December 2022
DECEMBER 2022

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

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Table of Contents

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Inside this Month’s Global Market Analysis Report

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1

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Highlights

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2

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1 US AGGREGATE AND GLOBAL INDICES

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1.1 Bloomberg US Aggregate and Global Indices

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5

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2 Sovereign Debt Product Performance Comparisons

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6

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2.1 Global 10-Year Treasury Yields (Unhedged)

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6

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2.2 US Treasury Hedged Yields

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7

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

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8

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3 Fixed Income Product Performance Comparisons

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8

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3.1 Ginnie Mae Yields – USD

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8

3.2 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.3 Global Treasury Yield Per Duration 10

4 Prepayments 11

4.1 Aggregate Prepayments (CPR) 11

4.2 Involuntary Prepayments (CDR) 12

4.3 Voluntary Prepayment Rates (CRR) 13

5 Single-Family MBS Pass-Through Issuance 14

5.1 Gross Issuance of Agency MBS 14

5.2 Net Issuance of Agency MBS 16

5.3 Monthly Issuance Breakdown 18

5.4 Percent Refi at Issuance – Single-Family 19

6 Agency Single-Family MBS Outstanding 20

6.1 Outstanding Single-Family Agency MBS 20

6.2 Origination Volume and Share Over Time 21

6.3 Agency Issuance and Agency Outstanding by State 22

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

7 Agency REMIC Securities 24

7.1 Monthly REMIC Demand for Ginnie Mae MBS 24

7.2 REMIC Market Snapshot 25

8 MBS Ownership 26

8.1 Commercial Bank Holdings of Agency MBS 26

8.2 Bank and Thrift Residential MBS Holdings 27

8.3 Foreign Ownership of MBS 29

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

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

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9 Fixed Income Liquidity Indicators

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31

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PRIMARY MORTGAGE MARKET

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32

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10 Agency Credit Breakdown

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32

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10.1 Credit Scores

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32

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10.2 Loan-to-Value (LTV)

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10.3 Debt-to-Income (DTI)

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36

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10.4 High LTV Loans: Ginnie Mae vs. GSEs

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38

10.5 Serious Delinquency Rates 39

10.6 Credit Box 40

10.7 Credit Box: Historical 42

11 Forbearance Trends 44

12 Holders of Ginnie Mae Mortgage Servicing Rights 47

13 Agency Nonbank Originators 48

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

13.1.1 (FICO, LTV, DTI) 50

U.S. HOUSING MARKET 54

14 Housing Affordability 54

14.1 Housing Affordability – Home Price Appreciation 54

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

Rent 56

14.2.1 Housing Affordability – Mortgage Rate Trends 57

14.3 Housing Inventory 58

14.4 Size and Value of the US Housing Market 59

15 Disclosure 60
DECEMBER 2022

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

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

This month’s Highlights section calls attention to the recent phenomenon of increasing spreads 

between Ginnie Mae II Single Family MBS and US 10-yr Treasury yields despite consistent monthover-month decreases in MBS production. The section also covers production trends between the 

agencies, revealing that gross MBS production has been declining at higher rates for the GSEs than 

for Ginnie Mae. While net MBS issuance has dropped for the GSEs, net issuance for Ginnie Mae is 

growing.

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

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

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

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

REMIC deals.

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

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

homebuyers.

• The U.S. Housing Marketsection shows signs of decelerating inflation and mortgage rates this 

month, particularly in the rental housing market, as well as home prices beginning to decline 

nationally. However, inflation and mortgage rates seem to still outpace wage growth. 
DECEMBER 2022

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

Highlights

Even though the production of MBS has declined consistently month after month in 2022 (see 

Section 5.3), spreads on Ginnie Mae MBS have remained wide on a relative basis throughout the 

year. At month’s end November 2022, Ginnie Mae II Single-Family MBS recorded a yield of 5.03% 

compared to the US 10-Yr yield at 3.61% as illustrated in Figure 1. This is a 321 bp YoY increase 

for the Ginnie Mae II Single-Family MBS yield from 1.82% at month-end November 2021. 1

Figure 1. Ginnie Mae II Single Family Index versus US Treasury 10-yr Yields

The total issuance of Ginnie Mae MBS decreased from $62.3 billion in January 2022 to $36.0

billion in November 2022. This is a monthly rate of decline of approximately 4.9%.2 Even though 

there is a slowdown in Ginnie Mae MBS production, prepayments have slowed at an even greater 

rate, currently driven by seasonality and a higher interest rate environment (see Section 4). In 

November 2022, Ginnie Mae fixed rate aggregate prepayment speeds decreased by 21.4% MoM. 

As shown in Figure 3, the total remaining principal balance of Ginnie Mae I and II is $2.3 trillion 

in November 2022—a $19 billion increase from October 2022 and a $157 billion increase from 

January 2022. 3

1 Bloomberg data as of November 2022

2 https://www.ginniemae.gov/data_and_reports/reporting/MonthlyIssuanceReports/Nov22_ISS.pdf

3 https://www.ginniemae.gov/data_and_reports/reporting/Monthly%20UPB%20Reports/Oct22_RPB.pdf

3.61

5.03

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22

Yield (%)

US 10-YR Treasury GN II SF Yield
DECEMBER 2022

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

Figure 2. Total Issuance of Ginnie Mae I and II Figure 3. Total Remaining Principal Balance

In January 2022, the gross MBS issuance amount was $59 billion for Ginnie Mae, $85.9 billion for 

Freddie Mac, and $93.1 billion for Fannie Mae (see Section 5.3). In November 2022, the gross 

issuance amount for Ginnie Mae was $33.6 billion, $22.7 billion for Freddie Mac, and $25.7 billion 

for Fannie Mae. While Ginnie Mae gross issuance has decreased by 43.1% since January 2022, 

Fannie Mae and Freddie Mac gross issuance levels have decreased by 72.4% and 73.6% 

respectively, as illustrated in Figure 4. Although Ginnie Mae gross issuance has dropped

consistently throughout 2022 (average growth rate of -5.3%), gross issuance for Freddie Mac and 

Fannie Mae have been consistently declining at over double the rate of Ginnie Mae, with 

approximately 12.5% and 12.1% monthly rates of decline in issuance respective.

Figure 4. Agency Gross Issuance Amount

As agency gross issuance amounts have dropped, Ginnie Mae net issuance has increased while 

Fannie Mae and Freddie Mac net issuance has dropped significantly. In January 2022, the net 

issuance amount was $14 billion for Ginnie Mae, $37.6 billion for Freddie Mac, and $45.6 billion 

for Fannie Mae (see Section 5.3). In November 2022, the net issuance amount for Ginnie Mae 

was $18.3 billion, $3.5 billion for Freddie Mac, and only $300 million for Fannie Mae. Since 

January 2022, Fannie Mae net issuance has declined by 99.3% and Freddie Mac net issuance has 

also declined by 90.7% while Ginnie Mae net issuance has grown by 30.7% as shown in Figure 5.

0.0

20.0

40.0

60.0

80.0

100.0

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

($) in billions

Fannie Mae Freddie Mac Ginnie Mae

25,000

35,000

45,000

55,000

65,000

75,000

Nov-21

Dec-21

Jan-22

Feb-22

Mar-...

Apr-22

May-...

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

($) in millions

2,000,000

2,050,000

2,100,000

2,150,000

2,200,000

2,250,000

2,300,000

2,350,000

Nov-21

Dec-21

Jan-22

Feb-22

Mar-22

Apr-22

May-22

Jun-22

Jul-22

Aug-22

Sep-22

Oct-22

Nov-22

($) in millions
DECEMBER 2022

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

Figure 5. Agency Net Issuance Amount

Despite the decrease YTD 2022 in MBS production, the spread between GN II SF and the US 10-

Yr remains relatively wide. As depicted in Figure 6, the spread over the last five years was at its 

widest, at 187 bps, in September 2022 when the GN II SF yield was at 5.79% and the US 10-Yr at 

3.92%.4

At month-end November 2022, the spread between the GN II SF and the US 10-Yr was 143 bps—

a 2.86% YoY increase from a spread of 37 bps in November 2021. 

