April 2023
GLOBAL MARKETS ANALYSIS REPORT

APRIL 2023

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

Table of Contents

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4.2 Involuntary Prepayments (CDR) ...........................................................................11

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

5 Single-Family MBS Pass-Through Issuance .............................................................12

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...................................................................21

6.1 Outstanding Single-Family Agency MBS...............................................................21

6.2 Origination Volume and Share Over Time.............................................................22

6.3 Agency Issuance and Agency Outstanding by State.............................................23

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time ..........24

7 Agency REMIC Securities...........................................................................................25

7.1 Monthly REMIC Demand for Ginnie Mae MBS......................................................25

7.2 REMIC Market Snapshot ......................................................................................26

8 MBS Ownership...........................................................................................................27

8.1 Commercial Bank Holdings of Agency MBS .........................................................27

8.2 Bank and Thrift Residential MBS Holdings............................................................28

8.3 Foreign Ownership of MBS...................................................................................30
GLOBAL MARKETS ANALYSIS REPORT

APRIL 2023

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

8.4 Foreign Ownership of Agency Debt and Agency MBS ..........................................31

9 Fixed Income Liquidity Indicators..............................................................................32

PRIMARY MORTGAGE MARKET ...........................................................................................33

10 Agency Credit Breakdown..........................................................................................33

10.1 Credit Scores........................................................................................................33

10.2 Loan-to-Value (LTV) .............................................................................................35

10.3 Debt-to-Income (DTI)............................................................................................37

10.4 High LTV Loans: Ginnie Mae vs. GSEs ................................................................39

10.5 Serious Delinquency Rates...................................................................................40

10.6 Credit Box.............................................................................................................41

10.7 Credit Box: Historical ............................................................................................43

11 Forbearance Trends....................................................................................................45

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

13 Agency Nonbank Originators .....................................................................................47

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE............49

13.1.1 (FICO, LTV, DTI).......................................................................................49

U.S. HOUSING MARKET .........................................................................................................53

14 Housing Affordability..................................................................................................53

14.1 Housing Affordability – Home Price Appreciation..................................................53

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

Rent.... .................................................................................................................54

14.2.1 Housing Affordability – Mortgage Rate Trends ..........................................56

14.3 Housing Inventory.................................................................................................57

14.4 Size and Value of the US Housing Market ............................................................58

15 Disclosure....................................................................................................................59
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

APRIL 2023

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

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

This month’s Highlights section discusses two ESG investment standards with expanding global 

adoption, the Sustainable Finance Disclosure Regulation (SFDR) and the SEC’s disclosure guidance 

for investment advisors and investment companies.

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

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

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

refinance activity. 

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

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

homebuyers. 

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

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

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

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

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

remains historically low.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

APRIL 2023

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

Highlights

Ginnie Mae provides investors with information that supports their sustainable investing decisions 

and solutions, such as the Environmental, Social, and Governance (ESG) stratification record. The 

ESG stratification record provides pool level aggregate information about the amount of loans and 

UPB dollars that are in Low- to Moderate-Income (LMI) areas.

In 2021, Ginnie Mae started disclosing ESG status on its Multifamily securities. Green status shows 

which multifamily MBS have loans backed by properties with one or more “green” features, which 

include everything from energy efficient windows to water-saving devices. The Federal Housing 

Administration (FHA) designates which properties contain green features.

(https://www.ginniemae.gov/data_and_reports/reporting/Pages/esg.aspx). 

Globally, the buildout of a framework for ESG investment continues. The relevant parties continue 

to expand ESG- related data disclosures and provide ESG-related investment strategies. Regulatory 

bodies and standard-bearers continue to work toward establishing consistent standards to facilitate 

decisions by asset managers and offerings by investment advisors that align with regulatory and 

policy requirements as well as ESG investment goals. This month’s Highlights provides a summary 

of two examples of ESG-related regulation, the European Union’s Sustainable Finance Disclosure 

Regulation and, the SEC’s ESG Disclosure by Investment Advisors and Investment Companies.

Sustainable Finance Disclosure Regulation

In March 2021, the Sustainable Finance Disclosure Regulation (SFDR) was implemented by the 

European Union (EU) to assist investors with categorizing and comparing sustainable investments. 

SFDR requires asset managers and investment advisors to disclose sustainability characteristics or 

objectives of their financial products in pre-contractual, periodic, and website disclosures. Asset 

managers and investment advisors also categorize their products according to the level of ESG 

integration and sustainability objectives.

The SFDR is part of the EU's efforts to promote sustainable finance and combat climate change. As 

part of its Action Plan on Financing Sustainable Growth, the European Commission proposed the 

regulation in May 2018 in order to redirect capital flows towards sustainable investments and 

embed sustainability considerations into financial markets1

. On November 9, 2019, the proposal 

was officially published in the Official Journal of the European Union after being approved by the 

European Parliament and Council of the European Union2

. In the financial sector, the SFDR is 

designed to promote transparency and comparability of sustainability-related information by 

building on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) 

from June 20173

. 

1 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52018DC0097

2 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32019R2088 

3 https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

APRIL 2023

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

Among the key requirements of the SFDR are disclosure of ESG integration, pre-contractual and 

periodic disclosure, website disclosure, product classification, disclosure of adverse sustainability 

impacts, and reporting on carbon emissions. Additionally, the SFDR requires financial market 

participants to provide details on how they measure the ESG impact of their investments and what 

sources of data they use.

Under SFDR, asset managers and financial advisors categorize their financial products into one of 

three categories: Article 6, Article 8, or Article 9 products, depending on their ESG integration and 

sustainability objectives. 

• Article 6 products are financial products where ESG considerations are not a primary factor 

in investment making decisions. 

• Article 8 financial products offer environmental or social benefits but do not have a specific 

sustainable investment objective. For Article 8 products, ESG factors are incorporated into 

investment decision-making and are disclosed. 

• Article 9 financial products have a specific environmental or social objective and are 

designed to promote sustainable investment. Article 9 products demonstrate a clear and 

measurable impact on environmental or social characteristics and have a sustainable 

investment objective aligned with the EU's environmental objectives. How sustainable 

investment objectives are achieved is disclosed, in addition to how the impact of 

investments is measured and reported. 

SEC’s Proposed ESG Disclosures for Investment Advisers and Investment Companies

In the United States, the proposed SEC rule and disclosure amendments apply disclosure 

requirements on registered investment advisors as well as Registered Funds, including disclosures 

required in a Registered Fund’s prospectus.

For Registered Funds, disclosure is based upon how important an ESG-related strategy is to the 

Fund’s strategy. Funds may be classified as an Integration Fund, where ESG-related factors are of no 

more importance than other factors influencing investment decisions, or ESG-Focused Funds, where 

ESG factors are at minimum a significant concern. If a Registered Fund has a specific ESG-related 

goal, it is designated as an Impact Fund, which is an ESG-Focused Fund subset. 

* https://www.whitecase.com/insight-alert/sec-proposes-amendments-rules-regulate-esg-disclosuresinvestment-advisers-investment
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

APRIL 2023

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 1. Bloomberg US Aggregate Index

At month-end March, 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 2. Bloomberg Global Aggregate Index by Country

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

largest share of total outstanding issuance, representing approximately 40% of the total Bloomberg 

Global Aggregate Index down slightly from the prior month. Japan’s share of fixed income is the 

second highest at 13%, up slightly from the prior month. 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 March 2023. Figures in charts may not add to 100% due to rounding.

