November 2022
NOVEMBER 2022

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

Table of Contents

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

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

1 US Aggregate and Global Indices .................................................................................5

1.1 Bloomberg US Aggregate and Global Indices..........................................................5

2 Sovereign Debt Product Performance Comparisons ..................................................6

2.1 Global 10-Year Treasury Yields (Unhedged) ...........................................................6

2.2 US Treasury Hedged Yields.....................................................................................7

SECONDARY MORTGAGE MARKET ........................................................................................8

3 Fixed Income Product Performance Comparisons......................................................8

3.1 Ginnie Mae Yields – USD.........................................................................................8

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

3.3 Global Treasury Yield Per Duration........................................................................10

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

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

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

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

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

5.1 Gross Issuance of Agency MBS.............................................................................14

5.2 Net Issuance of Agency MBS.................................................................................16

5.3 Monthly Issuance Breakdown ................................................................................18

5.4 Percent Refi at Issuance – Single-Family ..............................................................19

6 Agency Single-Family MBS Outstanding....................................................................20

6.1 Outstanding Single-Family Agency MBS ...............................................................20

6.2 Origination Volume and Share Over Time .............................................................21

6.3 Agency Issuance and Agency Outstanding by State .............................................22

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

7 Agency REMIC Securities ............................................................................................24

7.1 Monthly REMIC Demand for Ginnie Mae MBS ......................................................24

7.2 REMIC Market Snapshot........................................................................................25

8 MBS Ownership.............................................................................................................26

8.1 Commercial Bank Holdings of Agency MBS ..........................................................26

8.2 Bank and Thrift Residential MBS Holdings ............................................................27

8.3 Foreign Ownership of MBS ....................................................................................29

8.4 Foreign Ownership of Agency Debt and Agency MBS...........................................30
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9 Fixed Income Liquidity Indicators ...............................................................................31

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

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

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

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

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

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

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

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

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

11 Forbearance Trends......................................................................................................44

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

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

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

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

U.S. HOUSING MARKET...........................................................................................................54

14 Housing Affordability....................................................................................................54

14.1 Housing Affordability – Home Price Appreciation...................................................54

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

Rent ....................................................................................................56 

14.2.1 Housing Affordability – Mortgage Rate Trends...........................................57

14.3 Housing Inventory ..................................................................................................58

14.4 Size and Value of the US Housing Market .............................................................59

15 Disclosure......................................................................................................................60
NOVEMBER 2022

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

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

This month’s Highlights section includes a recap of the 2022 Ginnie Mae Global Investor Summit held 

on November 2nd and 3rd. The Summit included keynote speeches from Alanna McCargo, President 

of Ginnie Mae and Marcia Fudge, U.S. Secretary of Housing and Urban Development. The two-day 

Summit also included three panels: Panel I: Global Demand for Mortgage-Backed Securities (MBS), 

Panel II: Innovation in Housing Finance, and Panel III: ESG (Environmental, Social, and Governance)

and Ginnie Mae MBS - Sustainable Investment.. 

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

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

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

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

REMIC deals. 

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

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

homebuyers. 

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

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

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

As a leader in the global capital market, Ginnie Mae hosted the 2022 Global 

Investor Summit in Washington, DC on November 2nd and 3rd. The Summit took 

place at the U.S. Department of Housing and Urban Development in the Brooke 

Mondale Auditorium of the Robert C. Weaver Federal Building. The forum 

included domestic and international guests from central banks, sovereign wealth 

funds, public pensions, insurance companies, investment banks, global asset 

management firms, fixed-income managers, and housing finance policymakers and professionals. 

International guests included representatives from the following countries: Taiwan, the Philippines, 

Indonesia, Japan, South Korea, Saudi Arabia, and Singapore. Approximately 100 people attended the 

Summit, with 25 percent of attendees based abroad. The summit 

entailed keynote speeches, a “Global Roundtable,” a networking 

reception event and three panels.

The first day of the Summit commenced with the “Global Roundtable: 

Mortgage-Backed securities and Risk Management.” Alanna McCargo, 

Ginnie Mae President, facilitated the conversation alongside other key 

Ginnie Mae leaders where leading institutional investors and housing 

finance policymakers and professionals were invited to exchange 

perspectives surrounding the risks and opportunities that face our 

dynamic global capital markets. 