Figure 6. Spread between GN II SF and US 10-Yr Treasury

Current MBS production volume is projected to remain relatively stable through the end of Q1 

2023, per the Mortgage Bankers Association (MBA) November 21, 2022 forecast (Q4 2022

production volumes of $398 billion compared to $392 billion projections in Q1 2023). The MBA 

forecasts that the pace of mortgage loan originations is driven by a decline in refinancing share 

from 58% in 2021 to 30% in 2022 and dropping again to 24% in 2023.5

4 Bloomberg data as of November 2022

5 https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-nov-2022.pdf?sfvrsn=a8e2944_1

0.0

10.0

20.0

30.0

40.0

50.0

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

($) in billions

Fannie Mae Freddie Mac Ginnie Mae

1.43

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22

Yield (%)
DECEMBER 2022

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 7. Bloomberg US Aggregate Index.

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

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

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

index components were no larger than 1%.

Figure 8. Bloomberg Global Aggregate Index by Country.

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

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

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

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

larger than 1%.

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

41%

28%

14%

8%

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

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

41%

12% 5% 9%

4%

4%

4%

3%

2%

2% 14%

United States - 41%

Japan - 12%

China - 9%

France - 5%

United Kingdom - 4%

Germany - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 2%

Other - 14%
DECEMBER 2022

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The US 10-year Treasury yield moved to 3.61% at month-end November 2022, a MoM decrease of 44

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

the figure below behind Italian Treasury yields.

The yield on the UK 10-year notes decreased to 3.16% at month-end November, a MoM 

decrease of 35 bps.

The yield on the German 10-year notes decreased to 1.93% at month-end November, a MoM 

decrease of 21 bps.

The yield on the Italian 10-year note decreased to 3.87% at month-end November, a MoM 

decrease of 42 bps.

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

decrease of 1 bps.

Figure 9. Global 10-Year Treasury Yields.

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

3.61%

3.16%

1.93%

3.87%

0.25%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

% Yield

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

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

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY increased MoM 5 bps to 2.17% at month-end

November.

The hedged yield for the 10-year Treasury EUR increased MoM 4 bps to 1.25% at month-end

November.

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

Figure 11. 7–10yr Total Return Hedged, EUR.

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

218.7

210

220

230

240

250

260

270

280

125.52

120

130

140

150

160

170
DECEMBER 2022

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae fixed rate MBS yields decreased MoM in November 2022. Ginnie Mae II yields were at

5.56% at month-end September, increased 16 bps to 5.72% at month-end October and have now 

decreased to 5.03%, a 69 bps decrease. Ginnie Mae I yields were at 5.51% at month-end September, 

increased 13 bps to 5.64% at month-end October, and have now decreased 65 bps to 4.99%. Ginnie 

Mae II spreads over the US 10-year Treasury yield, just 37 bps at month-end November 2021, had 

increased 106 bps to 143 bps over the US 10-year Treasury yield at month-end November 2022. The 

yields on the Ginnie Mae I SF were 139 bps higher than the US 10-year Treasury yield at month-end 

November, a decrease in spread of 20 bps MoM but an increase of 84 bps YoY.

Figure 12. Ginnie Mae II SF Yield, USD

Figure 13. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of November 2022

5.03%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

% Yield

4.99%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

% Yield
DECEMBER 2022

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

3.2 Ginnie Mae Yield Spreads – Intermediate Credit

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

to 0.58% at month-end November. The Ginnie Mae II 30-year OAS decreased 13 bps MoM. The US 

Intermediate credit OAS has decreased 22 bps MoM.

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

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

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

0.48%

1.05%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.58%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
DECEMBER 2022

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

3.3 Global Treasury Yield Per Duration

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

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

Particularly for GNMA II securities, decreases in duration have been observed relative to the month 

prior.

Figure 16. Yield vs. Duration

Security Duration Yield

US 5y 4.51 3.93

US 10y 8.16 3.75

JPY 5y 4.78 0.11

JPY 10y 9.57 0.25

GER 5y 4.64 2.00

GER 10y 8.80 1.99

ITA 5y 4.52 3.41

ITA 10y 8.40 3.90

UK 5y 4.43 3.20

UK 10y 7.89 3.09

GNMA II 2% 4.52 6.41

GNMA II 2.5% 4.56 6.50

GNMA II 3% 4.73

-

6.20

GNMA II 3.5% 4.87 5.81

GNMA II 4% 4.96 5.42

GNMA II 4.5% 5.01 5.21

GNMA II 5% 5.11 4.76

GNMA II 5.5% 5.30 4.48

GNMA II 6% 5.50 3.58

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

surveyed Bloomberg participants. All data is as of November 2022. Yields are in base currency of security and unhedged.

US 5y

US 10y

JPY 5y

JPY 10y

GER 5y GER 10y

ITA 5y

ITA 10y

UK 5y UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

-3.00 2.00 7.00 12.00 Yield

Duration
DECEMBER 2022

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in November by 21.4% MoM, while 

Fannie Mae and Freddie Mac CPRs decreased by 15.5% and 15.9%, respectively. ARM prepayments 

have dropped for all three agencies, due to decreased refinance activity in the current higher interest 

rate environment.

Figure 17. Fixed Rate Aggregate 1-Month CPR.

Figure 18. ARM Aggregate 1-Month CPR.

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

4.9

4.5

5.9

0

10

20

30

40

50

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22Nov-22

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

6.5

9.5

9.8

0

10

20

30

40

50

60

70

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

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Jul-20

Sep-20

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Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
DECEMBER 2022

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

4.2 Involuntary Prepayments (CDR)

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

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

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

below Ginnie Mae in November 2022 after slightly overtaking Ginnie Mae in September 2022. 

Figure 19. Fixed Rate Aggregate CDR.

Figure 20. ARM Aggregate CDR.

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

0.3

0.2

0.6

0

5

10

15

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22Nov-22

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.2

0.7

1.3

0

10

20

30

40

50

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

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Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
DECEMBER 2022

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

4.3 Voluntary Prepayment Rates (CRR)

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

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

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

Mac saw decreases of 16.1% MoM in fixed rate aggregate CRR, respectively. Freddie Mac saw a 21.8% 

MoM decrease and Fannie Mae saw a 13.1% MoM decrease in ARM aggregate CRR. Ginnie Mae 

decreased 22.4% MoM in fixed rate aggregate CRR and saw a 51.2% MoM decrease in ARM aggregate 

CRR.

Figure 21. Fixed Rate Aggregate CRR.

Figure 22. ARM Aggregate CRR.

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

4.6

4.3

5.3

0

10

20

30

40

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18Nov-18

Jan-19

Mar-19

May-19

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Jan-21

Mar-21

May-21

Jul-21

Sep-21Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22Nov-22

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.3

9.3

9.2

0

10

20

30

40

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

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Sep-22

Nov-22

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
DECEMBER 2022

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance decreased MoM by 14.3%. All three agencies saw decreases in gross 

issuance as compared to November.

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

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

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

2022 YTD $603.4 $526.1 $1,129.5 $483.5 $1,613.0

2022 Annualized $658.3 $573.9 $1,232.2 $527.4 $1,759.6

Figure 23. Agency Gross Issuance

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

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

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

$658

$574

$527

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$ in 

Billions

Fannie Mae Freddie Mac Ginnie Mae
DECEMBER 2022

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

Ginnie Mae’s $33.6 billion in gross issuance in November was approximately 52% below the average 

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

2021 by approximately $313.5 billion.