41%

27%

14%

8%

2%

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

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 1%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

40.1%

12.6% 5.1% 9.1%

4.2%

4.2%

3.5%

3.0%

2.2% 1.9% 14.1%

United States - 40.1%

Japan - 12.6%

China - 9.1%

France - 5.1%

Germany - 4.2%

United Kingdom - 4.2%

Canada - 3.5%

Italy - 3%

Spain - 2.2%

Netherlands - 1.9%

Australia - 14.1%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

APRIL 2023

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged) 

The US 10-year Treasury yield moved to 3.53% at month-end March 2023, a MoM decrease of 39

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 3.36% at month-end March, a MoM decrease of 

46 bps. 

The yield on the German 10-year decreased to 2.19% at month-end March, a MoM decrease of 42

bps.

The yield on the Italian 10-year decreased to 4.06% at month-end March, a MoM decrease of 41

bps.

The yield on the Japanese 10-year notes decreased to 0.29% at month-end March, a MoM 

decrease of 21 bps.

Figure 3. Global 10-Year Treasury Yields 

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

3.53%

3.36%

2.19%

4.06%

0.29%

-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
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

APRIL 2023

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

2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY increased MoM 8 bps to 2.21% at month-end 

March.

The hedged yield for the 10-year Treasury EUR increased MoM 5 bps to 1.28% at month-end 

March

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

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

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

2.21

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

1.28

1.10

1.20

1.30

1.40

1.50

1.60

1.70
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

APRIL 2023

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 4.72% in January, increased 65 bps to 5.37% by month-end February, then 

dropped 42 bps to 4.95% by month-end March. Ginnie Mae I yields were 4.75% in January, 

increased 52 bps to 5.27% by month-end February, then dropped 33 bps to 4.94% by month-end 

March. The yields on the Ginnie Mae I were 141 bps higher than the US 10-year Treasury yield at 

month-end March 2023, an increase of 6 bps MoM. Ginnie Mae II spreads over the US 10-year 

Treasury yield increased 42 bps YoY to 142 bps over the US 10-year Treasury yield by month-end 

March 2023.

Figure 6. Ginnie Mae II SF Yield, USD

Figure 7. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of March 2023.

4.95%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

4.94%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

APRIL 2023

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

3.2 Ginnie Mae Hedged Yields

The yield for the Ginnie Mae II, hedged in the Japanese Yen stood at 4.04% at month-end 

March, a 46 bps increase MoM. The yield for the Ginnie Mae II, hedged in the Euro, stood at 

3.11% at month-end March, a 43 bps increase MoM.

The yield for the Ginnie Mae I, hedged in the Japanese Yen, stood at 3.96% at month-end 

March, a 48 bps increase MoM. The yield for the Ginnie Mae I, hedged in the Euro, stood at 

3.03% at month-end March, a 45 bps increase MoM.

Figure 8. Ginnie Mae I and II Hedged, JPY

 

Figure 9. Ginnie Mae I and II Hedged, EUR

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

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

3.96%

4.04%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23

GN II Hedged JPY GN I Hedged JPY

3.03%

3.11%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23

GN II Hedged EUR GN I Hedged EUR
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

APRIL 2023

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

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS remained relatively 

stable at 0.58% at month-end March. The GNMA II 30-year OAS increased 3 bps MoM as of monthend March. The US Intermediate credit OAS also increased 4 bps MoM as of month-end March.

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

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

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

0.58%

1.12%

-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

0.54%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

APRIL 2023

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

3.4 Global Treasury Yield Per Duration

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

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

Figure 12. Yield vs. Duration

Security Duration Yield

US 5y 4.54 3.68

US 10y 8.28 3.55

JPY 5y 4.69 0.09

JPY 10y 9.52 N/A

GER 5y 4.70 2.32

GER 10y 8.73 2.32

ITA 5y 4.44 3.60

ITA 10y 7.84 4.15

UK 5y 5.20 3.36

UK 10y 8.29 3.52

GNMA II 2% 6.79 4.13

GNMA II 2.5% 6.69 4.20

GNMA II 3% 6.68 4.27

GNMA II 3.5% 5.90 4.47

GNMA II 4% 5.70 4.58

GNMA II 4.5% 5.41 4.74

GNMA II 5% 4.79 4.94

GNMA II 5.5% 4.02 5.18

GNMA II 6% 3.20 5.39

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 March 2023. 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% GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

0.00

1.00

2.00

3.00

4.00

5.00

6.00

-3.00 2.00 7.00 12 Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

APRIL 2023

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds increased in March by 33.1% MoM, while 

Fannie Mae and Freddie Mac CPRs increased 33.8% and 35.8%, respectively. ARM prepayments 

have increased for GSEs and Ginnie Mae since February 2023. 

Figure 13. Fixed Rate Aggregate 1-Month CPR

Figure 14. ARM Aggregate 1-Month CPR

 

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

5.7

5.4

6.9

0

10

20

30

40

50

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

6.6

12.0

14.0

0

10

20

30

40

50

60

70

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

APRIL 2023

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

4.2 Involuntary Prepayments (CDR)

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

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

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

continued to remain below Ginnie Mae in March 2023 after slightly overtaking Ginnie Mae in 

September 2022. 

Figure 15. Fixed Rate Aggregate CDR

Figure 16. ARM Aggregate CDR

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

0.3

0.2

0.8

0

5

10

15

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.2

0.4

0.8

0

10

20

30

40

50

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

APRIL 2023

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

4.3 Voluntary Prepayment Rates (CRR)

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

GSEs. Fannie Mae and Freddie Mac saw increases of 36.0% MoM and 37.1% MoM in fixed rate 

aggregate CRR, respectively. Freddie Mac saw a 37.3% MoM increase and Fannie Mae saw a 43.5% 

MoM increase in ARM aggregate CRR. Ginnie Mae increased 33.0% MoM in fixed rate aggregate 

CRR and saw a 44.2% MoM increase in ARM aggregate CRR. 

Figure 17. Fixed Rate Aggregate CRR 

Figure 18. ARM Aggregate CRR

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

5.4

5.2

6.1

0

10

20

30

40

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

6.0

13.6

11.8

0

10

20

30

40

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Jan-21

Mar-21

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance increased by 18% MoM.Freddie Mac, Ginnie Mae and Fannie Mae all 

saw increases in gross issuance as compared to February.

Table 1. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9 

2005 $514.1 $379.9 $894.0 $81.4 $975.3 

2006 $500.2 $352.9 $853.0 $76.7 $929.7 

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2 

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

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

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

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

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

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

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

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

2023 YTD $68.2 $58.1 $126.3 $76.1 $202.4 

Figure 19. Agency Gross Issuance

$76

$68

$58 $0.0

$500.0

$1,000.0

$1,500.0

$ in Billions 

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

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.

Ginnie Mae’s $26.2 billion in gross issuance in March was approximately 39% below the average 

monthly issuance for 2022. 

