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

February 2024

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

In January 2024, total gross MBS issuance decreased by approximately $3.9 billion MoM. Freddie Mac

saw a MoM decrease of $6.1 billion and Fannie Mae saw a MoM increase of $2.4 billion. Ginnie Mae

saw a $0.2 billion MoM decrease in gross issuance.

Table 1. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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 $320.3 $301.4 $621.8 $375.5 $997.3

2024 YTD $23.3 $17.7 $41.1 $27.1 $68.2

Figure 20. Agency Gross Issuance

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

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

$27

$23 $0.0 $18

$500.0

$1,000.0

$1,500.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

February 2024

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

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

Issuance Year FHA VA Other Total

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 $227.6 $140.3 $7.7 $375.5

2024 YTD $17.1 $9.6 $0.4 $27.1

Figure 21. Ginnie Mae Gross Issuance

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

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

$17

$10

$0.0 $0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

February 2024

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

5.2 Net Issuance of Agency MBS

Agency Net Issuance as of month-end January was $9.5 billion for 2024 YTD, shown in Table 3. Since 

2022, FHA net issuance has outpaced VA net issuance, as shown in Table 4 and Figure 23.

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 $55.3 $3.3 $58.6 $176.3 $235.0

2024 YTD -$0.3 -$0.6 -$0.9 $10.4 $9.5

Figure 22. Agency Net Issuance

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

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

-$1

$10

$0

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

February 2024

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

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

Issuance Year FHA VA Other Total

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 $127.7 $50.4 -$1.8 $176.3

2024 YTD $8.9 $1.7 -$0.2 $10.4

Figure 23. Ginnie Mae Net Issuance

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

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

$2

$9

$0

-$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

February 2024

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

5.3 Monthly Issuance Breakdown

Agency net issuance for the month of January was approximately $9.5 billion, which represents a $5.5 

billion decrease MoM. Ginnie Mae net issuance was $10.4 billion in January, a $2.2 billion decrease

from December 2023. Ginnie Mae’s $27.1 billion of gross issuance in January, seen in Table 5, was 

approximately $4.2 billion below the average monthly issuance in 2023.

Table 5. Agency Issuance ($ in billions)

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dec-23 $20.9 $23.9 $27.3 $44.8 $72.1 -$2.9 $5.4 $12.6 $2.5 $15.0

Jan-24 $23.3 $17.7 $27.1 $41.1 $68.2 -$0.3 -$0.6 $10.4 -$0.9 $9.5

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

files. Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of January 2024. Beginning with

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

2021 through January 2024 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

February 2024

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

5.4 Percent Refi at Issuance – Single-Family

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

2024.

Freddie Mac’s refinance percentage increased to 12.2% in January, up from 11.5% in December.

Fannie Mae’s refinance percentage decreased to 11.4% in January, down from 11.9% in 

December.

Ginnie Mae’s refinance percentage increased to 15.0% in January, up from 14.7% in December.

FHA’s refinance percentage decreased to 13.9% in January, down from 14.6% in December.

VA’s refinance percentage increased to 17.5% in January, up from 15.7% in December.

Figure 24. Percent Refinance at Issuance – Single-Family

Source: Recursion. Note: Data as of January 2024.

12.2%

17.5%

13.9%

11.4%

15.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

February 2024

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of month-end January 2024, outstanding Single-Family MBS in the agency market totaled $8.847

trillion: 40.4% Fannie Mae, 33.3% Freddie Mac, and 26.2% Ginnie Mae MBS. Over the past twelve

months, Freddie Mac’s and Ginnie Mae’s total outstanding MBS increased by approximately 1.7% and 

8.0%, respectively, while Fannie Mae’s total outstanding MBS stayed relatively flat. Fannie Mae

outstanding MBS remains larger than Freddie Mac’s and Ginnie Mae’s by approximately $627 billion

and $1.3 trillion, respectively.

Ginnie Mae’s MBS collateral composition has changed over time as shown in Figure 26. In January

2019, 59.7% of Ginnie Mae outstanding collateral was FHA and 34.3% was VA. As of month-end

January 2024, FHA collateral comprised 54.5% of Ginnie Mae MBS outstanding, and VA collateral

comprised 41.1% of Ginnie Mae MBS outstanding.

Figure 25. Outstanding Agency Mortgage-Backed Securities

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

Source: Recursion. Note: Data as of January 2024.

$3,577

$2,950

$2,320

$8,847

0

2,000

4,000

6,000

8,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,266

$954

$104

0

200

400

600

800

1000

1200

1400

$ in Billions

 FHA VA OTHER
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

February 2024

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

6.2 Origination Volume and Share Over Time

First lien origination volume decreased in Q4 2023, with approximately $300 billion in originations,

which represents a decrease in issuance of 22.1% from Q3 2023. Ginnie Mae’s share of total

origination increased from 26.4% to 28.5% in Q4 2023, while portfolio origination decreased from

26.1% to 19.8%. 

Figure 27. First Lien Origination Volume

Figure 28. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q4 2023.

$0.15

$0.01

$0.09

$0.06

$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

48.7%

28.5%

3.0%

19.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Agency Single-Family MBS Outstanding