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 YTD $259.1 $210.3 $14.1 $483.5

2022 Annualized $282.6 $229.5 $15.4 $527.4

Figure 24. Ginnie Mae Gross Issuance

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

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

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

$283

$230

$15 $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
DECEMBER 2022

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

5.2 Net Issuance of Agency MBS

Agency net issuance in November was approximately $22.1 billion, which represents a 20.5% MoM 

decrease in net issuance driven entirely by decreases in GSE net issuance. Ginnie Mae net issuance 

was $18.3 billion in November, a 5.5% increase from October 2022. Since May 2022, FHA net issuance 

outpaces VA net issuance MoM, as shown in Table 4 and Figure 21.

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 YTD $193.8 $161.4 $355.2 $163.4 $518.5

2022 Annualized $211.4 $176.0 $387.4 $178.2 $565.7

Figure 25. Agency Net Issuance

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

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

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

$211

$178

$176

-$200.00

-$100.00

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
DECEMBER 2022

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

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

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 YTD $89.1 $75.9 -$1.7 $163.4

2022 Annualized $97.2 $82.8 -$1.8 $178.2

Figure 26. Ginnie Mae Net Issuance

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

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

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

$83

$97

-$2

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
DECEMBER 2022

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

5.3 Monthly Issuance Breakdown

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

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5.4 Percent Refi at Issuance – Single-Family

Refinance activity has decreased for Ginnie Mae in November. In the conventional mortgage market 

space, Fannie Mae saw an increase of approximately 6% MoM while Freddie Mac’s refinance share 

decreased 6% MoM. Ginnie Mae’s MoM decrease was approximately 5%, with the greater drop 

taking place with VA lending which was down almost 9% in November MoM. FHA’s refinance share

decreased by approximately 5%.

Freddie Mac’s refinance percentage dropped to 17% in November, down from 18% in October.

Fannie Mae’s refinance percentage increased to 19% in November, up from 18% in October.

Ginnie Mae’s refinance percentage dropped to 19% in November, down from 20% in October.

FHA’s refinance percentage dropped to 18% in November, down from 19% in October.

VA’s refinance percentage dropped to 21% in November, down from 23% in October.

Figure 27. Percent Refinance at Issuance – Single-Family.

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

21%

19%

18%

17%

19%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

May/14

Aug/14Nov/14

Feb/15

May/15

Aug/15Nov/15

Feb/16

May/16

Aug/16Nov/16

Feb/17

May/17

Aug/17Nov/17

Feb/18

May/18

Aug/18Nov/18

Feb/19

May/19

Aug/19Nov/19

Feb/20

May/20

Aug/20Nov/20

Feb/21

May/21

Aug/21Nov/21

Feb/22

May/22

Aug/22Nov/22

Freddie Fannie Ginnie FHA VA
DECEMBER 2022

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of November 2022, outstanding single-family MBS in the agency market totaled $8.582 trillion: 

41.6% Fannie Mae, 33.7% Freddie Mac, and 24.7% Ginnie Mae MBS. Over the past twelve months, 

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

8.5%, 5.5% and 8.9%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s 

and Ginnie Mae’s by approximately $685 billion and $1.5 trillion, respectively.

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

November 2017, 60.9% of Ginnie Mae outstanding collateral was FHA and 32.8% was VA. In 

November 2022, FHA collateral comprised 52.7% of Ginnie Mae MBS outstanding and VA collateral 

comprised 42.3% of Ginnie Mae MBS outstanding.

Figure 28. Outstanding Agency Mortgage-Backed Securities.

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

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

$3,574

$2,889

$2,119

$8,582

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,119

$897

$106

0

200

400

600

800

1000

1200

1400

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

$ in Billions

FHA VA OTHER
DECEMBER 2022

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

6.2 Origination Volume and Share Over Time

Origination volume continued to decline in Q3 2022, with $505 billion in originations in Q3, which 

represents a decline in issuance from Q2 2022 of approximately 22%. Ginnie Mae’s share of total 

origination increased from 17.8% to 21.6% in Q3 2022, while Portfolio origination decreased from 

30.8% to 26.4% in Q3 2022. 

Figure 30. First Lien Origination Volume

Figure 31. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q3 2022.

$0.25

$0.11

$0.01

$0.13

$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

49.6%

21.6%

2.3%

26.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
DECEMBER 2022

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 28% of new agency issuance over the past year. The share 

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

in Alaska (51%) and the lowest in the District of Columbia (18%). The highest Ginnie Mae outstanding 

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

currently a 3% difference between Ginnie Mae’s share of new agency issuance and Ginnie Mae’s 

share of agency outstanding. 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