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5 

2002 $128.6 $37.9 $2.5 $169.0 

2003 $147.9 $62.7 $2.5 $213.1 

2004 $85.0 $31.8 $2.5 $119.2 

2005 $55.7 $23.5 $2.1 $81.4 

2006 $51.2 $23.2 $2.3 $76.7 

2007 $67.7 $24.2 $3.0 $94.9 

2008 $221.7 $39.0 $6.9 $267.6 

2009 $359.9 $74.6 $16.8 $451.3 

2010 $304.9 $70.6 $15.3 $390.7 

2011 $216.1 $82.3 $16.9 $315.3 

2012 $253.4 $131.3 $20.3 $405.0 

2013 $239.2 $132.2 $22.2 $393.6 

2014 $163.9 $111.4 $21.0 $296.3 

2015 $261.5 $155.6 $19.2 $436.3 

2016 $281.8 $206.5 $19.9 $508.2 

2017 $257.6 $177.8 $20.2 $455.6 

2018 $222.6 $160.8 $17.2 $400.6 

2019 $266.9 $225.7 $16.0 $508.6 

2020 $327.0 $423.5 $24.9 $775.4 

2021 $392.2 $422.1 $26.7 $840.9 

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $44.1 $30.1 $1.9 $76.1 

Figure 20. Ginnie Mae Gross Issuance

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

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

$44

$30

$0.0 $2

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

5.2 Net Issuance of Agency MBS

Agency net issuance in March was approximately $1.9 billion, which represents a 32.1% MoM 

decrease in net issuance. Ginnie Mae net issuance was $8.7 billion in March, a 1.2% increase from 

February 2023. Since May 2022, FHA net issuance outpaces VA net issuance MoM, as shown in 

Table 4 and Figure 28. 

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8 

2007 $296.1 $218.8 $514.9 $30.9 $545.7 

2008 $213.0 $101.8 $314.8 $196.4 $511.3 

2009 $208.1 $42.5 $250.6 $257.4 $508.0 

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9 

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7 

2016 $60.5 $66.8 $127.4 $126.1 $253.5 

2017 $83.7 $77.0 $160.7 $132.3 $293.0 

2018 $81.9 $67.6 $149.4 $112.0 $261.5 

2019 $87.4 $110.3 $197.7 $95.7 $293.5 

2020 $289.3 $343.5 $632.8 $19.9 $652.7 

2021 $384.9 $498.0 $882.9 $2.7 $885.6 

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $1.5 -$5.4 -$3.9 $31.5 $27.6 

Figure 21. Agency Net Issuance

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

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

$32

$2

-$5

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

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

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $21.9 $9.9 -$0.3 $31.5

Figure 22. Ginnie Mae Net Issuance

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

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

$10

$22

$0

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

5.3 Monthly Issuance Breakdown

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

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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 

March 2023. Beginning with the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to 
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

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

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

5.4 Percent Refi at Issuance – Single-Family 

Refinance activity increased for Ginnie Mae in March 2023. Ginnie Mae’s MoM increase was 

approximately 0.8%, with the greater increase taking place with VA lending which was up

approximately 1.3% in March MoM. FHA’s refinance share increased by approximately 0.5%. In the 

conventional conforming mortgage market space, Fannie Mae saw an increase of 11.2% MoM and 

Freddie Mac saw an increase of 7.1% MoM.

Freddie Mac’s refinance percentage rose to 13.8% in March, up from 12.9% in February.

Fannie Mae’s refinance percentage rose to 17.0% in March, up from 15.3% in February.

Ginnie Mae’s refinance percentage rose to 15.0% in March, up from 14.8% in February

FHA’s refinance percentage rose to 14.3% in March, unchanged from February.

VA’s refinance percentage rose to 16.9% in March, up from 16.7% in February.

Figure 23. Percent Refinance at Issuance – Single-Family

 

17.0%

16.9%

14.3%

13.8%

15.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Sep/14

Dec/14

Mar/15

Jun/15

Sep/15

Dec/15

Mar/16

Jun/16

Sep/16

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

Dec/22

Mar/23

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

APRIL 2023

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

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

Agency Single-Family MBS Outstanding

APRIL 2023

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING 

6.1 Outstanding Single-Family Agency MBS

As of March 2023, outstanding single-family MBS in the agency market totaled $8.630 trillion: 

41.4% Fannie Mae, 33.6% Freddie Mac, and 25.1% Ginnie Mae MBS. Over the past twelve months, 

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

2.1%, 3.8%, and 9.0%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s 

and Ginnie Mae’s by approximately $672 billion and $1.4 trillion, respectively.

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

2018, 60.5% of Ginnie Mae outstanding collateral was FHA and 33.3% was VA. In March 2023, FHA 

collateral comprised 53.1% of Ginnie Mae MBS outstanding and VA collateral comprised 42.0% of 

Ginnie Mae MBS outstanding. 

Figure 24. Outstanding Agency Mortgage-Backed Securities

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

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

$3,569

$2,897

$2,165

$8,630

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

$1,150

$911

$106

0

200

400

600

800

1000

1200

1400

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

$ in Billions

 FHA VA OTHER
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

APRIL 2023

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

6.2 Origination Volume and Share Over Time

First lien origination volume continued to decline in Q4 2022, with $335 billion in originations in Q4, 

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

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

from 26.4% to 25.3% in Q4 2022. 

Figure 26. First Lien Origination Volume

Figure 27. First Lien Origination Share

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

$0.16

$0.08

$0.01

$0.08

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

47.4%

25.6%

1.7%

25.3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Agency Single-Family MBS Outstanding

APRIL 2023

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

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 32% 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 (54%) and the lowest in the District of Columbia (21%). The highest Ginnie Mae 

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

There is currently a 6% difference between Ginnie Mae’s share of new agency issuance (32%) and 

Ginnie Mae’s share of agency outstanding (26%). 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA 

Loan 

GNMA Avg. 