Specifically, the roundtable brought attention to securities’ prepayment speeds continuing to decline 

in October as a result of slowing home purchase activity as illustrated in Section 4. In addition, 

roundtable participants pointed out a sharp slowdown in demand from banks for MBS, as shown in 

Sections 8.1 and 8.2. Although panelists did not believe that Fed sales of MBS are imminent or could 

occur in the near future, the pullback from the Fed in MBS purchases has also led to spreads widening. 

Participants also emphasized the effect of increasing interest rates on the supply of mortgage 

originations, which are projected by the Mortgage Bankers Association to decline from $4.4 trillion 

in 2021 to $2.2 trillion in 2022.

The second day of the summit opened with remarks from the 

following keynote speakers: Marcia Fudge, the U.S. Secretary 

of Housing and Urban Development, Alanna McCargo, Ginnie 

Mae President, Fabrice Susini, the CEO of the Saudi Real Estate 

Refinance Company, and Shinji Mouri, President of the Japan 

Housing Finance Agency.

 

Alanna McCargo, President of Ginnie Mae, 

provides her opening remarks. 

Marcia Fudge, U.S. Secretary of Housing and 

Urban Development, during her keynote speech. 
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Once the opening remarks concluded, the first panel to take the stage was “Panel I: Global Demand 

for Mortgage-Backed Securities (MBS)” with Alven Lam, Managing Director International Markets at 

Ginnie Mae, moderating, joined by experts from Morgan Stanley, Brean Capital, Bank of America, the 

World Bank Treasury, Wells Fargo, and Amherst Pierpont Securities. The panelists answered 

questions related to evolving sources of global demand for MBS (See Section 1.1), the top 

international holders of US MBS as illustrated in Figure 1 (See Section 8.4), the impact on global 

demand from the changing interest rate environment (See Section 8.3), changes in MBS prepayments 

(See Section 4), and the Fed’s MBS portfolio pivoting from acquisition to runoff. 

Country Level of Holdings ($ Millions)

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

Japan 311,576 252,455 -59,121 

China 217,858 244,266 26,408 

Taiwan 249,984 222,670 -27,314 

Canada 81,353 75,998 -5,355 

United Kingdom 40,857 65,393 24,536 

Luxembourg 37,756 42,207 4,451 

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

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

Ireland 21,839 19,838 -2,001 

Switzerland 23,813 19,634 -4,179 

Other 196,666 192,354 -4,312 

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

After the discussing global demand for MBS, John Getchis, Senior Vice President of the Office of 

Capital Markets at Ginnie Mae, moderated “Panel II: Innovation in Housing Finance.” Mr. Getchis was 

joined by panelists from the Federal Housing Agency, Ginnie Mae, Mortgage Bankers Association, 

Wells Fargo, and Greystone with topics encompassing the impact of technological advances on singlefamily and multifamily originations in the secondary market (See Section 5), the effect(s) of 

technological advances on the MBS market (See Section 8) innovation within their respective 

organizations and operating environment, and challenges or benefits from innovation for 

institutional MBS investors. 

Dialogue around innovation in housing finance continued in the conversations of the final panel, 

“Panel III: ESG (Environmental, Social, and Governance) and Ginnie Mae MBS - Sustainable 

Investment.” Sam Valverde, Executive Vice President and Chief Operating Officer of Ginnie Mae, 

moderated the closing panel with questions around the connection between Ginnie Mae MBS and 

sustainable investment, Ginnie Mae’s differing approach in supporting ESG investment compared to 

Fannie Mae and Freddie Mac, and Ginnie Mae’s newest ESG additions to MBS disclosuresfor investor 

evaluations. These questions were posed to panelists from the Japan Housing Finance Agency, The 

World Bank, PwC and Morgan Stanley. 

To address ESG developments in housing finance, concerns were raised about a lack of housing 

affordability. Ginnie Mae’s inherent ESG nature of serving first-time home buyers and low-toFigure 1. Agency MBS
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moderate income, rural, tribal, and veteran borrowers was highlighted in fostering a more equitable 

housing finance environment—a mission that is fundamentally focused on the “social” aspect of ESG.

The 2022 Ginnie Mae Global Investor Summit was an opportunity for Ginnie Mae leadership and top 

professionals in the international housing finance industry to come together and promote discourse 

around issues and policies related to Ginnie Mae products and the overall trends in the housing 

market. 
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1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 2. Bloomberg US Aggregate Index.

As of month’s end October, 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 3. Bloomberg Global Aggregate Index by Country. 

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

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

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

13% compared to last month. For the Global Aggregate Index, all countries remained stable when 

compared to the prior month.