28% 2,480,932 276.27 283.75 25% 10,622,771 203.97 211.00

AK 51% 8,427 330.70 295.47 47% 37,276 261.67 221.74

AL 42% 53,992 218.98 233.63 40% 234,508 156.29 177.70

AR 39% 28,976 187.30 216.05 39% 136,011 131.76 160.89

AZ 26% 74,944 306.82 312.55 24% 270,078 217.76 225.66

CA 21% 171,988 434.50 426.30 16% 676,713 326.58 321.24

CO 27% 56,428 390.86 373.44 23% 211,871 290.53 277.41

CT 28% 23,635 259.62 275.45 25% 104,995 201.94 209.92

DC 18% 1,978 497.20 427.95 13% 8,839 381.63 351.28

DE 33% 12,146 263.59 285.17 31% 51,240 203.67 211.38

FL 32% 217,523 285.21 287.11 31% 838,927 210.53 210.99

GA 35% 126,143 247.70 280.33 33% 492,405 178.75 206.56

HI 38% 7,978 610.43 487.14 32% 33,328 469.47 359.01

IA 26% 17,051 180.69 195.77 22% 81,814 133.62 148.88

ID 25% 14,640 327.23 315.35 23% 63,055 216.71 222.75

IL 25% 83,708 208.14 241.22 22% 362,646 159.65 179.75

IN 31% 62,907 186.87 205.32 30% 276,331 133.42 150.85

KS 30% 20,003 191.14 219.92 29% 95,574 139.58 164.06

KY 36% 37,188 194.83 211.20 34% 163,507 143.16 156.08

LA 44% 45,716 203.95 233.60 40% 198,792 157.54 177.86

MA 22% 27,802 368.41 362.44 16% 112,520 284.22 269.67

MD 38% 69,607 333.61 323.25 33% 289,408 265.03 250.22

ME 28% 8,543 239.99 263.09 25% 37,525 177.25 192.00

MI 22% 60,895 184.19 211.52 20% 272,751 133.42 157.20

MN 20% 32,633 244.18 269.83 18% 158,500 182.06 198.91

MO 31% 52,824 195.07 216.73 29% 242,441 141.63 162.31

MS 49% 26,842 198.55 213.56 47% 121,247 143.04 161.43

MT 24% 6,841 300.93 306.01 23% 32,129 208.33 216.51

NC 30% 98,555 244.08 277.25 28% 409,825 174.78 201.97

ND 30% 3,969 242.46 239.45 24% 16,950 193.30 185.11

NE 28% 12,771 213.96 217.29 26% 64,411 148.69 161.29

NH 24% 8,327 303.56 298.14 22% 37,974 225.94 215.30

NJ 25% 56,172 310.55 330.28 21% 229,306 239.81 255.17

NM 38% 19,626 235.90 246.35 37% 94,347 166.16 178.39

NV 32% 35,752 333.32 321.93 30% 131,298 247.04 235.29

NY 22% 57,197 300.19 339.81 20% 304,457 208.65 248.81

OH 30% 89,766 180.22 199.98 29% 419,219 129.87 149.40

OK 40% 38,213 198.51 218.24 41% 187,592 140.61 162.39

OR 21% 26,169 345.27 351.01 19% 109,575 253.54 253.84

PA 25% 74,141 199.71 243.85 25% 385,042 148.77 182.42

RI 35% 8,632 313.53 291.70 30% 35,244 233.65 213.60

SC 36% 60,554 245.81 256.00 34% 232,029 182.42 192.14

SD 31% 6,137 239.00 239.33 29% 29,094 172.74 178.14

TN 31% 64,242 251.99 273.56 31% 267,565 174.61 204.19

TX 30% 237,895 256.71 290.64 31% 1,077,553 181.13 212.16

UT 21% 24,188 365.60 367.29 18% 94,469 258.86 263.69

VA 40% 102,861 327.25 316.19 36% 442,592 256.66 250.87

VI 20% 144 375.43 412.29 23% 782 247.73 302.87

VT 20% 2,371 237.58 260.41 18% 11,998 181.26 180.97

WA 25% 55,753 390.12 390.35 21% 230,539 284.22 289.75

WI 20% 26,935 207.87 225.24 17% 122,630 156.49 163.90

WV 46% 13,212 193.07 194.82 43% 58,959 143.93 145.70

WY 36% 5,992 263.52 264.00 34% 24,890 206.23 202.22

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

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

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

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

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

As of November 2022, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS

increased slightly from 3.04% in October 2022 to 3.07% in November. With 30-year fixed mortgage 

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

The bottom chart illustrates that loans originated since 2019 account for 77% of Ginnie Mae MBS

collateral outstanding.

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

Figure 33. Outstanding Ginnie Mae MBS Balance, by Vintage.

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

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

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%

Nov/16

Feb/17

May/17

Aug/17

Nov/17

Feb/18

May/18

Aug/18

Nov/18

Feb/19

May/19

Aug/19

Nov/19

Feb/20

May/20

Aug/20

Nov/20

Feb/21

May/21

Aug/21

Nov/21

Feb/22

May/22

Aug/22

Nov/22

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%

Nov/14

Feb/15

May/15

Aug/15Nov/15

Feb/16

May/16

Aug/16Nov/16

Feb/17

May/17

Aug/17Nov/17

Feb/18

May/18

Aug/18Nov/18

Feb/19

May/19

Aug/19Nov/19

Feb/20

May/20

Aug/20Nov/20

Feb/21

May/21

Aug/21Nov/21

Feb/22

May/22

Aug/22Nov/22

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

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In November 2022, $3.4 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage 

Investment Conduits (REMICs) as underlying collateral, a 42% MoM decrease. Of that, approximately 

$1.2 billion were multifamily MBS having coupons between 3.5% and 4.0%. $2.1 billion were Single 

Family MBS with 84% of the single family MBS having coupons over 4.0%.

As of November, in 2022, approximately $97.8 billion of Ginnie Mae single family and multifamily 

MBS were securitized into Ginnie Mae REMIC transactions. This represents a roughly 46.4% decrease 

over the same period in 2021 ($182.6 billion). 

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

Table 7. November 2022 REMIC Collateral Coupon Distribution

Source: Ginnie Mae Disclosure Files

6Totals may not sum due to rounding.

$13.2

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4 $8.8

$6.0 $8.0

$5.9

$3.4

$0

$5

$10

$15

$20

$25

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

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

REMIC Deals ($MM)6

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

3.51-4.00 1,153.9 100.0%

Subtotal 1,153.9 100%

Single-Family

3.01-3.50 24.2

3.51-4.00 1.0%

4.01-4.50 - -

4.51-5.00 152.1

5.01-5.50 7.0%

5.51-6.00 260.0 12.0%

6.01-6.50 689.0 33.0%

Subtotal 815.1 39.0%

Grand Total 155.0 7.0%
DECEMBER 2022

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

7.2 REMIC Market Snapshot

In November 2022, Ginnie Mae Single-Family REMIC collateral WAC increased MoM by 73 basis 

points which is the highest it has been in 2022. Freddie Mac and Fannie Mae Single-Family REMIC 

collateral WAC are also the highest they have been all of 2022 and increased MoM by 48 basis points 

and 35 basis points, respectively.

◼ In November 2022, Ginnie Mae REMIC issuance volume was $5.9 billion, the seventh 

consecutive month of REMIC issuance volume below $10.0 billion.

◼ Ginnie Mae guaranteed two HREMIC transactions in November 2022. This is the fourth 

month in 2022 in which Ginnie Mae guaranteed two HREMIC transactions. In 2021, there 

were seven months where Ginnie Mae guaranteed two HREMIC transactions.

Figure 35. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF

REMIC

Issuance

Volume

($B)

% of SF

REMIC

Issuance

Volume

Number of

SF REMIC

Transactions

MF REMIC

Issuance

Volume ($B)

% of MF 

REMIC

Issuance

Volume

Number of

MF REMIC

Transactions

Ginnie Mae 3.7 73.9 10 1.3 31.2 7

Freddie Mac 0.4 8.7 6 2.5 59.3 3

Fannie Mae 0.9 17.4 8 0.4 9.5 1

Total $5.0 100% 24 $4.1 100% 11

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

1.3

2.5

0.4

3.7

0.4

November 0.9

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
DECEMBER 2022

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

8 MBS OWNERSHIP

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

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

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

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

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

by the top 25 domestic banks. 

Figure 36. Who Owns Total Agency Debt?

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

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

8.1 Commercial Bank Holdings of Agency MBS

Table 8. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 2-Nov 9-Nov 16-Nov 23-Nov

Largest 25 

Domestic Banks 2,186.8 2,163.9 2,143.9 2,122.4 2,117.0 2,115.5 2,096.8 2,067.6 2,044.1 2,044.9 2,040.2 2,045.7

Small Domestic 

Banks 744.1 736.1 730.8 735.8 731.8 738.3 712.4 692.2 685.7 684.8 686.6 686.5

Foreign Related 

Banks 36.6 34.2 36.5 36.5 38.0 35.1 37.4 35.9 35.7 38.8 40.4 38.4

Total, Seasonally 

Adjusted 2,967.5 2,934.2 2,911.2 2,894.7 2,886.8 2,888.9 2,846.6 2,795.7 2,765.5 2,768.5 2,767.2 2,770.6

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

top 25. Data as of November 2022.

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
DECEMBER 2022

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

8.2 Bank and Thrift Residential MBS Holdings

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

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

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

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

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

Table 9. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

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

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

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

Institution Total GSE PT GNMA PT Agency 

CMO

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

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

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

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

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

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

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

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

8 PNC Bank, National 

Association

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

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

10 CAPITAL ONE FINANCIAL 

CORPORATION

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

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

12 BANK OF NEW YORK 

MELLON CORP

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

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

14 State Street Bank and Trust 

Company

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

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

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

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

18 Citizens Bank, National 

Association

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

19 HSBC Bank USA, National 

Association

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

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

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

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

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

8.3 Foreign Ownership of MBS

For the month of October 2022, foreign ownership of MBS represents $1.15 trillion in agency MBS, 

up approximately $42 billion from September 2022. Total foreign ownership includes $548 billion 

held by foreign private institutions and $605 billion held by foreign official institutions. The foreign 

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

peak of approximately 17.5% has fallen all the way to 13.52% in October of 2022.

Figure 37. Foreign Share of Agency MBS Market

Figure 38. Monthly Foreign MBS Holdings

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

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

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

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

13.52%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Oct-15

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Percent of

Agency M

B

S Owned 

by Foreigners

Foreign Share of MBS

605

548

1,153

0

200

400

600

800

1,000

1,200

1,400

$ Billions

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

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

Outside of the US, China, Japan, and Taiwan are the nations with the largest holdings agency MBS. As 

of September 2022, these three own 59% of all US MBS held by investors outside of the United States. 