Loan Size 

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

32% 1,910,282 279.90 289.13 26% 10,765,545 204.94 210.84

AK 54% 6,104 332.16 298.60 48% 37,524 261.72 221.01

AL 46% 43,763 223.06 237.86 40% 237,380 157.34 177.68

AR 42% 22,893 191.07 220.62 39% 137,129 132.63 160.89

AZ 30% 56,994 316.03 323.86 24% 274,727 219.86 226.17

CA 26% 124,427 442.59 439.38 17% 686,942 328.03 320.55

CO 30% 41,811 399.71 388.66 23% 214,166 292.45 277.73

CT 32% 17,772 263.49 276.90 25% 106,605 202.67 209.42

DC 21% 1,561 489.79 427.45 13% 8,979 382.25 349.93

DE 35% 9,016 268.16 294.14 31% 52,047 204.37 211.58

FL 35% 171,896 295.47 296.38 32% 853,678 212.68 211.79

GA 39% 101,006 255.57 288.95 34% 499,756 180.63 207.00

HI 41% 5,448 613.57 497.21 32% 33,545 469.18 358.10

IA 30% 13,400 181.15 195.65 22% 82,720 134.12 148.36

ID 28% 11,171 333.16 323.75 23% 63,763 218.63 223.07

IL 28% 63,642 209.13 241.85 22% 368,349 160.21 179.28

IN 34% 49,319 190.99 210.14 30% 279,847 134.54 151.09

KS 33% 15,618 193.14 222.48 29% 96,431 140.27 163.91

KY 40% 29,725 197.36 214.28 34% 165,426 143.92 155.99

LA 47% 36,487 205.15 236.56 40% 201,636 157.97 177.56

MA 26% 19,658 374.59 368.21 16% 114,099 285.22 268.73

MD 41% 50,461 337.82 327.66 34% 293,189 265.59 249.69

ME 32% 6,426 244.55 267.74 26% 38,020 178.19 191.84

MI 25% 47,059 185.74 213.43 20% 276,312 134.14 156.92

MN 22% 23,497 246.99 275.04 18% 159,935 182.50 198.58

MO 34% 41,438 197.83 219.30 29% 244,884 142.43 162.15

MS 53% 21,770 201.15 217.53 48% 122,757 143.87 161.30

MT 27% 4,950 307.29 312.17 23% 32,302 209.43 216.46

NC 33% 78,260 250.97 285.14 29% 415,042 176.39 202.36

ND 33% 2,867 242.11 240.17 24% 17,072 193.27 184.33

NE 31% 9,787 218.09 222.47 26% 64,962 149.60 161.11

NH 27% 6,119 310.87 304.69 22% 38,362 226.91 215.18

NJ 29% 41,986 317.63 334.30 21% 232,760 241.04 254.60

NM 41% 15,618 241.29 251.60 38% 95,294 167.26 178.51

NV 35% 26,142 342.46 332.17 30% 133,320 248.54 235.74

NY 24% 44,962 300.41 340.77 20% 308,046 209.73 248.57

OH 33% 69,338 183.67 201.14 29% 424,484 130.68 149.29

OK 42% 30,560 202.19 223.25 42% 189,160 141.49 162.63

OR 24% 18,980 350.38 360.11 19% 110,643 254.43 253.63

PA 28% 57,572 201.36 245.67 26% 389,387 149.21 182.14

RI 39% 6,406 322.89 297.81 30% 35,789 235.11 213.23

SC 39% 48,589 252.19 261.15 34% 235,985 183.91 192.33

SD 34% 4,776 242.77 244.24 29% 29,349 173.55 177.79

TN 34% 50,823 257.66 280.69 31% 269,959 176.19 204.65

TX 32% 189,321 265.74 300.44 31% 1,096,718 183.11 212.92

UT 23% 17,865 374.40 383.25 18% 95,553 260.87 264.20

VA 44% 76,677 330.62 320.45 36% 447,226 257.25 250.28

VI 22% 121 347.15 412.94 23% 796 248.46 302.04

VT 23% 1,858 236.76 262.90 19% 12,180 181.51 180.92

WA 28% 39,344 395.88 401.96 21% 232,362 285.33 289.58

WI 24% 20,233 210.55 227.18 17% 124,071 157.01 163.39

WV 49% 10,439 194.31 196.32 44% 59,890 144.51 145.55

WY 39% 4,327 265.73 267.95 35% 24,987 206.46 201.84

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

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

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

Agency Single-Family MBS Outstanding

APRIL 2023

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

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

As of March 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae MBS increased 

slightly from 3.16% in February 2023 to 3.18%. Figure 35 illustrates that loans originated since 2019 

account for 75% of Ginnie Mae MBS collateral outstanding.

Figure 28. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 29. Outstanding Ginnie Mae MBS Balance, by Vintage

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

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

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar/17

May/17

Jul/17

Sep/17

Nov/17

Jan/18

Mar/18

May/18

Jul/18

Sep/18

Nov/18

Jan/19

Mar/19

May/19

Jul/19

Sep/19

Nov/19

Jan/20

Mar/20

May/20

Jul/20

Sep/20

Nov/20

Jan/21

Mar/21

May/21

Jul/21

Sep/21

Nov/21

Jan/22

Mar/22

May/22

Jul/22

Sep/22

Nov/22

Jan/23

Mar/23

Avg Coupon %

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar/15

Jun/15

Sep/15

Dec/15

Mar/16

Jun/16

Sep/16

Dec/16

Mar/17

Jun/17

Sep/17

Dec/17

Mar/18

Jun/18

Sep/18

Dec/18

Mar/19

Jun/19

Sep/19

Dec/19

Mar/20

Jun/20

Sep/20

Dec/20

Mar/21

Jun/21

Sep/21

Dec/21

Mar/22

Jun/22

Sep/22

Dec/22

Mar/23

Pre 2008 2008-2013 2014-2018 2019-2022
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

APRIL 2023

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In March 2023, $7.5 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage 

Investment Conduits (REMICs) as underlying collateral. This represents a roughly 27.9% decrease 

YoY from $10.4 billion in March 2022, and a 36.3% MoM decrease from $11.7 billion in February

2023. Of that, approximately $195.9 million were multifamily MBS having coupons over 4.01%. $6.2 

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

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

Table 7. February 2023 REMIC Collateral Coupon Distribution

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

REMIC Deals ($MM)4

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

3.51-4.00 304.8 60.9% 

4.01-4.50 120.2 24.0% 

5.01-5.50 75.7 15.1%

Subtotal 500.7 100.0%

Single-Family

2.51-3.00 17.1 0.2%

3.01-3.50 86.5 1.2%

4.01-4.50 267.4 3.8%

4.51-5.00 363.4 5.2%

5.01-5.50 432.2 6.2%

5.51-6.00 3,549.2 51.0% 

6.01-6.50 2,097.2 30.1% 

6.51-7.00 149.8 2.2% 

Subtotal 6,962.9 100.0%

Grand Total 7,463.5 100.0%

Source: Ginnie Mae Disclosure Files

4

Totals may not sum due to rounding.

$10.4

$11.2

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

$7.5 $6.4

$11.7

$7.5

$0

$5

$10

$15

$20

$25

Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

APRIL 2023

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

7.2 REMIC Market Snapshot

In March 2023, Ginnie Mae’s Single-Family REMIC collateral WAC increased MoM by 8 basis 

points which is the smallest monthly increase since April 2022. 

 In March 2023, Ginnie Mae REMIC Issuance volume was $8.76 billion, the fourth 

consecutive month where REMIC issuance volume was more than $8.5 billion. A streak of 

this length hasn’t happened since the first quarter of 2022. 

 In March 2023, Freddie Mac’s Multifamily REMIC collateral WAC decreased by 125 basis 

points, offering only two deals in March compared with four in February. As a result, the 

rate has been brought within 10 basis points of Ginnie Mae’s Multifamily REMIC collateral 

WAC.

 In March 2023, Ginnie Mae, Fannie Mae, and Freddie Mac all had total REMIC issuance 

volume above $2.0 billion; this is the first month of this occurrence since October 2022. 

Figure 31. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF 

REMIC 

Issuance 

Volume 

($B)

% of SF 

REMIC 

Issuance

Volume

Number of 

SF REMIC 

Transactions

MF REMIC 

Issuance 

Volume 

($B)

% of MF 

REMIC 

Issuance

Volume

Number of 

MF REMIC 

Transactions

Ginnie Mae 7.2 66.1 10 0.6 25.4 5

Freddie Mac 1.5 13.9 7 1.8 74.6 2

Fannie Mae 2.2 20.0 7 0.0 0.0 0

Total5 10.8 100.0 24 2.5 100.0 7

Source: Ginnie Mae Disclosure Files

5 Totals may not sum due to rounding.

0.6

1.8

0.0

7.2

1.5

2.2

March

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

APRIL 2023

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

8 MBS OWNERSHIP 

As of Q4 2022, the largest holders of agency debt (agency MBS + agency notes and bonds) included 

commercial banks (22%), the Federal Reserve (21%), and foreign investors (12%). The Federal 

Reserve’s share decreased slightly to 21% in the fourth quarter of 2022 from 23% in the third

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

MBS. Out of their approximately $2.8 trillion in holdings as of the end of December 2022, $2.1 

trillion was held by the top 25 domestic banks. 