February 2024

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

6.3 Agency Issuance and Agency Outstanding by State

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

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

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

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

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

Table 6. Agency Issuance Breakdown by State

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

National GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

38% 1,463,311 298.53 303.62 27% 11,183,658 210.88 211.51

AK 60% 3,881 354.85 308.34 49% 37,918 263.73 220.30

AL 53% 35,376 235.13 246.72 42% 247,749 163.47 178.58

AR 47% 18,384 202.24 235.40 40% 141,374 137.22 162.82

AZ 39% 44,444 338.93 342.58 26% 291,507 231.21 228.08

CA 33% 83,980 473.48 471.02 17% 716,160 336.52 319.77

CO 35% 30,681 420.34 411.28 24% 223,022 302.21 280.01

CT 33% 11,551 281.55 290.80 26% 108,808 204.95 208.67

DC 22% 1,026 516.74 437.32 14% 9,316 390.73 347.42

DE 38% 6,483 287.61 308.85 32% 54,052 209.06 212.35

FL 42% 142,299 321.46 317.38 33% 903,485 223.58 215.95

GA 45% 78,911 278.56 309.01 35% 520,684 189.37 209.96

HI 46% 3,340 629.86 523.93 33% 34,466 472.93 356.68

IA 33% 11,152 194.23 204.06 23% 85,600 137.85 148.20

ID 35% 8,984 344.44 333.00 25% 66,770 229.14 224.96

IL 29% 45,136 220.34 251.46 23% 380,311 163.29 179.22

IN 38% 38,963 204.18 221.59 31% 289,021 139.78 152.55

KS 38% 12,683 205.71 231.32 30% 98,642 144.97 164.36

KY 47% 23,781 208.65 223.88 36% 171,779 148.45 156.43

LA 53% 25,852 211.16 238.25 41% 210,108 160.39 176.84

MA 29% 13,552 398.80 393.59 17% 118,225 290.97 267.22

MD 44% 33,361 355.08 345.10 34% 301,916 268.95 248.19

ME 34% 4,632 264.61 284.96 26% 38,924 182.92 193.08

MI 28% 34,620 197.35 222.58 21% 283,926 137.71 156.83

MN 24% 16,910 264.67 284.75 18% 162,713 186.22 198.89

MO 38% 32,058 210.53 230.53 30% 251,372 146.79 163.01

MS 59% 16,912 212.31 225.33 49% 127,480 149.04 161.52

MT 33% 3,721 332.05 325.78 24% 32,971 216.55 217.84

NC 40% 63,810 273.59 303.20 30% 432,230 184.86 205.32

ND 35% 1,950 250.46 247.92 25% 17,343 195.47 183.10

NE 36% 7,905 233.80 234.86 27% 66,302 155.35 161.78

NH 29% 4,321 337.51 328.44 23% 39,094 232.00 216.50

NJ 31% 27,634 346.20 359.92 22% 239,344 246.92 254.34

NM 48% 12,231 259.00 272.07 39% 98,540 172.52 179.73

NV 43% 19,614 363.47 347.01 32% 140,481 257.69 237.49

NY 27% 31,306 313.19 344.38 20% 314,373 215.35 248.76

OH 37% 53,882 198.34 210.70 30% 436,945 134.80 150.27

OK 49% 24,536 214.08 230.89 43% 194,623 146.44 164.03

OR 29% 13,321 367.26 376.08 20% 114,764 260.53 253.69

PA 31% 42,621 212.95 257.38 26% 398,164 151.70 182.58

RI 45% 4,383 353.83 320.75 31% 37,198 241.95 212.86

SC 45% 39,031 271.15 274.16 36% 248,738 191.77 194.30

SD 42% 3,874 256.73 252.43 31% 30,167 179.00 177.68

TN 41% 41,129 278.90 298.05 32% 279,921 185.41 206.54

TX 40% 166,759 289.21 321.53 33% 1,159,573 192.31 216.79

UT 33% 14,480 399.55 399.40 20% 101,021 274.20 266.51

VA 48% 52,757 345.90 342.25 37% 458,706 261.61 249.23

VI 26% 79 406.25 428.30 24% 804 262.44 305.42

VT 24% 1,309 256.60 276.91 19% 12,410 183.72 181.39

WA 32% 27,381 417.77 429.24 22% 239,408 293.22 290.21

WI 27% 15,169 223.52 238.07 18% 127,230 160.34 163.03

WV 54% 8,073 204.62 198.18 45% 62,443 147.81 145.51

WY 46% 3,083 284.94 277.55 36% 25,537 210.28 201.54

Source: Recursion. Note: Outstanding balance based on loan balance as of January 2024. Values above are based on loan level disclosure data, thus

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

Outstanding Single-Family Agency MBS.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

February 2024

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

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

As of month-end January 2024, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS

increased slightly from 3.51% in December 2023 to 3.54% as seen in Figure 29. Figure 30 illustrates

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

outstanding.

Figure 29. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 30. Outstanding Ginnie Mae MBS Balance, by Vintage

Source: Recursion. Note: January 2024 data points reflect the current composition of balances by coupon and vintage; factor data is not applied 

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

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Avg Coupon %

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pre 2008 2008-2013 2014-2018 2019-2024
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

February 2024

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

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

January was approximately $10.3 billion. This represents a 32.86% MoM increase from $7.8 billion

in December 2023, and a 36.56% increase YoY from $7.6 billion in January 2023. Approximately

$485.2 million of the January 2024 issuance volume were Multifamily MBS having coupons over 5.0%

and approximately $4.5 billion were Single-Family MBS having coupons over 6.0%. Roughly $1.0

billion of previously securitized REMICs were re-securitized into new REMIC deals in January.

Figure 31. Ginnie Mae Single-Family and Multifamily REMIC Issuance

Table 7. January 2024 REMIC Collateral Coupon Distribution

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

($MM)2F

1

% Breakdown of REMIC 

Collateral by coupon Multifamily

3.501-4.000 98.6 11.5%

4.001-4.501 276.5 32.1%

5.001-5.501 365.0 42.4%

5.501-6.000 120.3 14.0%

Subtotal 860.3 100.0%

Single-Family

ReREMIC 1,038.3 10.9%

2.501-3.001 181.3 1.9%

3.001-3.501 440.4 4.6%

4.501-5.001 63.8 0.7%

5.001-5.501 268.0 2.8%

5.501-6.001 2,955.3 31.1%

6.001-6.501 2,543.3 26.8%

6.501-7.001 1,718.7 18.1%

>7.001 279.2 2.9%

Subtotal 9,488.4 100.0%

Grand Total 10,348.7 100.0%

Source: Ginnie Mae Disclosure Files

1

Totals may not sum due to rounding.

$7.6

$12.0

$7.8 $6.1

$10.3 $7.7 $5.0

$11.3 $8.9 $10.2 $8.8 $7.8 $10.3

$0

$5

$10

$15

$20

$25
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

February 2024

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

7.2 REMIC Market Snapshot

 In January 2024, Ginnie Mae, Freddie Mac, and Fannie Mae saw decreases in their singlefamily REMIC issuance collateral coupon of 48 basis points, 44 basis points, and 3 basis points,

respectively.

 In January 2024, Ginnie Mae and Freddie Mac saw increases of 52 basis points and 63 basis

points, respectively, in their multifamily REMIC issuance collateral coupon. Fannie Mae issued

one multifamily REMIC deal in January with a multifamily REMIC issuance collateral coupon

of 4.50%.

 In January 2024, Freddie Mac and Fannie Mae issued 13 deals and 5 deals,respectively, across

SF and MF. That was a decrease of 7 deals and 1 deal, respectively. Ginnie Mae issued 18

deals, across SF and MF, an increase of 2 deals MoM.

 In January 2024, total single-family and multifamily issuance across the three agencies fell

1.5% or $0.22 billion from December.

Figure 32. January 2024 REMIC Issuance by Agency ($Billion)

Table 8. Monthly REMIC Issuance by Agency

SF REMIC 

Issuance 

Volume ($B)

% of SF REMIC 

Issuance 

Volume

Number of SF 

REMIC 

Transactions

MF REMIC 

Issuance 

Volume ($B)

% of MF REMIC 

Issuance 

Volume

Number of MF 

REMIC 

Transactions

Ginnie Mae 9.49 78.3% 12 0.86 39.8% 6

Freddie Mac 2.02 16.6% 11 0.82 37.8% 2

Fannie Mae 0.62 5.1% 4 0.48 22.4% 1

Total 2 $12.12 100% 27 $2.16 100% 9

Source: Ginnie Mae Disclosure Files

2 Totals may not sum due to rounding.

0.9

0.8

0.5

9.5

2.0

0.6

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single-Family

Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

February 2024

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

8 MBS OWNERSHIP

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

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

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

quarter of 2023. Out of the approximately $2.53 trillion in holdings as of the end of December 2023,

roughly $1.92 trillion was held by the top 25 domestic banks per Table 9 below. 

Figure 33. Who Owns Total Agency Debt?