Between June 2021 and June 2022, Japan and Taiwan have decreased their agency MBS holdings 

while China’s holdings has increased. Japan’s holdings has decreased by $59.1 billion, Taiwan has 

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

Table 11. All Agency Debt

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

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

2021 Q1 2022 Q2 2022 Q3 2022

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

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

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

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

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

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

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

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

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

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

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

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

Table 12. Agency MBS

Country Level of Holdings ($ Millions)

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

China 217,858 244,266 26,408

Japan 311,576 252,455 -59,121

Taiwan 249,984 222,670 -27,314

Canada 81,353 75,998 -5,355

United Kingdom 40,857 65,393 24,536

Luxembourg 37,756 42,207 4,451

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

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

Switzerland 23,813 19,634 -4,179

Bermuda 24,178 19,464 -4,714

Other 194,327 192,728 -1,599

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

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

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

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume as of November 2022 was $245 billion for 2022 YTD, 

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

average daily trading volume saw a 4.8% decrease MoM. In 2021, average agency MBS was at 2.70%,

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

higher than the agency MBS turnover. Turnover for Corporates remains minimal relative to agency 

MBS or Treasury turnover.

Figure 39. Average Daily Trading Volume by Sector

Figure 40. Average Daily Turnover by Sector

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

MBS in Average Daily Turnover by Sector.

$245

$623

$39

$0

$100

$200

$300

$400

$500

$600

$700

$ Billions

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

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
DECEMBER 2022

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

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

and between FHA, VA, and other Ginnie Mae loan sources as of the end of November 2022. The 

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

10.1 Credit Scores

Table 13. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 205,546 646 684 737 776 797 728

Fannie 64,820 693 726 760 786 801 753

Freddie 59,265 696 727 760 786 801 753

Ginnie 81,461 625 648 681 729 773 690

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 59,917 623 652 698 748 784 699

Fannie 19,617 663 699 739 774 796 733

Freddie 16,187 646 677 715 758 788 717

Ginnie 24,113 597 625 654 690 731 659

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 265,463 639 675 728 772 795 721

Fannie 84,437 685 719 756 784 800 748

Freddie 75,452 680 714 753 783 799 745

Ginnie 105,574 619 643 674 720 767 683

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 81,461 625 648 681 729 773 690

FHA 48,923 621 642 667 699 736 673

VA 28,360 636 669 721 770 794 718

Other 4,178 637 660 695 732 762 697

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 24,113 597 625 654 690 731 659

FHA 14,667 589 619 645 673 701 645

VA 9,422 613 640 675 719 758 680

Other 24 645 660 702 750 768 696

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 105,574 619 643 674 720 767 683

FHA 63,590 611 636 662 693 730 666

VA 37,782 629 659 707 760 790 708

Other 4,202 637 660 695 732 763 697

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

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

Figure 41. FICO Distributions by Agency

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

0.00%

3.72%

14.04%

30.36%

42.98%

8.89%

0.09%

2.79%

12.94%

30.14%

44.27%

9.75%

2.24%

18.55%

26.34%

23.02%

24.16%

4.89%

5.94%

33.07%

39.24%

14.71%

5.00%

0.45%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
DECEMBER 2022

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

10.2 Loan-to-Value (LTV)

Table 14. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 205,777 65 80 94 98 100 87

Fannie 64,877 55 75 80 95 95 81

Freddie 59,293 55 75 80 95 95 79

Ginnie 81,607 90 98 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 59,922 39 55 70 80 86 66

Fannie 19,617 32 46 60 70 79 58

Freddie 16,187 34 48 62 74 80 60

Ginnie 24,118 57 70 80 84 91 77

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 265,699 54 74 85 97 99 82

Fannie 84,494 45 64 80 90 95 76

Freddie 75,480 47 66 80 90 95 75

Ginnie 105,725 75 88 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 81,607 90 98 98 100 100 96

FHA 49,017 92 97 98 98 98 96

VA 28,393 85 100 100 100 102 96

Other 4,197 93 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 24,118 57 70 80 84 91 77

FHA 14,668 54 67 77 81 81 72

VA 9,426 64 77 89 90 100 84

Other 24 50 73 88 97 99 81

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 105,725 75 88 98 99 100 92

FHA 63,685 73 81 98 98 98 91

VA 37,819 76 90 100 100 102 93

Other 4,221 92 99 101 101 101 98

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

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

Figure 42. Loan-to Value by Agency

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

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
DECEMBER 2022

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

10.3 Debt-to-Income (DTI)

Table 15. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 205,394 26 34 42 48 51 40

Fannie 64,877 24 31 39 45 49 38

Freddie 59,293 24 31 39 45 48 38

Ginnie 81,224 32 39 45 51 55 44

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 59,869 25 33 40 46 50 39

Fannie 19,617 23 30 38 44 47 36

Freddie 16,187 25 32 40 45 48 38

Ginnie 24,065 29 36 43 50 54 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 265,263 26 34 41 47 51 40

Fannie 84,494 24 31 39 45 48 37

Freddie 75,480 24 32 39 45 48 38

Ginnie 105,289 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 81,224 32 39 45 51 55 44

FHA 48,992 34 40 47 52 55 45

VA 28,040 30 38 45 51 56 44

Other 4,192 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 24,065 29 36 43 50 54 42

FHA 14,660 29 36 44 50 55 43

VA 9,381 28 35 42 49 54 42

Other 24 26 34 38 40 41 35

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 105,289 31 38 45 51 55 44

FHA 63,652 32 39 46 52 55 45

VA 37,421 30 37 44 51 56 43

Other 4,216 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.
DECEMBER 2022

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

Figure 43. Debt-to Income by Agency

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

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
DECEMBER 2022

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

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

approximately 4% between periods September 2020 – November 2020 and September 2022 -

November 2022. The share of borrowers with DTIs below 35% decreased by approximately 24% over 

the same period. From the period between September 2020 – November 2020 to the period between 

September 2022 – November 2022, the share of high-LTV loans increased in the Ginnie Mae 

guarantee book by approximately 12% and in the GSE portfolios by approximately 154%. Still, Ginnie 

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

continues to dominate high-LTV lending, with 67.77% of its issuances between September 2022 and 

November 2022 having LTVs of 95 or above, compared to 21.89% for the GSEs. 

Table 16. Share of Loans with LTV > 95

Ginnie Mae GSE All

Sep 2020 - Nov 2020 60.27% 8.62% 19.84%

Sep 2022 - Nov 2022 67.77% 21.89% 38.84%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.95% 4.67% 6.22% 10.60% 0.13% 23.57%

35-45 4.16% 9.31% 10.21% 10.85% 0.04% 34.57%

≥45 3.74% 8.09% 7.14% 5.79% 0.02% 24.79%

NA 1.58% 2.82% 2.75% 3.19% 6.73% 17.07%

All 11.44% 24.89% 26.32% 30.43% 6.92% 100.00%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

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

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

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

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

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

Sources: Recursion and Ginnie Mae. Data as of November 2022.
DECEMBER 2022

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

10.5 Serious Delinquency Rates

Serious delinquency rates for single-family GSE, FHA, and VA loans all continued to fall sharply in Q3

2022. From Q2 2022 to Q3 2022, Fannie and Freddie serious delinquencies decreased 12 and 9 bps, 

respectively, or 15% and 12% respectively, as a percentage change. Ginnie Mae collateral’s serious 

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

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

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

Figure 44. Serious Delinquency Rates: Single-Family Loans.

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey.

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

4.15%

0.69%

0.67%

2.51%

0%

2%

4%

6%

8%

10%

12%

1Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
DECEMBER 2022

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 52.4% in November 2022, up slightly

from 51.9% in November 2021. Ginnie Mae and Freddie Mac’s first-time homebuyer shares, 68.2% 

and 40.1% respectively in November, have remained relatively flat YoY. Fannie Mae’s first-time 

homebuyer share has declined 6.7% YoY. Table 20 shows that based on mortgages originated in 

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

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

likely than their repeat buyers to have lower loan amounts and credit scores, other components of 

the credit profile were very similar.