Figure 32. Who Owns Total Agency Debt?

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

governments, households and nonprofits. Data as of Q4 2022. 

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 8-Mar 15-Mar 22-Mar 29-Mar

Largest 25 

Domestic Banks

2,117.0 2,115.5 2,096.8 2,067.6 2,052.0 2,056.5 2,054.5 1,961.4 1,955.6 1,960.8 1,948.3 1,937.6

Small Domestic 

Banks

731.8 738.3 712.4 692.2 690.9 677.3 663.5 764.0 749.0 735.6 714.7 619.2

Foreign Related 

Banks

38.0 35.1 37.4 35.9 39.3 36.6 30.0 27.0 27.2 30.5 28.5 27.8

Total, Seasonally 

Adjusted

2,886.8 2,888.9 2,846.6 2,795.7 2,782.2 2,770.4 2,748.0 2,752.4 2,731.8 2,726.9 2,691.5 2,584.6

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

top 25. Data as of March 2023. 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Other

Foreign Investment

Credit Unions

Money Market Funds &

Pension Funds

Mutual Funds

REITs

GSEs

Dealers

Commercial Banks

Fed
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

APRIL 2023

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

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 pass-throughs and $352 billion were Ginnie Mae pass-throughs.

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022 
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

APRIL 2023

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

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

Institution Total GSE PT GNMA PT Agency 

CMO

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

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

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

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

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

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

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

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

8 PNC Bank, National 

Association

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

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

10 CAPITAL ONE FINANCIAL 

CORPORATION

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

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

12 BANK OF NEW YORK 

MELLON CORP

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

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

14 State Street Bank and Trust 

Company

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

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

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

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

18 Citizens Bank, National 

Association

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

19 HSBC Bank USA, National 

Association

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

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

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

Source: Inside Mortgage Finance. Notes: Data as of Q3 2022. 
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

APRIL 2023

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

8.3 Foreign Ownership of MBS

For the month of January 2023, foreign ownership of MBS represents $1.20 trillion in agency MBS, 

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

held by foreign private institutions and $635 billion held by foreign official institutions. The preCovid foreign ownership peak of approximately 17.5% has fallen to 14.0% as of January 2023.

Figure 32. Foreign Share of Agency MBS Market

Figure 33. Monthly Foreign MBS Holdings

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

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

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

portion held by foreign official. Data as of January 2023.

635

567

1,202

0

200

400

600

800

1,000

1,200

1,400

$ Billions

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

13.97%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Percent of Agency MBS Owned 

by Foreigners

Foreign Share of MBS
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

APRIL 2023

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

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

three own 58% of all foreign owned US MBS. Between December 2021 and December 2022, Japan 

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

Japan’s holdings have decreased by $23.4 billion, Taiwan’s holdings have decreased by $33.7 billion, 

and China’s holdings have increased by $50.9 billion. 

Table 12. All Agency Debt

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

3/1/2022 6/1/2022 9/1/2022 12/1/2022 Q1 

2022 Q2 2022 Q3 2022 Q4 2022

Japan 259,844 231,432 232,765 278,612 -42,135 -28,412 1,333 45,847

China 219,549 244,320 241,461 253,532 16,881 24,771 -2,859 12,071

Taiwan 233,340 222,670 209,453 210,687 -11,035 -10,670 -13,217 1,234

Canada 73,723 76,391 89,313 100,601 -4,501 2,668 12,922 11,288

United Kingdom 48,436 66,195 56,323 62,982 -24,575 17,759 -9,872 6,659

Luxembourg 33,384 42,630 38,350 50,205 -1,174 9,246 -4,280 11,855

South Korea 40,328 37,963 35,643 38,777 -1,723 -2,365 -2,320 3,134

Cayman Islands 31,972 34,965 35,067 35,475 -3,234 2,993 102 408

Ireland 20,589 20,200 17,680 22,687 -734 -389 -2,520 5,007

France 17,127 16,718 16,212 19,947 257 -409 -506 3,735

Other 186,810 199,603 191,418 207,063 -8,079 12,793 -8,185 15,645

Total 1,165,102 1,193,087 1,163,685 1,280,568 -80,052 27,985 -29,402 116,883

Table 13. Agency MBS

Country Level of Holdings ($ Millions)

12/1/2021 12/1/2022 YoY Change in Holdings ($ Millions)

Japan 301,979 278,612 -23,367

China 202,668 253,532 50,864

Taiwan 244,375 210,687 -33,688

Canada 78,224 100,601 22,377

United Kingdom 73,011 62,982 -10,029

Luxembourg 34,558 50,205 15,647

South Korea 42,051 38,777 -3,274

Cayman Islands 35,206 35,475 269

Ireland 21,323 22,687 1,364

France 16,870 19,947 3,077

Other 194,889 207,063 12,174

Total 1,245,154 1,280,568 35,414

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q4 2022. Agency MBS as of 

December 2022. Revised to include top 10 holders of agency debt listed as of December 2022.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Liquidity Indicators

APRIL 2023

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume in March 2023 was $251 billion, which is up from a 

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

trading volume stayed consistent MoM. See footnote below for update on “Average Daily Turnover 

by Sector” data. 

Figure 34. Average Daily Trading Volume by Sector

Figure 35. Average Daily Turnover by Sector

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

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

updated in this report. 

$251

$677

$46

$0

$100

$200

$300

$400

$500

$600

$700

$800

$ Billions

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

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

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 March 2023. The 

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

10.1 Credit Scores 

Table 14. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 168,194 649 690 740 777 797 731 

Fannie 58,548 696 727 760 786 801 754 

Freddie 49,216 696 726 759 785 800 752

Ginnie 60,430 625 649 683 732 775 691 

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 42,249 627 660 706 755 787 706 

Fannie 16,696 666 701 742 775 797 736 

Freddie 10,620 653 684 723 763 789 722 

Ginnie 14,933 599 627 657 692 732 660 

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 210,443 644 683 734 774 796 726 

Fannie 75,244 688 722 757 784 800 750 

Freddie 59,836 686 718 754 782 799 747 

Ginnie 75,363 621 645 677 724 770 685 

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 60,430 625 649 683 732 775 691 

FHA 35,979 621 643 669 702 740 675 

VA 21,718 634 668 722 770 795 718

Other 2,733 633 657 696 734 763 697 

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 14,933 599 627 657 692 732 660 

FHA 9,406 593 623 649 678 708 650 

VA 5,516 608 639 675 719 757 678 

Other 11 643 675 691 750 786 708 

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 75,363 621 645 677 724 770 685 

FHA 45,385 615 639 665 697 735 670 

VA 27,234 629 660 710 763 792 710

Other 2,744 633 657 696 734 764 697 
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

 Figure 36. FICO Distributions by Agency

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

0.01%

2.77%

13.28%

31.34%

43.93%

8.67%

0.09%

2.34%

12.06%

30.31%

45.28%

9.92%

2.31%

19.07%

25.36%

22.82%

24.15%

5.28%

5.56%

32.16%

39.04%

15.34%

5.37%

0.41%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

10.2 Loan-to-Value (LTV)

Table 15. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 168,393 66 80 95 98 100 86