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

households, and nonprofits. Data as of Q3 2023.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions)

May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24

Largest 25 

Domestic Banks 1,947.1 1,961.3 1,955.1 1,944.4 1,940.1 1,921.3 1,927.7 1,907.9 1,915.6

Small Domestic 

Banks 628.4 618.2 610.5 602.0 587.2 578.1 572.8 581.8 581.0

Foreign Related 

Banks 24.0 26.2 24.3 23.2 25.9 26.7 30.1 27.6 29.1

Total, 

Seasonally 

Adjusted

2,599.5 2,605.7 2,589.9 2,569.6 2,553.2 2,526.1 2,530.6 2,517.3 2,525.7

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

as of January 2024.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

February 2024

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

8.2 Bank and Thrift Residential MBS Holdings

In Q4 2023, MBS holdings at banks and thrifts increased for the first time since Q4 2021 on a QoQ

basis. The increase was mostly driven by GSE pass-throughs, Ginnie Mae pass-throughs, and Agency 

CMO holdings. Quarterly increases in Private MBS and Private CMO holdings were marginal, $0.30

billion and $1.42 billion, respectively. Total bank and thrift MBS holdings decreased by approximately

6.7% from Q4 2022 and increased 5.8% from Q3 2023. Out of the $2.26 trillion in MBS holdings at

banks and thrifts as of Q4 2023, $1.35 trillion were GSE pass-throughs and $414 billion were Ginnie

Mae pass-throughs.

Table 10. Bank and Thrift Residential MBS Holdings

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

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4Q23 $2,260.47 $1,351.08 $414.23 $2.93 $434.92 $57.31 $2,008.88 $251.58

Change:

3Q23-4Q23 5.8% 4.8% 11.1% 11.3% 4.3% 2.5% 6.1% 2.9%

4Q22-4Q23 -6.7% -10.3% 11.4% -26.0% -9.7% -5.5% -6.8% -6.6%

Source: Inside Mortgage Finance. Notes: Data as of Q4 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

February 2024

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

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

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

1 Bank Of America Corporation $429,000.0 $353,435.0 $68,818.0 $6,594.0 $153.0 19.0%

2 Wells Fargo & Company $234,985.0 $149,863.0 $82,730.0 $2,330.0 $62.0 10.4%

3 JPMorgan Chase & Co. $161,262.0 $69,016.0 $79,365.0 $498.0 $12,383.0 7.1%

4 Charles Schwab $147,850.0 $83,326.0 $5,336.0 $59,188.0 $0.0 6.5%

5 Truist Bank $98,894.0 $50,122.0 $11,231.0 $34,560.0 $2,981.0 4.4%

6 U.S. Bancorp $97,111.3 $61,113.2 $25,499.7 $10,498.3 $0.1 4.3%

7 Citigroup Inc. $94,672.0 $2,097.0 $615.0 4.2%

8 PNC Bank, National Association $68,836.7 $58,492.9 $3,870.3 $5,535.5 $938.0 3.0%

$66,372.0 $25,588.0

9 Capital One Financial 

Corporation $63,267.7 $29,843.1 $14,746.7 $18,358.3 $319.6 2.8%

10 Morgan Stanley $49,296.0 $30,822.0 $6,751.0 $11,676.0 $47.0 2.2%

11 Bank Of New York Mellon 

Corporation $41,122.0 $26,607.0 $3,558.0 $9,191.0 $1,766.0 1.8%

12 USAA Federal Savings Bank $36,810.0 $31,072.0 $1,803.0 $3,935.0 $0.0 1.6%

13 State Street Bank and Trust 

Company $36,774.3 $13,208.0 $9,013.0 $12,671.3 $1,882.0 1.6%

14 BMO Harris Bank National

Association $29,103.4 $3,977.6 $5,992.8 $19,133.0 $0.0 1.3%

15 Citizens Bank, National 

Association $27,334.7 $12,202.9 $5,936.5 $9,195.3 $0.0 1.2%

16 The Huntington National Bank $27,020.9 $10,758.6 $8,847.3 $7,295.9 $119.1 1.2%

17 TD Bank USA/TD Bank NA $25,435.6 $1,447.7 $73.3 $23,886.4 $28.1 1.1%

18 HSBC Bank USA, National

Association $24,277.1 $3,876.7 $15,327.1 $5,072.7 $0.6 1.1%

19 KeyBank National Association $24,113.6 $3,573.4 $166.8 $20,373.4 $0.0 1.1%

20 Ally Bank $19,074.0 $11,970.0 $1,750.0 $1,530.0 $3,824.0 0.8%

Total Top 20 $1,736,240.2 $1,071,099.1 $376,403.6 $263,619.1 $25,118.5 76.8%

Source: Inside Mortgage Finance. Notes: Data as of Q4 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

February 2024

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

8.3 SOMA Holdings

FOMC and Economic Highlights:

 Federal Open Market Committee Meeting 1/31/2024 Press Release:

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

5-1/2 percent.”

o “The Committee does not expect it will be appropriate to reduce the target range until it has

gained greater confidence that inflation is moving sustainably toward 2 percent.”

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

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

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

 Powell indicated in his press conference that:

o “We believe that our policy rate is likely at its peak for this tightening cycle and that, if the

economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy

restraint at some point this year.”

o “Growth is solid to strong over the course of last year.”

o “We’ve had just about two years now of unemployment under 4%. That hasn’t happened in

50 years.”

o “We’ve got six months of good inflation data and an expectation that there’s more to come.”

SOMA Portfolio Highlights (January 3, 2024 vs. January 31, 2024)

 SOMA holdings of domestic securities totaled $7.0 trillion on Jan 31 (a decrease of $72.7

billion or -1.03% from Jan 3). $58.0 billion (80% of the total decrease) was in U.S. Treasury

holdings and $14.6 billion (20% of the total decrease) was in Agency MBS.

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

$1.391 trillion. The total reduction of holdings of U.S. Treasuries was $1.1 trillion and $289.6

billion for Agency MBS. This represents 94.1% and 42.4% of the total redemption cap over

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

 Agency MBS comprise about 34% of the total SOMA portfolio. The $14.6 billion monthly

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

comprised of a $6.2 billion decrease in Fannie Mae holdings, a $5.3 billion decrease in Freddie

Mac holdings, and a $3.1 billion decrease in Ginnie Mae holdings. Since the Fed’s QT program

began in June 2022, there have only been 19 outright sales of Agency MBS specified pools,

totaling $552 million.

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

WAC of 2.507%.