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

Table 19. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

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

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

Credit Score 744.7 757.3 747.0 756.3 683.3 703.1 720.9 746.0

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

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

Loan Rate (%) 5.5 5.5 5.4 5.5 5.3 5.2 5.4 5.4

40.1%

44.0%

68.2%

52.4%

25%

35%

45%

55%

65%

75%

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

First-time Homebuyer Share

Freddie Fannie Ginnie All

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

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

Within the Ginnie Mae purchase market, 76.4% of FHA loans, 51.6% of VA loans, and 83.3% of other 

loans provided financing for first-time home buyers in November 2022. While FHA loans remained 

stable, VA decreased MoM and other increased MoM. Table 21 shows that based on mortgages 

originated in November, 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% smaller loans, had a

22-point lower credit score, 4.5% higher LTVs and were 10 bps higher in interest. FHA’s first-time 

homebuyers are much more similar to their repeat buyers, with only 4.9% smaller loans and 2.4% 

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

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

continue to have lower credit scores than their first-time home buyers. For VA and conventional 

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

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

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

FHA VA Other Total

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

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

Credit Score 672.1 669.1 707.6 729.7 695.9 704.3 683.3 703.1

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

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

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

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

76.4%

51.6%

83.3%

68.2%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

First-time Homebuyer Share

FHA VA Other All
DECEMBER 2022

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

10.7 Credit Box: Historical

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

beginning of 2022. The median FICO score for all agency loans originated in November was 725, which 

represents a 14 point decrease since the start of 2022, a decline of 3 points MoM, and a decline of 

18 points YoY. The trend in declining median FICO scores has been much more pronounced for 

refinance loans. Ginnie median FICO scores have declined from 687 in November 2021 to 671 in 

November 2022, a 16 point drop. As of November 2022, average FICOs for refinances have dropped 

for Fannie Mae and Freddie Mac borrowers YoY 24 and 36 points respectively. 

Figure 47. FICO Scores for All Loans

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

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

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

Freddie Mac and Fannie Mae each saw increases in median LTV YoY from 70% in November 2021, 

753

756

671

725

660

680

700

720

740

760

780

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

May-21

Aug-21

Nov-21

Feb-22

May-22

Aug-22

Nov-22

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

640

660

680

700

720

740

760

780

Nov-17

Apr-18

Sep-18Feb-19

Jul-19

Dec-19

May-20

Oct-20

Mar-21

Aug-21

Jan-22

Jun-22

Nov-22

FICO Scores

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Nov-17

Apr-18

Sep-18Feb-19

Jul-19

Dec-19

May-20

Oct-20

Mar-21

Aug-21

Jan-22

Jun-22

Nov-22

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
DECEMBER 2022

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

whereas Ginnie Mae LTVs remained relatively flat from 97.63% over that same period. Median LTV 

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

for Ginnie Mae, Freddie Mac, and Fannie Mae and are all higher compared to November 2021.

Figure 50. LTV Ratio for All Loans

Figure 51. DTI Ratio for All Loans

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

80.0

98.2

87.4

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Nov-22

Loan-to-value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

39.0

44.7

41.1

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Nov-22

Debt-to-Income Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

80.0

39.0
DECEMBER 2022

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

11 FORBEARANCE TRENDS

4

As of the end of November 2022, 134,820 Ginnie Mae loans were in forbearance. The number of 

loans in forbearance removed from MBS pools was 742 while 134,078 loans in forbearance still 

actively remain in pools. The number of loans in forbearance for Ginnie Mae, FHA, and VA was higher

for loans originated by nonbanks than banks in all subsets.

Table 22. Forbearance Snapshot

All Loans in Forbearance – November 2022

FICO

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time 

Homebuyer

Share (%)

Purchase 

S )

Loan Count

Ginnie 656 3.4 $196,529.26 74.9 74.1 134,820

Bank 671 3.7 $146,013.27 81.6 85.7 13,506

Nonbank 655 3.4 $202,670.44 74.3 73.2 121,303

FHA 652 3.5 $193,040.76 78.2 77.7 98,620

Bank 669 3.8 $144,000.00 85.2 87.7 10,973

Nonbank 651 3.5 $199,472.02 77.5 76.9 87,640

VA 666 3.2 $250,000.00 60.6 59.0 25,403

Bank 678 3.4 $187,182.34 59.3 73.3 1,721

Nonbank 665 3.2 $254,104.57 60.6 58.3 23,681

Loans in Forbearance and Removed from Pools – November 2022

FICO

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time 

Homebuyer

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 667 3.6 $139,337.39 70.5 59.2 742

Bank 653 4.6 $84,318.77 74.2 72.1 273

Nonbank 670 3.3 $183,166.07 69.3 56.1 468

FHA 655 3.9 $128,878.30 74.6 64.2 479

Bank 649 4.9 $84,318.77 76.5 70.9 209

Nonbank 656 3.4 $168,761.43 73.6 62.0 269

VA 684 3.2 $210,500.79 59.3 41.6 183

Bank 666 3.8 $126,001.79 62.4 66.2 33

Nonbank 686 3.1 $223,642.89 58.8 38.6 150

Loans in Forbearance that Remain in Pools – November 2022

FICO

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time 

Homebuyer

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.4 $196,792.74 74.9 74.1 134,078

Bank 671 3.7 $147,672.47 81.7 85.9 13,233

Nonbank 655 3.4 $202,725.86 74.3 73.3 120,835

FHA 652 3.5 $193,386.92 78.2 77.8 98,141

Bank 670 3.8 $145,203.65 85.3 87.8 10,764

Nonbank 651 3.5 $199,579.51 77.5 76.9 87,371

VA 666 3.2 $250,433.39 60.6 59.1 25,220

Bank 678 3.4 $188,468.19 59.3 73.4 1,688

Nonbank 665 3.2 $254,422.73 60.6 58.4 23,531

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

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

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

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

2022, approximately 1.2% lower than observed as of the end of October 2022. With the forbearance 

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

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

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

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

Figure 52. Share of Ginnie Mae Loans in Forbearance.

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

Banks based on the updated Recursion data source.

0%

2%

4%

6%

8%

10%

12%

Bank Forbearance Nonbank Forbearance All Forbearance

 -

 50,000

 100,000

 150,000

 200,000

 250,000

 300,000

 350,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

 -

 20,000

 40,000

 60,000

 80,000

 100,000

 120,000

 140,000

 160,000

 180,000

 200,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

Figure 53. Number of Loans Removed 

from Pools: Non-bank

Figure 54. Number of Loans Removed 

from Pools: Bank
DECEMBER 2022

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

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

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

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

to have coupons less than 3.5% since May 2022 (bottom charts: “Number of Loans Removed from 

Pools by Coupon”). In November 2022, the number of loans repurchased due to delinquency 

increased 42% to 1326 for FHA and increased 9% to 340 for VA loans.

.

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

Figure 55. Number of Loans Removed from

Pools: FHA

Figure 56. Number of Loans Removed

from Pools: VA

Figure 57. Number of Loans Removed from Pools by Coupon:

:

0

50,000

100,000

150,000

200,000

250,000

300,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

<3.5 LOSS MITIGATION <3.5 REPURCHASE OF DELINQUENT LOAN

<3.5 MORTGAGOR PAYOFF

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

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

>=3.5 MORTGAGOR PAYOFF
DECEMBER 2022

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 84.00% of Ginnie Mae MSRs (see 

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

depository institutions. As of October 2022, over half (51.02%) of the Ginnie Mae MSRs are owned 

by the top six firms.