Fannie 58,596 57 75 80 95 95 80

Freddie 49,230 57 75 84 95 95 81 

Ginnie 60,567 91 98 98 100 100 97 

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 42,132 35 51 68 80 85 64

Fannie 16,696 29 43 59 70 79 56 

Freddie 10,620 32 46 60 74 80 59 

Ginnie 14,816 57 70 80 84 92 77 

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 210,525 53 75 89 97 98 82

Fannie 75,292 45 65 80 90 95 75

Freddie 59,850 48 69 80 95 95 77 

Ginnie 75,383 77 90 98 100 100 93

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 60,567 91 98 98 100 100 97 

FHA 36,077 92 98 98 98 98 96

VA 21,744 88 100 100 100 102 97

Other 2,746 92 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 14,816 57 70 80 84 92 77 

FHA 9,461 54 68 78 81 81 73 

VA 5,344 63 77 89 91 100 84

Other 11 53 78 86 95 102 80 

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 75,383 77 90 98 100 100 93

FHA 45,538 75 86 98 98 98 91

VA 27,088 79 91 100 100 102 94

Other 2,757 92 98 101 101 101 98

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

Agency Credit Breakdown

APRIL 2023

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

Figure 37. Loan-to Value by Agency

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

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

10.3 Debt-to-Income (DTI)

Table 16. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 168,121 27 34 42 47 50 40 

Fannie 58,596 24 32 39 45 48 38

Freddie 49,230 25 32 40 45 49 38

Ginnie 60,295 31 38 45 51 55 44 

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 42,024 25 32 40 45 50 39 

Fannie 16,696 23 30 38 43 47 36 

Freddie 10,620 25 32 40 45 48 38 

Ginnie 14,708 29 36 44 50 55 43

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 210,145 26 34 41 47 50 40

Fannie 75,292 24 31 39 45 48 37 

Freddie 59,850 25 32 40 45 49 38

Ginnie 75,003 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 60,295 31 38 45 51 55 44 

FHA 36,069 33 40 46 52 55 45

VA 21,483 31 38 45 51 56 44 

Other 2,743 27 31 36 40 42 35 

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 14,708 29 36 44 50 55 43

FHA 9,428 29 37 44 50 55 43

VA 5,269 28 35 43 49 54 42

Other 11 33 35 37 41 42 37 

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 75,003 31 38 45 51 55 44

FHA 45,497 32 39 46 51 55 45

VA 26,752 30 37 45 51 56 44

Other 2,754 27 31 36 40 42 35 

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

Agency Credit Breakdown

APRIL 2023

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

Figure 38. 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%

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

From January 2021 – March 2021 to January 2023 – March 2023, the share of high-LTV agency loans 

going to borrowers with: 

 FICO scores above 750 has increased by approximately 3.5% 

 DTIs below 35% decreased by approximately 27.4% 

In that period, the share of high-LTV loans increased in the Ginnie Mae guarantee book by 

approximately 31% and in the GSE portfolios by approximately 229%. Still, Ginnie Mae maintains its 

key role of expanding credit access to low-to-moderate income borrowers as it continues to 

dominate high-LTV lending, with 71.16% of its issuances between January 2023 and March 2023 

having LTVs of 95 or above, compared to 24.17% for the GSEs. 

Table 17. Share of Loans with LTV > 95

 Ginnie Mae GSE All

Jan 2021 - Mar 2021 54.27% 7.35% 18.14%

Jan 2023 - Mar 2023 71.16% 24.17% 41.83%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.96% 4.41% 5.85% 9.35% 0.14% 21.73%

35-45 4.20% 8.93% 9.34% 9.74% 0.04% 32.25%

≥45 3.96% 7.82% 6.56% 5.35% 0.03% 23.71%

NA 1.86% 3.83% 3.55% 4.00% 9.06% 22.31%

All 11.98% 24.99% 25.30% 28.45% 9.28% 100.00%

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

 FICO 

DTI <650 650-700 700-750 ≥750 NA All

<35 2.11% 3.03% 4.19% 6.38% 0.06% 15.77%

35-45 5.84% 8.69% 10.31% 11.36% 0.06% 36.26%

≥45 8.19% 13.75% 12.90% 11.50% 0.05% 46.40%

NA 0.30% 0.22% 0.16% 0.20% 0.69% 1.57%

All 16.44% 25.69% 27.57% 29.44% 0.86% 100.00%

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

Agency Credit Breakdown

APRIL 2023

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

10.5 Serious Delinquency Rates

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

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

Freddie serious delinquencies decreased by 4 and 1 bps, respectively. Ginnie Mae collateral’s 

serious delinquency rates decreased less than the GSE rates in absolute terms, with VA dropping 8 

bps but FHA increasing 18 bps. This overall decline in serious delinquency rates is consistent with 

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

Figure 38. Serious Delinquency Rates: Single-Family Loans

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey

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

4.33%

0.66%

0.65%

2.43%

0%

2%

4%

6%

8%

10%

12%

2Q064Q062Q074Q072Q084Q082Q094Q092Q104Q102Q114Q112Q124Q122Q134Q132Q144Q142Q154Q152Q164Q162Q174Q172Q184Q182Q194Q192Q204Q202Q214Q212Q224Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.9% in March 2023, up slightly 

from 54.7% in February 2023 and up from 50.2% in March 2022. Ginnie Mae and Fannie Mae’s firsttime homebuyer shares, 68.3% and 47.6% respectively in March 2023, have remained relatively flat 

YoY. Freddie Mac’s first-time homebuyer share has increased 18.0% YoY. Table 20 shows that based 

on mortgages originated in March 2023, the average GSE first-time homebuyer was more likely to 

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

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

DTI and loan rate were very similar. 

Figure 39. First-Time Homebuyer Share: Purchase Only Loans

Table 20. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

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

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

Credit Score 744.7 757.3 747.0 756.3 683.3 703.1 720.9 746.0

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

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

Loan Rate (%)

5.5 5.5 5.4 5.5 5.3 5.2 5.4 5.4

47.6%

68.3%

54.9%

25%

35%

45%

55%

65%

75%

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

First-Time Homebuyer Share

Freddie Fannie Ginnie All

47.0%
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

Within the Ginnie Mae purchase market, 76.6% of FHA loans, 52.7% of VA loans, and 83.8% of other 

loans provided financing for first-time home buyers in March 2023. While FHA loans increased 

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

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

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

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

rate. FHA’s first-time homebuyers are much more like their repeat buyers, with only 5.0% smaller 

loans, 10 bps higher in interest rate, and 2.5% 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 40. 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.

76.6%

52.7%

83.8%

68.3%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

10.7 Credit Box: Historical

The median FICO score for all agency loans originated in March 2023 was 729, which represents a 9-

point decline YoY from March 2022. The trend in declining median FICO scores has been much more 

pronounced for refinance loans. Ginnie Mae median FICO scores have decreased 1 point between 

March 2022 and March 2023 to 671. As of March 2023, average FICO scores for refinances have 

dropped for Fannie Mae and Freddie Mac borrowers by 10 and 19 points YoY respectively. 

Figure 41. FICO Scores for All Loans

 Figure 42. FICO Scores for Purchase Loans Figure 43. FICO Scores for Refinance Loans

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

754

757

671

729

660

680

700

720

740

760

780

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

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

640

660

680

700

720

740

760

780

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20Feb-21

Jul-21

Dec-21

May-22

Oct-22

Mar-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20Feb-21

Jul-21

Dec-21

May-22

Oct-22

Mar-23

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

APRIL 2023

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

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

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

programs. Freddie Mac and Fannie Mae each saw increases in median LTV YoY from 73% and 72% 

respectively in March 2023 whereas Ginnie Mae LTVs remained relatively flat from 97% over that 

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

44.6%, 40.0%, and 39.0% respectively. In March 2022, median DTIs for Ginnie Mae, Fannie Mae, 

and Freddie Mac was 42.9%, 37.0%, and 37.0%. 