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

reduction of $14.6 billion in Agency MBS represents 42% of the monthly liquidation cap.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

February 2024

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

Table 12. SOMA Holdings as of January 3, 2024 and January 31, 2024 ($ Billions)

Holdings by Security 

Type

January 3, 2024 January 31, 2024 Month-Over-Month

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

U.S. Treasuries $4,639.5 65.59% $4,581.5 65.44% -$58.0 -1.25%

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

Agency MBS $2,423.5 34.26% $2,408.9 34.41% -$14.6 -0.60%

Agency Commercial MBS $8.2 0.12% $8.2 0.12% $0.0 -0.09%

Total SOMA Holdings $7,073.6 100.0% $7,001.0 100.0% -$72.7 -1.03%

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

Agency

Singly-Family AMBS 

Outstanding January

1, 2024

% AMBS 

Outstanding

SOMA AMBS 

Holdings 

January 3, 2024

% SOMA 

Holdings

SOMA AMBS 

Holdings 

January 31, 2024

% SOMA 

Holdings

Fannie Mae $3,577.5 40.5% $997.9 41.2% $991.7 41.2%

Freddie Mac $2,950.8 33.4% $926.0 38.2% $920.8 38.2%

Ginnie Mae $2,309.5 26.1% $499.6 20.6% $496.5 20.6%

Total $8,837.7 100.0% $2,438.8 100.0% $2,423.5 100.0%

Table 14. SOMA Agency MBS Liquidations from Jan 3, 2024 to Jan 31, 2024 ($ Billions)

MBS Holdings as of 1.03.24 MBS Holdings 1.31.24 Liquidated Amount Liquidation 

Cap 4 % of Liquidation Cap

Total $2,423.5 $2,408.9 $14.6 $35.0 42%

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

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

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

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

this report.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

February 2024

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

8.4 Foreign Ownership of MBS

For the month of November 2023, foreign ownership of MBS represented $1.31 trillion in Agency

MBS, up approximately $124 billion from November 2022. Total foreign ownership of Agency MBS

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

Holdings and CMO’s represents roughly 24% of total Agency MBS available.

Figure 34. Agency MBS Owned by Foreign Entities Ex-Fed Holdings and CMO’s (USD Billions)

Figure 35. Agency MBS Owned by Foreign Entities (USD Billions)

Sources: TIC and Recursion, as of November 2023.

10%

15%

20%

25%

30%

35%

 -

 400

 600

 800

 1,000

 1,200

 1,400

 Agency MBS Held by Foreign Entities in $B

% of SF Agency MBS Outstanding

% of SF Agency MBS Outstanding without Fed

% of SF Agency MBS Outstanding without Fed & CMO

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

 200

 400

 600

 800

 1,000

 1,200

 1,400

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

MBS Ownership

February 2024

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

8.5 Foreign Ownership of Agency Debt and Agency MBS

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

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

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

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

holdings decreased by $8.4 billion.

Table 15. All Agency Debt

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 16. Agency MBS

Country

Level of Holdings ($ Millions)

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

China 241,523 255,110 13,587

Japan 232,769 252,463 19,694

Taiwan 209,453 201,010 -8,443

Canada 89,313 116,642 27,329

United Kingdom 56,348 90,017 33,669

Luxembourg 38,559 42,656 4,097

Ireland 17,692 39,697 22,005

Cayman Islands 35,081 37,089 2,008

South Korea 35,643 36,508 865

France 16,199 24,287 8,088

Other 191,105 218,177 27,072

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

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

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

Fixed Income Liquidity Indicators

February 2024

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

9 FIXED INCOME LIQUIDITY INDICATORS

The Agency MBS average daily trading volume YTD as of month-end January 2024 was $309 billion,

which was up from a monthly average of $255 billion for calendar year 2023. As of month-end January

2024, Agency MBS average daily trading volume increased 22.0% MoM. See footnote below for

update on “Average Daily Turnover by Sector” data.

Figure 36. Average Daily Trading Volume by Sector

Figure 37. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of January 2024 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.

$309

$904

$53

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000 $ in Billions

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

2.70%

2.96%

0.37% 0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

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

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

2024. The distribution statistics capture some key differences in the populations served by the

agencies. 

10.1 Credit Scores

Table 17. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 172,079 653 694 745 781 799 734

Fannie 56,790 701 734 767 790 802 758

Freddie 48,850 689 724 761 788 802 753

Ginnie 66,439 629 656 695 745 782 700

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 33,806 622 654 701 754 787 701

Fannie 10,540 662 698 740 776 798 735

Freddie 8,639 661 693 736 773 795 731

Ginnie 14,627 593 626 657 693 733 660

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 205,885 646 686 739 778 798 729

Fannie 67,330 692 728 763 788 802 754

Freddie 57,489 684 719 758 787 801 750

Ginnie 81,066 623 649 688 737 777 693

Purchase FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 66,439 629 656 695 745 782 700

FHA 44,343 626 651 684 726 763 689

VA 20,025 637 676 734 778 799 725

Other 2,071 631 658 700 737 766 699

Refi FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

.

All 14,627 593 626 657 693 733 660

FHA 9,926 587 621 651 683 718 652

VA 4,673 609 639 672 716 758 677

Other 28 666 720 800 800 800 749

All FICO: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 81,066 623 649 688 737 777 693

FHA 54,269 620 645 678 720 758 682

VA 24,698 630 664 720 771 797 716

Other 2,099 631 658 700 738 768 699

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

February 2024

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

Figure 38. FICO Distributions by Agency

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

0.0%

2.7%

13.6%

27.9%

44.9%

10.8%

0.1%

2.1%

10.3%

26.8%

49.2%

11.4%

2.3%

17.1%

22.7%

22.2%

27.6%

7.2%

4.7%

25.5%

35.5%

21.0%

10.6%

1.1%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

10.2 Loan-to-Value (LTV)

Table 18. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 172,327 60 80 92 97 99 85

Fannie 56,873 53 74 80 93 95 79

Freddie 48,878 50 70 80 95 95 78

Ginnie 66,576 90 97 98 99 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 34,393 34 51 69 80 90 65

Fannie 10,547 28 42 58 70 79 55

Freddie 8,641 29 43 59 70 79 56

Ginnie 15,205 54 69 80 85 98 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 206,720 53 75 88 97 99 82

Fannie 67,420 46 65 80 90 95 75

Freddie 57,519 44 64 80 90 95 75

Ginnie 81,781 76 91 97 99 100 92

Purchase LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 66,576 90 97 98 99 100 96

FHA 44,422 91 97 97 98 98 96

VA 20,040 84 100 100 100 100 96

Other 2,114 93 98 100 101 101 97

Refi LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

.

All 15,205 54 69 80 85 98 76

FHA 10,088 50 65 76 81 81 71

VA 5,086 65 80 90 100 100 87

Other 31 47 73 73 86 96 73

All LTV: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 81,781 76 91 97 99 100 92

FHA 54,510 75 90 97 98 98 91

VA 25,126 79 92 100 100 100 94

Other 2,145 91 98 100 101 101 97

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

February 2024

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

Figure 39. Loan-to Value by Agency

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

22.7%

40.9%

29.6%

6.8%

21.6%

42.0%

29.9%

6.5%

3.8%

9.2%

19.5%

67.6%

4.1%

11.9%

17.2%

66.9%

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
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

10.3 Debt-to-Income (DTI)

Table 19. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 172,002 27 35 42 48 51 41

Fannie 56,873 24 32 39 45 49 38

Freddie 48,878 25 32 40 46 49 38

Ginnie 66,251 33 39 46 52 56 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 33,338 25 33 41 47 51 40

Fannie 10,547 23 30 38 44 47 38

Freddie 8,641 24 32 40 46 49 38

Ginnie 14,150 29 36 44 50 55 43

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 205,340 27 34 42 48 51 41

Fannie 67,420 24 31 39 45 48 38

Freddie 57,519 25 32 40 46 49 38

Ginnie 80,401 32 39 46 51 55 45

Purchase DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 66,251 33 39 46 52 56 45

FHA 44,403 34 41 47 52 55 46

VA 19,736 31 38 46 52 57 45

Other 2,112 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

.