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

41%

28%

14%

8%

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

Treasury - 41%

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

Local Authority - 1%

ABS - 0%

41%

12% 9%

5%

4%

4%

4%

3%

2%

2% 14%

United States - 41%

Japan - 12%

China - 9%

France - 5%

United Kingdom - 4%

Germany - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 1%

Other - 14%
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2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged) 

The US 10-year Treasury yield moved to 4.05% at month-end October 2022, a MoM increase of 22

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

depicted in the figure below, behind Italian Treasury yields.

The yield on the UK 10-year notes decreased to 3.51% at month-end October, a MoM decrease

of 57 bps.

The yield on the German 10-year notes increased to 2.14% at month-end October, a MoM 

increase of 2 bps.

The yield on the Italian 10-year note decreased to 4.29% at month-end October, a MoM 

decrease of 23 bps.

The yield on the Japanese 10-year notes decreased to 0.24% at month-end October, a MoM 

decrease of 1 bps.

Figure 4. Global 10-Year Treasury Yields.

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

4.05%

3.51%

2.14%

4.29%

0.24%

-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
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2.2 US Treasury Hedged Yields

The hedged yield for the 10-year Treasury JPY decreased MoM 4 bps to 2.12% at month-end

October.

The hedged yield for the 10-year Treasury EUR decreased MoM 3 bps to 1.21% at month-end

October.

Figure 5. 7–10yr Total Return Hedged Index, JPY.

Figure 6. 7–10yr Total Return Hedged, EUR.

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

212.21 210

220

230

240

250

260

270

280

121.58 120

130

140

150

160

170
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SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD 

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

were at 4.48% at month-end August, increased 108 bps to 5.56% at month-end September and have 

now increased to 5.72%, a 16 bps increase. Ginnie Mae I yields were at 4.49% at month-end August, 

increased 102 bps to 5.51% at month-end September, and have now increased to 5.64%, a 13 bps 

increase. Ginnie Mae II spreads over the US 10-year Treasury yield, just 27 bps at month-end October

2021, had increased 140 bps to 167 bps over the US 10-year Treasury yield at month-end October

2022. The yields on the Ginnie Mae I SF were 159 bps higher than the US 10-year Treasury yield at 

month-end October, a decrease in spread of 8 bps MoM but an increase of 111 bps YoY. 

Figure 7. Ginnie Mae II SF Yield, USD

Figure 8. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of November 2022 

5.72%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

% Yield

5.64%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

% Yield
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3.2 Ginnie Mae Yield Spreads – Intermediate Credit

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased by 9 bps 

to 0.66% at month-end October. The Ginnie Mae II 30-year OAS decreased 4 bps MoM. The US 

Intermediate credit OAS has decreased 6 bps MoM.

Figure 9. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS.

Figure 10. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS.

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

0.61%

1.27%

-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

0.66%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
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3.3 Global Treasury Yield Per Duration

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

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

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

to the month prior. 

Figure 11. Yield vs. Duration

Security Duration Yield

US 5y 4.59 3.27

US 10y 8.59 3.10

JPY 5y 4.80 0.01

JPY 10y 9.57 0.22

GER 5y 4.91 1.30

GER 10y 9.08 1.50

ITA 5y 4.76 3.12

ITA 10y 8.63 3.80

UK 5y 4.68 2.66

UK 10y 8.00 2.70

GNMA II 2% 4.79 6.56

GNMA II 2.5% 5.09 6.20

GNMA II 3% 5.06 6.33

GNMA II 3.5% 5.28 5.93

GNMA II 4% 5.42 5.59

GNMA II 4.5% 5.46 5.37

GNMA II 5% 5.53 5.11

GNMA II 5.5% 5.64 4.78

GNMA II 6% 5.69 3.94

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

US 5y

US 10y

JPY 5y

JPY 10y

GER 5y

GER 10y

ITA 5y

ITA 10y

UK 5y UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

-3.00 2.00 7.00 12.00 Yield

Duration
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4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in October by 19.9% MoM, while 

Fannie Mae and Freddie Mac CPRs decreased by 15.7% and 17.3%, respectively. ARM prepayments 

have dropped for Fannie Mae and Freddie Mac, due to decreased refinance activity in the current 

higher interest rate environment.

Figure 12. Fixed Rate Aggregate 1-Month CPR.

 

Figure 13. ARM Aggregate 1-Month CPR.