Figure 44. LTV Ratio for All Loans

Figure 45. DTI Ratio for All Loans

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

80.0

98.2

90.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

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

Mar-23

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

39.0

44.6

41.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

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

Mar-23

Freddie Median Fannie Median Ginnie Median All Median

80.0
GLOBAL MARKETS ANALYSIS REPORT

Forbearance Trends

APRIL 2023

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

11 FORBEARANCE TRENDS

At the end of March 2023, 106,112 Ginnie Mae loans were in forbearance. The number of loans in 

forbearance removed from MBS pools in March was 548 while 105,564 loans in forbearance still 

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

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

Ginnie Mae, FHA, and VA was higher for loans in forbearance originated by nonbanks than banks in 

all subsets. 

Table 22. Forbearance Snapshot

All Loans in Forbearance – March 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.6 $207,240 73.8 75.1 106,112 

Bank 671 3.8 $144,535 80.8 85.8 10,977 

Nonbank 655 3.6 $214,735 73.2 74.3 95,123 

FHA 652 3.7 $203,148 77.3 78.4 77,886 

Bank 670 3.8 $142,000 84.0 88.6 8,877

Nonbank 651 3.7 $210,967 76.7 77.6 69,001 

VA 666 3.4 $261,396 59.3 62.0 20,477 

Bank 677 3.5 $188,167 60.6 70.1 1,430

Nonbank 665 3.4 $266,825 59.2 61.6 19,044 

Loans in Forbearance and Removed from Pools – March 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 667 3.6 $180,940 65.5 63.6 548

Bank 667 4.4 $101,307 55.3 82.0 151

Nonbank 667 3.4 $209,658 68.1 60.2 397

FHA 658 3.9 $171,180 71.0 66.6 346

Bank 657 4.7 $91,785 60.6 80.2 111

Nonbank 658 3.6 $201,499 74.2 63.7 235

VA 679 3.1 $239,057 52.9 54.2 152

Bank 694 3.4 $181,496 45.1 79.9 18

Nonbank 678 3.1 $251,706 54.1 51.7 134

Loans in Forbearance that Remain in Pools – March 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.6 $207,387 73.8 75.1 105,564 

Bank 671 3.8 $144,937 81.0 85.8 10,826 

Nonbank 655 3.6 $214,762 73.3 74.4 94,726 

FHA 652 3.7 $203,338 77.3 78.4 77,540 

Bank 670 3.8 $142,429 84.2 88.6 8,766

Nonbank 651 3.7 $210,996 76.7 77.6 68,766 

VA 666 3.4 $261,508 59.3 62.1 20,325 

Bank 677 3.5 $188,433 60.8 70.0 1,412

Nonbank 665 3.4 $266,868 59.3 61.7 18,910 

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

Holders of Ginnie Mae Mortgage Servicing Rights

APRIL 2023

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 86.49% 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 March 2023, over half (53.40%) of the Ginnie Mae MSRs are 

owned by the top six firms.

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

MSR Holder

 

Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 1 $280,635,186,261 12.95% 12.95% 7.64% 1.17%

DBA FREEDOM HOME MOR 2 2 $265,035,879,978 12.23% 25.17% 8.17% 1.14%

PENNYMAC LOAN SERVIC 3 3 $251,392,566,436 11.60% 36.77% 7.54% 0.78%

NATIONSTAR MORTGAGE, 4 4 $127,844,925,064 5.90% 42.67% 7.81% 0.77%

NEWREZ LLC 5 5 $122,131,150,804 5.63% 48.30% 6.33% 0.49%

WELLS FARGO BANK, NA 6 6 $110,463,859,051 5.10% 53.40% 7.71% 0.46%

ROCKET MORTGAGE, LLC 7 7 $105,582,720,524 4.87% 58.27% 8.91% 0.51%

CARRINGTON MORTGAGE 8 8 $92,081,170,658 4.25% 62.52% 7.80% 1.10%

U. S. BANK, NA 9 9 $52,507,043,626 2.42% 64.94% 5.82% 0.55%

UNITED WHOLESALE MOR 10 10 $49,296,531,921 2.27% 67.21% 4.10% 0.35%

PLANET HOME LENDING, 11 11 $46,131,563,730 2.13% 69.34% 6.03% 0.28%

LOANDEPOT.COM,LLC 12 12 $37,059,416,498 1.71% 71.05% 7.27% 0.50%

MORTGAGE RESEARCH CE 13 13 $34,160,632,716 1.58% 72.63% 6.36% 0.38%

AMERIHOME MORTGAGE C 14 14 $34,032,465,696 1.57% 74.20% 4.47% 0.40%

NAVY FEDERAL CREDIT 15 15 $29,186,600,187 1.35% 75.54% 6.98% 0.29%

GUILD MORTGAGE COMPA 16 16 $22,555,802,567 1.04% 76.58% 6.66% 0.63%

THE MONEY SOURCE INC 17 17 $20,810,857,125 0.96% 77.54% 7.62% 0.92%

TRUIST BANK 18 18 $20,204,451,332 0.93% 78.48% 7.59% 0.77%

 CROSSCOUNTRY 19 19 $18,499,168,530 0.85% 79.33% 5.88% 0.57%

NEW AMERICAN FUNDING 20 20 $18,078,310,724 0.83% 80.16% 6.77% 0.43%

VILLAGE CAPITAL & IN 21 21 $17,268,309,234 0.80% 80.96% 8.76% 0.62%

MOVEMENT MORTGAGE,LL 22 22 $17,057,010,998 0.79% 81.75% 5.46% 0.51%

CMG MORTGAGE, INC. 23 23 $15,993,057,046 0.74% 82.49% 5.53% 0.81%

IDAHO HOUSING AND FI 24 24 $14,923,342,519 0.69% 83.17% 5.24% 0.64%

CITIZENS BANK N.A. 25 25 $13,853,101,998 0.64% 83.81% 5.99% 0.55%

PHH MORTGAGE CORPORA 26 26 $13,661,773,350 0.63% 84.44% 6.91% 0.82%

FLAGSTAR BANK, N.A. 27 27 $12,090,141,788 0.56% 85.00% 5.17% 0.16%

MIDFIRST BANK 28 28 $11,928,970,853 0.55% 85.55% 8.42% 1.73%

JP MORGAN CHASE BANK 29 29 $10,234,079,001 0.47% 86.02% 8.02% 1.28%

SUN WEST MORTGAGE CO 30 30 $10,113,638,813 0.47% 86.49% 7.40% 0.22%

Source: Deloitte. Data as of February 2023 
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

APRIL 2023

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination share experienced an increase in March 2023, by approximately 

5.2% MoM. This increase in non-bank origination share was driven primarily by Freddie Mac (nonbank origination share up 12.4% MoM). The Ginnie Mae non-bank share fell to 87.4% as of March 

2023 but has remained consistently higher than the GSEs, largely driven by origination share of 

refinance mortgage loans. GSE origination volume of purchase mortgage loans has been the 

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

Figure 54. Agency Nonbank Originator Share (All, Purchase, Refi)

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

82.7%

79.7%

79.9%

87.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Fannie Freddie Ginnie

Figure 55. Nonbank Origination Share: 

Purchase Loans

Figure 56. Nonbank Origination Share: 

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

APRIL 2023

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

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

continues to have a very high proportion of nonbank originations, with a rate of 87.4% in March 

2023. The percent of Ginnie Mae’s Other non-bank refinanced loans increased slightly to 89.2% in 

March 2023. 