All 14,150 29 36 44 50 55 43

FHA 9,811 29 36 44 50 55 43

VA 4,322 29 36 44 51 55 43

Other 17 28 31 35 38 40 34

All DTI: Ginnie Mae Breakdown by Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 80,401 32 39 46 51 55 45

FHA 54,214 33 40 46 52 55 45

VA 24,058 31 38 45 52 56 44

Other 2,129 27 31 36 40 42 35

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

Agency Credit Breakdown

February 2024

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

Figure 40. Debt-to Income by Agency

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

34.0%

33.6%

32.4%

37.3%

35.6%

27.0%

18.0%

27.3%

54.7%

13.6%

27.2%

59.2%

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of November 2022 – January 2023 to the three-month range of

November 2023 – January 2024, the share of high-LTV agency loans with:

 FICO scores above 750 increased by approximately 10.6%.

 DTIs below 35% decreased by approximately 15.0%.

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 71.34% of its issuances between November 2023

– January 2024 having LTVs of 95 or above, compared to 21.56% for the GSEs. 

Table 20. Share of Loans with LTV > 95

Ginnie Mae GSE All

Nov 2022 - Jan 2023 69.84% 23.37% 40.96%

Nov 2023 - Jan 2024 71.34% 21.56% 40.79%

Table 21. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Nov 2022 - Jan 2023)

FICO

DTI <650 650-700 700-750 ≥750 NA All

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

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

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

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

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

Table 22. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Nov 2023 - Jan 2024)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.58% 2.46% 3.52% 6.00% 0.07% 13.62%

35-45 4.94% 7.57% 9.72% 11.97% 0.06% 34.26%

≥45 7.68% 14.05% 15.03% 14.04% 0.10% 50.89%

NA 0.26% 0.21% 0.16% 0.20% 0.39% 1.22%

All 14.47% 24.28% 28.43% 32.21% 0.61% 100.00%

Sources: Recursion and Ginnie Mae. Data as of January 2024.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

10.5 Serious Delinquency Rates

Serious delinquency rates for Single-Family VA and FHA loans rose in Q4 2023. From Q3 2023 to Q4 

2023, FHA’s serious delinquencies rose 8 bps to 3.32% while VA’s delinquency rates saw a 2 bp 

increase to 2.01%. Fannie and Freddie’s serious delinquencies saw less movement than FHA and VA

in Q4 2023. Fannie Mae’s serious delinquency rate increased 1 bp and Freddie’s rate remained

constant from Q3 2023 to Q4 2023, both sitting at 0.55%. The trend in serious delinquency rates is

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

Figure 41. Serious Delinquency Rates: Single-Family Loans

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

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q4 2023.

3.32%

0.55%

2.01%

0%

2%

4%

6%

8%

10%

12%

2Q071Q084Q083Q092Q101Q114Q113Q122Q131Q144Q143Q152Q161Q174Q173Q182Q191Q204Q203Q212Q221Q234Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 56.1% as of month-end January 2024, 

an increase from 55.0% in December 2023 and up from 53.9% in January 2023. Freddie Mac and 

Fannie Mae’s first-time homebuyer shares, 47.4% and 46.6%, respectively, as of month-end January

2024, increased 4.1% and 2.1%, respectively, YoY. Ginnie Mae’sfirst-time homebuyer share increased

3.9% YoY. Table 23 shows that based on mortgages originated as of month-end January 2024, the 

average GSE first-time homebuyer was more likely to have a higher credit score and lower LTV than

a Ginnie Mae first-time homebuyer. Ginnie Mae’s first-time homebuyers were more likely to have

lower loan amounts and lower credit scores, while having higher mortgage rates than Ginnie Mae

repeat buyers. 

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

Table 23. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount $ $342,959 $351,240 $307,760 $316,958 $312,140 $364,576 $319,549 $343,080

Credit Score 752 763 745 760 694 715 722 750

LTV (%) 84.0% 74.0% 83.8% 72.6% 96.6% 93.5% 90.1% 78.6%

DTI (%) 37.5% 37.9% 38.6% 38.2% 44.5% 45.9% 41.2% 40.0%

Loan Rate (%) 7.0% 7.1% 7.2% 7.3% 6.9% 6.7% 7.0% 7.1%

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of January 2024 

47.4%

46.6%

70.4%

56.1%

25%

35%

45%

55%

65%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

In the Ginnie Mae purchase market, 78.3% of FHA loans, 51.3% of VA loans, and 85.1% of “Other”

loans provided financing for first-time home buyers as of month-end January 2024. The share of firsttime home buyers in the Ginnie Mae purchase market increased MoM for FHA and “Other” loans, 

while holding constant for VA loans. Table 24 showsthat based on mortgages originated as of monthend January 2024; the credit profile of the average VA first-time homebuyer differed from the

average VA repeat buyer. The average VA first-time homebuyer took out 15.7% smaller loans, had a

26.6-point lower credit score, 4.7% higher LTV than VA repeat buyers. Both VA first-time buyers and

VA repeat buyers faced similar interest rates.

FHA’s first-time homebuyers are much more like their repeat buyers, with only 3.8% smaller loans

and 2.8% higher LTVs. Because FHA provides one of few credit options for borrowers with lower credit

scores, repeat borrowers with weaker credit profiles are often limited to FHA financing; FHA’s repeat

buyers have similar credit scores compared to their first-time home buyers.

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

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

FHA VA Other Total 

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

Loan 

Amount $ $308,214 $320,516 $348,962 $413,723 $177,565 $189,206 $312,140 $364,576

Credit Score 689 691 712 738 698 703 694 715

LTV (%) 96.1% 93.3% 98.2% 93.5% 97.5% 97.4% 96.6% 93.5%

DTI (%) 45.2% 46.7% 44.0% 45.3% 34.8% 36.3% 44.5% 45.9%

Loan Rate 

(%) 6.9% 6.8% 6.7% 6.7% 7.1% 6.9% 6.9% 6.7%

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of January 2024.

Note: LTV, DTI, and Loan Rate are rounded to nearest tenth.

78.3%

51.3%

85.1%

70.4%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

10.7 Credit Box: Historical

The median FICO score for all agency loans originated as of month-end January 2024 was 736, which

represents an 8-point increase from January 2023. Ginnie Mae median FICO scores increased 11

points from 673 in January 2023 to 684 as of month-end January 2024. As of month-end January

2024, average FICO scores for refinances increased for Ginnie Mae, Fannie Mae, and Freddie Mac

borrowers by 5, 4, and 17 points YoY, respectively.