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

Rank MSR Holder UPB ($ millions) Share Cumulative Share

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

2 LAKEVIEW LOAN SERVIC $244,397,094,892 11.6% 23.69%

3 PENNYMAC LOAN SERVIC $241,593,694,598 11.5% 35.17%

4 NATIONSTAR MORTGAGE, $116,157,766,470 5.5% 40.69%

5 WELLS FARGO BANK, NA $113,563,048,114 5.4% 46.09%

6 ROCKET MORTGAGE, LLC $103,654,953,059 4.9% 51.02%

7 CARRINGTON MORTGAGE $80,432,889,790 3.8% 54.84%

8 NEWREZ LLC $66,681,213,131 3.2% 58.01%

9 CALIBER HOME LOANS, $53,005,112,271 2.5% 60.53%

10 UNITED WHOLESALE MOR $52,628,953,850 2.5% 63.03%

11 U. S. BANK, NA $50,115,393,850 2.4% 65.41%

12 PLANET HOME LENDING, $39,789,049,021 1.9% 67.30%

13 MORTGAGE RESEARCH CE $37,109,225,204 1.8% 69.07%

14 LOANDEPOT.COM,LLC $35,656,310,614 1.7% 70.76%

15 NAVY FEDERAL CREDIT $29,073,919,570 1.4% 72.14%

16 AMERIHOME MORTGAGE C $28,598,844,634 1.4% 73.50%

17 GUILD MORTGAGE COMPA $21,932,011,966 1.0% 74.54%

18 THE MONEY SOURCE INC $20,941,436,223 1.0% 75.54%

19 TRUIST BANK $20,306,998,176 1.0% 76.50%

20 CROSSCOUNTRY MORTGAG $17,899,269,053 0.9% 77.35%

21 NEW AMERICAN FUNDING $17,112,167,820 0.8% 78.17%

22 VILLAGE CAPITAL & IN $15,614,369,595 0.7% 78.91%

23 MOVEMENT MORTGAGE,LL $15,388,970,153 0.7% 79.64%

24 CMG MORTGAGE, INC. $14,815,797,201 0.7% 80.35%

25 IDAHO HOUSING AND FI $14,023,027,757 0.7% 81.01%

26 RUSHMORE LOAN MANAGE $13,989,108,413 0.7% 81.68%

27 CITIZENS BANK N.A. $13,832,500,693 0.7% 82.33%

28 PHH MORTGAGE CORPORA $11,917,252,813 0.6% 82.90%

29 MIDFIRST BANK $11,775,220,997 0.6% 83.46%

30 CARDINAL FINANCIAL C $11,419,650,713 0.5% 84.00%

Source: Deloitte. Data as of November 2022.
DECEMBER 2022

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination experienced an increase in November, up approximately 2.1% 

since last month. This increase in non-bank origination share was driven primarily by Freddie Mac 

(non-bank origination share up 11.1% MoM). The Ginnie Mae non-bank share dropped to 88.8% as 

of November 2022 but has remained consistently higher than the GSEs since . Ginnie Mae non-bank 

origination share of refinance mortgage loans has continued to drive Ginnie Mae’s relatively higher 

non-bank origination share. GSE origination volume of purchase mortgage loans has been the primary 

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

Figure 58. Agency Nonbank Originator Share (All, Purchase, Refi)

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

79.3%

73.5%

71.9%

88.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Fannie Freddie Ginnie

Figure 59. Nonbank Origination Share:

Purchase Loans

Figure 60. Nonbank Origination Share:

Refi Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Fannie Freddie Ginnie
DECEMBER 2022

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

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

Mae continues to have a very high proportion of nonbank originations, with a rate of 88.9% in 

November 2022.

Figure 61. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

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

88.9%

88.8%

88.4%

88.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

FHA VA Other All

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All FHA VA Other

Figure 62. Ginnie Mae Nonbank Share:

Purchase Loans

Figure 63. Ginnie Mae Nonbank Share:

Refi Loans
DECEMBER 2022

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

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

13.1.1 (FICO, LTV, DTI)

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

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

scores decreased by 4 points from October 2022 to November 2022. The agency median FICO 

decreased by 3 to 725 MoM.

Figure 64. Agency FICO: Bank vs. Nonbank

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

680

690

700

710

720

730

740

750

760

770

780

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median FICO Bank Median FICO

Nonbank Median FICO

Figure 65. GSE FICO: Bank vs. Nonbank Figure 66. Ginnie Mae FICO: Bank vs. Nonbank

725

745

718

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median FICO Bank Median FICO

Nonbank Median FICO
DECEMBER 2022

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

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

Mae median bank LTV remained flat at 98.19% MoM and non-bank LTV decreased slightly to 98.19% 

MoM. Ginnie Mae median DTI remained consistent MoM at approximately 45% in November 2022 

in non-bank originations. 

Figure 67. GSE LTV: Bank vs. Nonbank Figure 68. Ginnie Mae LTV: Bank vs. Nonbank

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

30

32

34

36

38

40

42

44

46

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median DTI Bank Median DTI

Nonbank Median DTI

Figure 69. GSE DTI: Bank vs. Nonbank Figure 70. Ginnie Mae DTI: Bank vs. Nonbank

64

66

68

70

72

74

76

78

80

82

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median LTV Bank Median LTV

Nonbank Median LTV

90

92

94

96

98

100

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median LTV Bank Median LTV

Nonbank Median LTV
DECEMBER 2022

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

In November 2022, the median FICO score for Ginnie Mae bank decreased 4 points to 685 and nonbank increased 1 point to 670 MoM. The median FICO for all Ginnie originations stayed consistent at

671 MoM. The gap between banks and non-banks is most apparent in VA lending (29-point spread).

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

680

690

700

710

720

730

740

750

760

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Figure 72. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 71. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 73. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 74. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

640

650

660

670

680

690

700

710

720

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO
DECEMBER 2022

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

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

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

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

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

30

32

34

36

38

40

42

44

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI

Figure 75. Ginnie Mae DTI:

Bank vs. Nonbank

Figure 77. Ginnie Mae VA DTI:

Bank vs. Nonbank

Figure 78. Ginnie Mae Other DTI:

Bank vs. Nonbank

Figure 76. Ginnie Mae FHA DTI:

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

All Median DTI Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

May-21

Nov-21

May-22

Nov-22

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI
DECEMBER 2022

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

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

18.4% between March 2020 and September 2022. Over that same period, the Mountain region has 

experienced the greatest home price appreciation (21.0% CAGR), while in the West North Central 

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

Table 24. Regional HPI Trend Analysis

U.S. Census 

Subregion

New 

England

Middle 

Atlantic

East 

North 

Central

East 

South 

Central

South 

Atlantic

West 

North 

Central

West 

South 

Central

Mountain Pacific National

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

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

Trough to Pandemic

CAGR

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

Pandemic CAGR 17.9% 16.4% 16.4% 20.2% 21.9% 15.7% 18.0% 21.0% 17.3% 18.4%

12-Month Period of Max 

HPI Growth During

Pandemic

7-2020 to

6-2021

7-2020

to 6-

2021

7-2020

to 6-

2021

4-2021

to 3-

2022

6-2021

to 5-

2022

7-2020

to 6-

2021

6-2021

to 5-

2022

9-2020 to

8-2021

8-2020

to 7-

2021

8-2020

to 7-

2021

Max 12-Month Period

Change, During 

Pandemic

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

12-Month Period of Max 

HPI Growth, PrePandemic

12-2001

to 11-

2002

12-2003

to 11-

2004

2-2017

to 1-

2018

2-2005

to 1-

2006

9-2004

to 8-

2005

4-1993

to 3-

1994

4-2005

to 3-

2006

11-2004

to 10-

2005

1-2004

to 12-

2004

10-2004

to 9-

2005

Max 12-Month HPI

Growth, Pre-Pandemic

14.0% 12.4% 6.8% 8.5% 15.3% 7.4% 7.4% 18.1% 22.3% 10.7%

Figure 79. FHFA US Census Subregions as defined by the US Census Bureau

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

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

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

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

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

S&P’s CoreLogic Case-Shiller US National Housing Price Index’s November 29, 2022, reporting 

September data indicated that home price gains continued to slow across the country. In September, 

just a 10.6% annual gain was reported, down from 12.9% compared to the month prior. This latest 

reported MoM HPI appreciation value suggests home prices have started to show signs of continued 

deceleration.