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

 

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

89.2%

87.4%

86.6%

88.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

FHA VA Other All

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All FHA VA Other

0%

20%

40%

60%

80%

100%

120%

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All FHA VA Other

Figure 58. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 59. Ginnie Mae Nonbank Share: 

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

APRIL 2023

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

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

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

13.1.1 (FICO, LTV, DTI)

The mortgage loan originations of 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 6 points from February 2023 to March 2023. The agency median FICO 

increased by 2 points to 729 MoM.

Figure 60. Agency FICO: Bank vs. Nonbank 

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

729

745

725

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

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median FICO Bank Median FICO

Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median FICO Bank Median FICO

Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

APRIL 2023

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

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

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

MoM to approximately 44.8% in March 2023 in non-bank originations. 

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

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

64

66

68

70

72

74

76

78

80

82

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median LTV Bank Median LTV

Nonbank Median LTV

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

90

92

94

96

98

100

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median DTI Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

APRIL 2023

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

In March 2023, the median FICO score for Ginnie Mae bank decreased 7 points to 678 and non-bank 

increased 1 point to 670 MoM. The median FICO for all Ginnie originations remained at 671 MoM. 

The gap between banks and non-banks is most apparent in Other lending (28-point spread).

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

640

650

660

670

680

690

700

710

720

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Figure 68. Ginnie Mae FHA FICO Score: 

Bank vs. Nonbank

Figure 67. Ginnie Mae FICO Score: 

Bank vs. Nonbank

Figure 69. Ginnie Mae VA FICO Score: 

Bank vs. Nonbank

Figure 70. Ginnie Mae Other FICO Score: 

Bank vs. Nonbank
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

APRIL 2023

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

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 March 2023.

30

32

34

36

38

40

42

44

46

48

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

Sep-...

Mar-...

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Mar-...

Sep...

Mar-...

Sep...

Mar-...

Sep...

Mar-...

Sep...

Mar-...

Sep...

Mar-...

Sep...

Mar-...

Sep...

Mar-...

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI

Figure 71. Ginnie Mae DTI: 

Bank vs. Nonbank

Figure 73. Ginnie Mae VA DTI: 

Bank vs. Nonbank

Figure 74. Ginnie Mae Other DTI: 

Bank vs. Nonbank

Figure 72. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

46

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

All Median DTI Bank Median DTI

Nonbank Median DTI

34

36

38

40

42

44

46

48

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Housing Affordability

APRIL 2023

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

Home prices are beginning to decelerate, with HPI’s dropping in all regions but the Mountain, 

Pacific, and New England regions between October 2022 and December 2022. Notably, the Pacific 

region experienced a -1.11% Q/Q change in HPI between 2022 Q3 and 2022 Q4 compared to -2.20% 

Q/Q change in HPI from 2022 Q2 to 2022 Q3. The New England and Pacific regions saw a 40 bps and 

103 bps increase in the Q/Q change in HPI, respectively.

Figure 75. Regional HPI Trend Analysis Q/Q

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

Figure 76. FHFA US Census Subregions as defined by the US Census Bureau

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

-1.19%

0.42%

-3.00%

-1.00%

1.00%

3.00%

5.00%

7.00%

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

2017 2018 2019 2020 2021 2022

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central

0.59%

0.51%

0.42%

0.38%

0.25%

0.22%

-1.11%
GLOBAL MARKETS ANALYSIS REPORT

Housing Affordability

APRIL 2023

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

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

Rent 

As of March 2023, inflation was 5.0%, down from 6.0% the month prior. Nationally, rents are down

0.40% YoY as of month-end March 2023. However, the MoM change from February 2023 to March 

2023 was stagnant at -0.01%. Wage growth saw an increase from 6.1% in February 2023 to 6.5% in 

March 2023. February 2023 reporting data shows YoY home price appreciation has now slowed to 

2.0%, down from 3.7% in January 2023. 

Figure 77. Inflation | 12-Month Percent Change in CPI

Figure 78. 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.

5.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Mar-13

Sep-13

Mar-14

Sep-14

Mar-15

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

5.0%

6.5%

2.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

General Inflation Wage Growth Home Appreciation

Metric Statistic

General Inflation 5.0% 

Home Price 

Appreciation

(YoY)

2.0% 

Rental Price 

Appreciation

(Median Rent 

Change YoY) 

-0.40% 

Wage Growth 6.5% 
GLOBAL MARKETS ANALYSIS REPORT

Housing Affordability

APRIL 2023

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

Home affordability remains at a historic low, as the ratio of the average price of sold homes to 

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

current 7:1 sales price to median income ratio exceeds the maximum value observed during the 

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

home prices even dropping in some regions in the country, this ratio may drop back down to 

historically normal levels.

Figure 79. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

1984198519861987198919901991199219941995199619971999200020012002200420052006200720092010201120122014201520162017201920202021

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

Housing Affordability

APRIL 2023

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Funds Target Rate was increased by 25 bps on March 22, 2023 to a range of 4.75% and 

5.00% per the FOMC.6 As of April 20, 2023, the average 30-year and 15-year fixed rate mortgage 

rates were 6.39% and 5.76% respectively. The average 30-year fixed rate mortgage rate decreased

21 bps and the average 15-year fixed rate mortgage rate decreased 14 bps MoM from March 16, 

2023.

Figure 80. Average Fixed Rate Mortgage Rates

Sources: FRED data as of April 2023 

6https://www.federalreserve.gov/newsevents/pressreleases/monetary20230322a.htm

6.39

5.76

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

Housing Affordability

APRIL 2023

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

14.3 Housing Inventory

As of March 2023, there was 7.6 months of housing inventory on the market, a decrease from 8.4 in 

February 2023. As housing affordability continues to remain high (See above section 14.2) singlefamily home sales are unlikely to play a large role in the resolution of the housing shortfall.

Multifamily construction volume metrics, shown in Figure 82 increased in 2022; number of starts 

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

remained relatively stable. 

Figure 81. Single-Family Housing Inventory

Figure 82. Multifamily Construction Metrics: Permits, Starts, Completions

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

7.6

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

in thousands

Number of Starts Number of Completions Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

Housing Affordability

APRIL 2023

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

14.4 Size and Value of the US Housing Market

The total value of the single-family housing market reached $42.5 trillion in 2022. The total value of 

the US housing market is up 123% from its trough in 2011. From 2021 to 2022 mortgage debt 

outstanding increased from $11.4 trillion to $12.2 trillion and household equity increased from 

$24.5 trillion to $30.3 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 $8.7 trillion in 2022, 

agency single family 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 83. Value of the US Housing Market

Figure 84. Size of the US Residential Mortgage Market. 

Source: Federal Reserve Flow of Funds Data as of Q4 2022. 

$12.2

$30.3

$42.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

200220032004200520062007200820092010201120122013201420152016

2017

20182019202020212022

$ Trillions

Debt Household Equity Total Value

$0.4

$8.7

$3.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

20002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022

$ Trillions

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

Disclosure

APRIL 2023

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

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 March

31, 2023. Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any 

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

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

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

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

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