Figure 44. FICO Scores for All Loans

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

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

758

763

684

736

660

680

700

720

740

760

780

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

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

February 2024

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

In January 2024, the median LTV for Ginnie Mae loans was 97.0% compared to 80% for Fannie Mae

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

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

1.2% decrease in LTV from January 2023 to January 2024. In January 2024, median DTIs for Ginnie

Mae, Freddie Mac, and Fannie Mae were 45.5%, 40.0%, and 39.0%, respectively. In January 2023, 

median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 45.2%, 40.0%, and 40.0%,

respectively.

Figure 48. DTI Ratio for All Loans

Figure 47. LTV Ratio for All Loans

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

80.0

97.0

89.8

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

39.0

45.5

42.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

48.0

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

Forbearance Trends

February 2024

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

11 FORBEARANCE TRENDS

At the end of January 2024, 30,421 Ginnie Mae loans were in forbearance. The number of loans in

forbearance removed from MBS pools in January were 197 while 30,224 loans in forbearance

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

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

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

Tables 25-27. Forbearance Snapshot

All Loans in Forbearance – January 2024

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 648 4.3 $185,891 75.0 76.0 30,421

Bank 669 4.1 $137,387 80.1 83.4 7,166

Nonbank 645 4.3 $202,923 74.0 74.7 23,204

FHA 648 4.3 $181,068 76.8 76.8 26,244

Bank 669 4.2 $135,664 82.2 83.8 6,234

Nonbank 645 4.3 $196,552 75.8 75.5 19,963

VA 647 4.3 $267,000 60.7 67.9 3,059

Bank 672 3.6 $179,907 58.6 77.0 619

Nonbank 644 4.4 $287,849 60.9 66.9 2,438

Loans in Forbearance and Removed from Pools – January 2024

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 638 5.4 $151,272 75.9 68.6 197

Bank 672 6.0 $100,047 88.4 86.3 81

Nonbank 630 5.3 $210,682 71.4 63.6 116

FHA 635 5.6 $149,372 75.9 70.4 179

Bank 669 6.2 $93,833 90.2 90.9 73

Nonbank 627 5.4 $205,206 70.6 64.9 106

VA 657 3.9 $209,066 88.2 45.2 13

Bank 673 3.5 $155,480 50.2 43.0 5

Nonbank 652 4.0 $318,335 100.0 45.9 8

Loans in Forbearance that Remain in Pools – January 2024

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%) Loan Count

Ginnie 648 4.3 $186,000 75.0 76.0 30,224

Bank 669 4.1 $137,859 80.1 83.3 7,085

Nonbank 645 4.3 $202,916 74.0 74.8 23,088

FHA 648 4.3 $181,206 76.8 76.8 26,065

Bank 669 4.2 $135,882 82.2 83.8 6,161

Nonbank 645 4.3 $196,526 75.8 75.6 19,857

VA 647 4.3 $267,250 60.6 68.0 3,046

Bank 672 3.6 $180,288 58.6 77.3 614

Nonbank 644 4.4 $287,771 60.8 67.0 2,430

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

Listings. Notes: Data as of January 2024; *Averages weighted by remaining principal balance of the loans. Rounded to nearest tenth.
GLOBAL MARKETS ANALYSIS REPORT

Holders of Ginnie Mae Mortgage Servicing Rights

February 2024

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

MBS is shown in Table 28. The top 30 firms collectively own 87.32% of Ginnie Mae MSRs (see

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

depository institutions. As of January 2024, over half (52.20%) of the Ginnie Mae MSRs are owned by

the top six firms.

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

MSR Holder Current Rank Year 

prior Change UPB ($) Share Cumulative Share CPR CDR

Lakeview Loan Servicing 1 1 $ 305,693,885,988 13.2% 13.16% 4.87% 0.70%

DBA Freedom Mortgage 2 2 $ 296,449,565,333 12.8% 25.91% 6.17% 0.69%

PennyMac Loan Service 3 3 $ 273,839,783,357 11.8% 37.70% 5.45% 0.88%

Wells Fargo Bank 4 6 $ 98,141,925,891 4.2% 41.92% 4.95% 0.53%

Mr. Cooper (Nationstar) 5 4 $ 127,150,836,197 5.5% 47.39% 5.27% 1.24%

Rocket Mortgage (Quicken Loans) 6 7 $ 111,690,539,803 4.8% 52.20% 6.86% 0.36%

Carrington Mortgage 7 8 $ 113,697,160,683 4.9% 57.09% 5.55% 0.64%

Newrez LLC 8 5 $ 127,787,546,933 5.5% 62.59% 6.02% 0.62%

U.S. Bank 9 9 $ 56,536,568,108 2.4% 65.02% 4.61% 1.04%

Planet Home Lending 10 11 $ 68,807,679,727 3.0% 67.98% 6.07% 0.40%

United Wholesale Mortgage 11 10 $ 59,450,255,405 2.5% 70.54% 8.96% 1.54%

LoanDepot 12 12 $ 40,514,818,091 1.7% 72.29% 4.80% 1.47%

Truist Bank 13 18 $ 20,407,927,450 0.9% 73.16% 4.77% 0.70%

Navy Federal Credit Union 14 15 $ 29,908,414,725 1.3% 74.45% 4.06% 0.45%

M&T Bank 15 N/A $ 27,173,555,149 1.2% 75.62% 4.09% 0.30%

MidFirst Bank 16 28 $ 11,643,285,409 0.5% 76.12% 8.13% 4.22%

The Money Source 17 17 $ 22,675,677,535 1.0% 77.10% 4.90% 0.61%

Guild Mortgage Company 18 16 $ 24,446,747,214 1.1% 78.15% 4.23% 0.31%

PHH Mortgage Corporation 19 26 $ 18,819,783,853 0.8% 78.96% 4.07% 0.56%

J.P. Morgan Chase Bank 20 29 $ 10,104,694,757 0.4% 79.39% 5.55% 1.60%

Idaho Housing and Finance 21 24 $ 17,819,263,996 0.8% 80.16% 3.01% 0.73%

Mortgage Research Center 22 13 $ 27,937,341,907 1.2% 81.36% 18.36% 0.44%

New American Funding 23 20 $ 20,438,635,745 0.9% 82.24% 6.61% 0.71%

CrossCountry Mortgage 24 19 $ 21,680,594,949 0.9% 83.18% 5.01% 0.09%

Movement Mortgage 25 22 $ 20,988,166,789 0.9% 84.08% 4.00% 0.21%

Citizens Banks 26 25 $ 14,035,620,737 0.6% 84.68% 4.45% 0.42%

AmeriHome Mortgage 27 14 $ 20,554,457,746 0.9% 85.57% 7.34% 1.60%

CMG Mortgage 28 23 $ 19,449,628,613 0.8% 86.40% 5.80% 1.49%

PNC Bank 29 N/A $ 6,536,953,845 0.3% 86.69% 5.61% 1.34%

Flagstar Bank 30 27 $ 14,645,680,066 0.6% 87.32% 6.08% 1.09%

Sources: Deloitte, Recursion. Notes: Data as of January 2024.
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

February 2024

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

13 AGENCY NONBANK ORIGINATORS

Total agency nonbank origination share increased as of month-end January 2024 by approximately 

1.0% MoM. The increase in nonbank origination share was driven by an increase in Freddie Mac, up 

3.5% MoM. Fannie Mae nonbank origination share saw a decrease of 2.2%. The Ginnie Mae nonbank 

share rose to 91.7% as of January 2024 and has remained consistently higher than the GSEs, largely 

driven by origination share of refinance mortgage loans.