Table 25. Home Price Trends by State

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

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

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

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

2022 in its Report dated March 29, 2022

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

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

AK 66.7% -5.4% 55.7% 9.3% 47.4%

AL 41.6% -15.1% 92.5% 14.7% 63.4%

AR 39.9% -11.1% 83.7% 14.6% 63.2%

AZ 110.3% -49.5% 239.1% 18.6% 71.2%

CA 144.9% -47.1% 170.0% 11.8% 43.0%

CO 32.3% -10.3% 177.5% 13.8% 148.9%

CT 72.8% -19.7% 54.3% 11.6% 23.9%

DC 163.1% -11.7% 120.9% 4.2% 95.0%

DE 88.5% -23.5% 71.5% 11.8% 31.1%

FL 130.0% -46.5% 210.7% 23.2% 66.2%

GA 36.0% -27.1% 156.6% 17.6% 87.0%

HI 139.0% -27.1% 131.4% 15.2% 68.7%

IA 27.8% -5.4% 72.9% 10.7% 63.5%

ID 73.4% -32.2% 249.4% 14.1% 136.8%

IL 49.9% -23.8% 62.8% 10.2% 24.1%

IN 19.0% -8.6% 102.1% 12.8% 84.7%

KS 31.0% -7.7% 88.0% 12.1% 73.5%

KY 28.9% -5.4% 85.8% 11.6% 75.8%

LA 51.6% -6.7% 59.7% 9.0% 48.9%

MA 69.9% -18.3% 97.3% 10.4% 61.2%

MD 126.4% -26.4% 67.4% 9.6% 23.2%

ME 72.1% -12.4% 109.5% 16.5% 83.5%

MI 18.5% -31.6% 137.5% 11.4% 62.5%

MN 52.6% -23.0% 101.8% 9.0% 55.3%

MO 39.3% -15.0% 98.5% 12.7% 68.8%

MS 38.9% -12.8% 67.2% 13.7% 45.8%

MT 79.5% -13.5% 138.9% 17.8% 106.7%

NC 39.7% -14.1% 123.8% 18.9% 92.1%

ND 51.7% -0.8% 85.8% 8.5% 84.3%

NE 24.3% -5.9% 99.1% 11.0% 87.3%

NH 72.8% -21.9% 111.0% 14.8% 64.7%

NJ 102.3% -22.8% 70.7% 12.4% 31.9%

NM 66.4% -17.9% 79.1% 13.5% 47.1%

NV 117.4% -59.4% 259.7% 15.4% 46.2%

NY 75.7% -10.6% 76.8% 12.1% 58.2%

OH 19.5% -16.6% 100.6% 11.9% 67.3%

OK 36.8% -4.5% 83.1% 12.8% 74.9%

OR 85.6% -28.6% 158.3% 10.9% 84.4%

PA 68.8% -10.9% 75.5% 10.5% 56.3%

RI 108.3% -28.2% 105.3% 13.0% 47.4%

SC 40.6% -16.0% 122.3% 17.5% 86.8%

SD 40.2% -2.3% 102.6% 14.9% 97.8%

TN 38.3% -12.6% 144.3% 18.8% 113.5%

TX 35.8% -3.0% 131.7% 15.4% 124.7%

UT 65.1% -26.0% 199.2% 15.6% 121.3%

VA 95.1% -18.8% 80.4% 11.9% 46.4%

VT 78.5% -10.5% 80.1% 13.7% 61.2%

WA 83.3% -27.3% 182.3% 13.5% 105.1%

WI 38.6% -14.3% 92.1% 11.9% 64.6%

WV 39.3% -5.9% 57.7% 11.3% 48.4%

WY 84.7% -9.7% 77.1% 13.9% 60.0%
DECEMBER 2022

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

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

Rent

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

impacted by general asset price changes. As of November, inflation has dropped to 7.1%. Nationally, 

rents are up 7.5 percent YoY, the third time in 2022 that yearly increases have dropped into the single 

digits. Wage growth decreased slightly from 6.5% in October to 6.4% in November. September 2022 

reporting data shows YoY home price appreciation has now decreased to 10.6% down from 13.0% of 

August 2022.

Figure 80. Inflation | 12-Month Percent Change in CPI

Figure 81. Asset Price Appreciation vs. Wage Increases

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

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

7.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Nov-12

Mar-13

Jul-13

Nov-13

Mar-14

Jul-14

Nov-14

Mar-15

Jul-15

Nov-15

Mar-16

Jul-16

Nov-16

Mar-17

Jul-17

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Nov-22

Metric Statistic

General Inflation 7.1%

Home Price 

Appreciation 10.6%

Rental Price 

Appreciation

(Median Rent 

Change YoY)

7.5%

Wage Growth 6.4%

7.1%

6.5%

10.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Jul-21

Nov-21

Mar-22

Jul-22

Nov-22

General Inflation Wage Growth Home Appreciation
DECEMBER 2022

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate was raised in early November 2022 by 75 bps and once again by half 

a percentage point in December to a range of 4.25% and 4.50%. This is the seventh consecutive 

increase in 2022.

7 Despite these latest rate hikes, mortgage rates have not sustained their peak levels. 

As of December 15, 2022, the average 30-year and 15-year fixed rate mortgage rates were 6.31% and 

5.54% respectively. The average 30-year fixed rate mortgage rate decreased 27 bps and the average 

15-year fixed rate mortgage rate decreased 36 bps MoM. 

Figure 82. Average Fixed Rate Mortgage Rates

Sources: FRED data as of December 2022

7https://www.federalreserve.gov/newsevents/pressreleases/monetary20221214a1.htm#:~:text=The%20Board%20of%20Governors%20of,%2C%20effe

ctive%20December%2015%2C%202022.

6.31

5.54

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22

30-Year 15-Year
DECEMBER 2022

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

14.3 Housing Inventory

As of October 2022, there was 8.9 months of housing inventory on the market, a decrease from 9.2 

in September. October housing inventory values were down by 3.3% MoM. As housing affordability 

continues to remain high (See above section 14.2)single-family home sales are unlikely to play a large 

role in the resolution of the housing shortfall. Multifamily construction volume metrics, shown in 

Figure 79, have been increasing.

Figure 83. Single-Family Housing Inventory

Figure 84. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED data as of October 1, 2022 and New Residential Construction, US Census Bureau

8.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

460

364

567

300

350

400

450

500

550

600

2015 2016 2017 2018 2019 2020 2021

in thousdands

Number of Starts Number of Completions Number of Permits
DECEMBER 2022

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

14.4 Size and Value of the US Housing Market

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

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

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

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

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

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

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

Figure 85. Value of the US Housing Market

Figure 86. Size of the US Residential Mortgage Market.

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

$12.3

$29.5

$41.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q12022Q22022Q3

$ Trillions

Debt Household Equity ousehold E uity Total Value otal Value

$0.42

$8.81

$3.55

0

1

2

3

4

5

6

7

8

9

10

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

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

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized First Liens
DECEMBER 2022

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

15 DISCLOSURE

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

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

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

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

to buy, securities. 

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

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

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

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

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

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

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

in, or omissions from, the report.

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

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

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

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

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

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

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