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

Source: Recursion. Notes: Data as of January 2024.

83.8%

78.4%

78.9%

91.7%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

Figure 50. Nonbank Origination Share: 

Purchase Loans

Figure 51. Nonbank Origination Share: 

Refi Loans

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

February 2024

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

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

2024. Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 91.7% 

in January 2024. The percentage of Ginnie Mae’s “Other” nonbank refinanced loans increased to 

76.4% in January 2024.

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

Source: Recursion. Notes: Data as of January 2024.

91.7%

91.0%

88.8%

92.1%

60%

65%

70%

75%

80%

85%

90%

95%

100%

FHA VA Other All

Figure 53. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 54. Ginnie Mae Nonbank Share: 

Refi Loans

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

All FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

February 2024

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

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

GSE

14.1.1 (FICO, LTV, DTI)

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

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

scores decreased to 18 from December 2023 to January 2024. The agency median FICO score 

decreased to 737 in January 2024.

Figure 55. Agency FICO: Bank vs. Nonbank

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

Source: Recursion: Notes: Data as of January 2024.

737

751

733

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

720

730

740

750

760

770

780

All Median FICO Bank Median FICO

Nonbank Median FICO

660

670

680

690

700

710

720

All Median FICO Bank Median FICO

Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

February 2024

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

The median LTV for all GSE originators remained the same as of month-end January 2024 at 80.0%. 

Ginnie Mae median bank and nonbank LTV remained flat at 98.2% and 97.0%, respectively. Ginnie 

Mae median DTI decreased slightly to 45.7% through January 2024 in nonbank originations.

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

Source: Recursion. Notes: Data as of January 2024.

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

68

70

72

74

76

78

80

82

All Median LTV

Bank Median LTV

Nonbank Median LTV

94

96

98

100

All Median LTV

Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

February 2024

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

As of month-end January 2024, the median FICO score for Ginnie Mae bank remained constant at 

692 and nonbank increased 1 point to 682. The median FICO score for all Ginnie originations increased 

2 points to 684. The gap between banks and nonbanks is most apparent in “Other” lending (23-point 

spread).

Source: Recursion. Notes: Data as of January 2024.

Figure 63. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 62. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 65. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

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
GLOBAL MARKETS ANALYSIS REPORT

Bank Vs. Nonbank Originators

February 2024

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

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

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

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

Figure 66. Ginnie Mae DTI: Bank vs. Nonbank Figure 67. Ginnie Mae FHA DTI: Bank vs. Nonbank

Figure 68. VA DTI: Bank vs. Nonbank Figure 69. Other DTI: Bank vs. Nonbank

Source: Recursion. Notes: Data as of January 2024.

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

32

34

36

38

40

42

44

46

48

VA Median DTI

VA Bank Median DTI

VA Nonbank Median DTI

34

35

36

37

38

39

40

Other Median DTI

Other Bank Median DTI

Other Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

February 2024

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

15 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

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

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

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

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

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

Mae has taken to produce ESG disclosures in recent years.

15.1 Environmental, Social, and Governance: A Summary

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

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

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

and environmentally, through its guaranty program.

Table 29. ESG Metrics – MBS Portfolio (January 2024)

May 2021:

LMI

“Social”

Disclosures

(% of loans

in LMI

Areas)

June 2021:

Disclosures reveal

approximately $259 

billion of Outstanding

Ginnie Mae MBS

categorized as LMI

area loans as defined 

by HUD’s CDBG

Program

November 2021:

Green

“Environmental”

Status Disclosures

Announced

identifies Green

properties within

Multifamily Pools.

March 2022: Full

implementation

of Green Status

Field into

Multifamily

Disclosures

April 2022:

Introduction

of Affordable

Status

Disclosure

for

Multifamily

properties

February 2023:

Low-Moderate

Income

Borrower

(LMIB)

Disclosure

Announced

September

2023:

Social

Bond

Program

Introduced

December

2023: ESG

Page

Enhancement

for Platinum

Pool Search

Results
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

February 2024

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

15.2 Environmental 

Table 30. UPB by ESG Status

ESG Status UPB %

Green/Affordable 1,089,480,425 0.7%

Green/Broadly Affordable 342,971,920 0.2%

Green/Market 47,507,019,205 31.5%

Green Total 48,939,471,550 32.5%

Affordable 5 7,052,821,984 4.7%

Broadly Affordable 27,336,994,518 18.1%

Affordable Total 35,822,268,847 23.8%

ESG Total 83,329,288,052 55.3%

Total 150,656,268,157 100.0%

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

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

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

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

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

Affordable”. In total 55.3% of Ginnie Mae’s Multifamily collateral is considered ESG.

Sources: Ginnie Mae Disclosures as of January 2024, https://www.hud.gov/program_offices/housing/mfh/green

15.3 Social

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

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

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

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

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

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

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

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

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

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

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

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

Low/Moderate Geographic Area Values and Low/Moderate Borrower Income Values to their

Platinum pool securities including UPB amount and UPB percentage.

5 “Affordable” and “Broadly Affordable” removes “Green/Affordable” and “Green/Broadly Affordable” from the UPB total.

1.3% 0.4%

57.0%

8.5%

32.8%

Figure 70. Composition of Ginnie 

Mae Green Status and Affordable 

Multifamily Collateral

Green/Affordable

Green/Broadly Affordable

Green/Market

Affordable

Broadly Affordable
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

February 2024

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

15.3.1 LOW-TO-MODERATE INCOME BORROWERS

Roughly $300 billion of Ginnie Mae Single-Family collateral and over 1.7 million of loans outstanding

have been issued too low to moderate income borrowers. Total ESG UPB increased by approximately

$22 billion YoY. 

Figure 71. ESG Share of the Outstanding SF Portfolio

Source: Ginnie Mae Disclosures as of January 2024 

The UPB of pools that are made up of 20% or more LMI loans make up over 9% of total pool UPB.

These pools have slightly higher LTV’s, marginally lower FICO scores, and substantially lower loan

sizes than pools made up of less than 20% LMI loans. The UPB of pools that are made up of less than

20% LMI loans make up roughly 91% of total UPB.

Table 31. Percent LMI by Pool Share

Metric

LMI Pool Share 

>50%

LMI Pool Share

20% - 50% LMI Share < 20% All Pools

Total UPB ($ billions) $8.3 $203.2 $2,064.0 $2,275.5

Average Original Loan Size $175,797 $192,439 $338,205 $324,594

Credit Score (Median) 674 675 679 677

DTI (Median) 40% 40% 40% 40%

LTV (Median) 97% 96% 95% 96%

Interest Rate (WA) 4.78% 4.62% 3.91% 3.98%

Source: Ginnie Mae Disclosures as of January 2024 

$265

$270

$275

$280

$285

$290

$295

$300

$305

12.00%

12.50%

13.00%

13.50%

14.00%

14.50%

15.00%

15.50%

16.00%

ESG UPB in Billions

Percent Share of Guarantee Portfolio

ESG UPB Pool UPB Share Loan Count Share
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

February 2024

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

15.3.2 PURCHASE AND REFINANCE ORIGINATION BY INCOME BRACKET

Over 18% of all purchase and refinance loan originations guaranteed by Ginnie Mae are to households

with income less than $50,000 compared to 10.7% of the Government Sponsored Entities (GSE’s)

Single-Family guarantee portfolio. Additionally, over 68% of these loan originations guaranteed by 

Ginnie Mae are to households with income less than $100,000 compared to 47.3% at the GSE’s.

Figure 72. Income Distribution of Homebuyers Served Under Ginnie Mae Program

Source: Home Mortgage Disclosure Act (HMDA) data as of 2022

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

<5

10-1520-2530-3540-4550-5560-6570-7580-8590-95

100-105110-115120-125130-135140-145150-155160-165170-175180-185190-195200-205210-215220-225230-235240-245

>250

% of Homebuyers

Income in Thousands

All Households Ginnie Mae Borrowers Conventional Loan Borrowers
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

February 2024

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

U.S. HOUSING MARKET

16 HOUSING AFFORDABILITY

16.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions in Q3 2023. Notably, the East North Central, Middle Atlantic,

South Atlantic, and New England regions all saw over a 2.00% increase QoQ. The West South Central

region saw the smallest QoQ increase in HPI of 1.06%. The New England region has appreciated more

than any other region over the past four quarters, appreciating by 9.21% from Q3 2022 to Q3 2023.

Figure 73. Regional HPI Trend Analysis Q/Q

Figure 74. FHFA U.S. Census Subregions as defined by the U.S. Census Bureau

Source: HPI data from FHFA and is seasonally adjusted. U.S. Census Subregions as defined by the U.S. Census Bureau.

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

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

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

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

U.S. Housing Market

February 2024

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

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

As of month-end January 2024, YoY inflation was 3.1%, decreasing from 3.3% in the month prior.

Nationally, rents are up 1.1% YoY as of month-end January 2024. The MoM change in rents from 

December 2023 to January 2024 decreased by 0.04%. Wage growth saw no change for the fifth

consecutive month, holding at 5.2% at month-end January 2024. Month-end November 2023

reporting data shows YoY home price appreciation decreased to 5.1% from a 7.6% YoY change in

November 2022.

Figure 76. Asset Price Appreciation vs. Wage Increases

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

Sources: Bureau of Labor Statistics – Consumer Price Index; Federal Reserve Bank of Atlanta, Research and Data - Wage-Growth Data; Rent.com

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

3.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

3.1%

5.2%

5.1%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic 

General

Inflation 3.1%

Home Price

Appreciation

(YoY)

5.1%

Rental Price

Appreciation 

(Median

Rent Change 

YoY)

1.1 %

Wage 

Growth 5.2%
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

February 2024

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

16.2.1 HOUSING AFFORDABILITY – AFFORDABILITY INDEX

As of month-end January 2024, the Homebuyer Affordability Fixed Mortgage Index (HAFM) was 94.2

and the First-Time Homebuyer Monthly Payment (FTMP), which represents the median payment for 

first-time homebuyers, was $2,149. This marks a 13.7% decrease in the Homebuyer Affordability

Fixed Mortgage Index and an 11.4% increase in monthly payments for first-time homebuyers from

January 2023 to January 2024. HAFM has decreased 49.8% and FTMP has increased 109.5% since

January 2021.

Source: Bloomberg as of January 2024. Note: Housing Affordability Index: Value of 100 means that a family with the median income has exactly

enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a family earning the median income has

more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. This index is calculated 

for fixed rate mortgages.

Figure 77. Homebuyer Affordability Figure 78. First-Time Homebuyer Monthly Payment

$2,149 

 $500

 $700

 $900

 $1,100

 $1,300

 $1,500

 $1,700

 $1,900

 $2,100

 $2,300

 $2,500

94.2

40

60

80

100

120

140

160

180

200
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

February 2024

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 61

16.2.2 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Reserve maintained the Federal Funds target range on January 31, 2024, at a range of

5.25% and 5.50% per the FOMC 6

. As of February 15, 2024, the average 30-year and 15-year fixed 

rate mortgage rates were 6.77% and 6.12%, respectively. The average 30-year fixed rate mortgage

rate increased 17 bps and the average 15-year fixed rate mortgage rate increased 36 bps MoM from 

January 18, 2024.

Figure 79 Average Fixed Rate Mortgage Rates

Source: FRED data as of February 2024 

6

Federal Reserve Board - Federal Reserve issues FOMC statement

6.77%

6.12%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

February 2024

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 62

16.3 Housing Inventory

As of January 2024, there were 8.3 months of housing inventory on the market, remaining constant

from a readjusted 8.3 months in December 2023. As housing affordability continues to remain low

(See above Section 16.2) Single-Family home sales are unlikely to play a large role in the resolution 

of the housing shortfall. Figures 81 and 82 show Single-Family and Multifamily Housing metrics, 

including the number of permits, starts, and completions. From January 2023 to January 2024, the

number of Single-Family completions fell 2.9%, while the number of starts and permits increased 

23.7% and 23.1%, respectively. Multifamily metrics show that from January 2023 to January 2024, 

the number of completionsincreased 15.4%, while the number ofstarts and permits decreased 23.6% 

and 23.3%, respectively.

Figure 80. Single-Family Housing Inventory

Figure 81. Single-Family Construction Metrics: Permits, Starts, Completions

8.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

994

1,051

982

500

650

800

950

1100

1250

1400

Number of Completions Number of Starts Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

February 2024

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 63

Figure 82. Multifamily Constructions Metrics: Permits, Starts, Completions

Source: FRED. Figure 80: data as of January 2024. New Residential Construction, U.S. Census Bureau. Figure 81 & 82: data as of January 2024.

Note: Figures 81 & 82 are calculated using a 3-month moving average to identify underlying trends in construction metrics.

450

415

504

0

150

300

450

600

750

900

Number of Completions Number of Starts Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

February 2024

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 64

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

The total value of the Single-Family housing market increased to $45.5 trillion in Q3 2023. The total

value of the US housing market is up approximately 139% from its trough in 2011. From Q3 2022 to

Q3 2023 mortgage debt outstanding increased from $12.3 trillion to $12.9 trillion and household 

equity increased from $31.2 trillion to $32.6 trillion. At roughly $9.0 trillion in Q3 2023, Agency SingleFamily MBS continues to account for a growing percentage of the total mortgage debt outstanding,

up to 65% of total mortgage debt from just 52% in 2011.

Figure 83. Value of the U.S. Housing Market

Figure 84. Size of the U.S. Residential Mortgage Market

Source: Federal Reserve Flow of Funds Data as of Q3 2023.

12.9

32.6

45.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

$ Trillions

Debt Household Equity Total Value

0.4

0.5

9.0

3.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

$ Trillions

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

Disclosure

February 2024

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 65

17 DISCLOSURE

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

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

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

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

to buy, securities.

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

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

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

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

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

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

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

in, or omissions from, the report.

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

31, 2024. 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.”