 

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

5.8

5.4

7.5

0

10

20

30

40

50

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

CPR(%)

 Fannie Mae Freddie Mac Ginnie Mae

11.0

11.9

12.0

0

10

20

30

40

50

60

70

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

CPR(%)

 Fannie Mae Freddie Mac Ginnie Mae
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4.2 Involuntary Prepayments (CDR)

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

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

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

Mae in October 2022 after being greater than Ginnie Mae for the month of September. 

Figure 14. Fixed Rate Aggregate CDR.

Figure 15. ARM Aggregate CDR.

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

0.3

0.3

0.7

0

5

10

15

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.3

1.0

0

10

20

30

40

50

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
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4.3 Voluntary Prepayment Rates (CRR)

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

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

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

Mac saw decreases of 15.8% and 17.6% MoM in fixed rate aggregate CRR, respectively. Freddie Mac 

saw a 20.9% MoM decrease and Fannie Mae saw a 9.8% MoM decrease in ARM aggregate CRR. Ginnie 

Mae decreased 20.0% MoM in fixed rate aggregate CRR and saw a 41.6% MoM increase in ARM 

aggregate CRR. This was the first MoM increase for Ginnie Mae since May 2022. 

Figure 16. Fixed Rate Aggregate CRR.

Figure 17. ARM Aggregate CRR. 

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

5.5

5.2

6.9

0

10

20

30

40

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

10.7

11.8

11.0

0

10

20

30

40

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
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5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE 

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance decreased MoM by 18.5%. All three agencies saw decreases in gross 

issuance as compared to September. 

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

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9 

2005 $514.1 $379.9 $894.0 $81.4 $975.3 

2006 $500.2 $352.9 $853.0 $76.7 $929.7 

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2 

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

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

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

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

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

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

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

2022 YTD $577.7 $503.4 $1,081.1 $445.0 $1,531.0

2022 Annualized $693.2 $604.1 $1,297.3 $540.0 $1,837.2

Figure 18. Agency Gross Issuance

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

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

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

$693

$604

$540

$0.0

$200.0

$400.0

$600.0

$800.0

$1,000.0

$1,200.0

$1,400.0

$1,600.0

$ in Billions 

Fannie Mae Freddie Mac Ginnie Mae
NOVEMBER 2022

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

Ginnie Mae’s $35.5 billion in gross issuance in October was approximately 49% below the average 

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

2021 by approximately $300.9 billion. 

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5 

2002 $128.6 $37.9 $2.5 $169.0 

2003 $147.9 $62.7 $2.5 $213.1 

2004 $85.0 $31.8 $2.5 $119.2 

2005 $55.7 $23.5 $2.1 $81.4 

2006 $51.2 $23.2 $2.3 $76.7 

2007 $67.7 $24.2 $3.0 $94.9 

2008 $221.7 $39.0 $6.9 $267.6 

2009 $359.9 $74.6 $16.8 $451.3 

2010 $304.9 $70.6 $15.3 $390.7 

2011 $216.1 $82.3 $16.9 $315.3 

2012 $253.4 $131.3 $20.3 $405.0 

2013 $239.2 $132.2 $22.2 $393.6 

2014 $163.9 $111.4 $21.0 $296.3 

2015 $261.5 $155.6 $19.2 $436.3 

2016 $281.8 $206.5 $19.9 $508.2 

2017 $257.6 $177.8 $20.2 $455.6 

2018 $222.6 $160.8 $17.2 $400.6 

2019 $266.9 $225.7 $16.0 $508.6 

2020 $327.0 $423.5 $24.9 $775.4 

2021 $392.2 $422.1 $26.7 $840.9 

2022 YTD $240.0 $196.8 $13.2 $450.0

2022 Annualized $288.0 $236.2 $15.8 $540.0

Figure 19. Ginnie Mae Gross Issuance

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

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

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

$288

$236

$16 $0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
NOVEMBER 2022

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

5.2 Net Issuance of Agency MBS

Agency net issuance in October was approximately $27.8 billion, which represents a 30.2% MoM 

decrease in net issuance. Ginnie Mae net issuance was $17.3 billion in October, a 5.5% decrease from 

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

Table 4 and Figure 21. 

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1 

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8 

2007 $296.1 $218.8 $514.9 $30.9 $545.7 

2008 $213.0 $101.8 $314.8 $196.4 $511.3 

2009 $208.1 $42.5 $250.6 $257.4 $508.0 

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9 

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7 

2016 $60.5 $66.8 $127.4 $126.1 $253.5 

2017 $83.7 $77.0 $160.7 $132.3 $293.0 

2018 $81.9 $67.6 $149.4 $112.0 $261.5 

2019 $87.4 $110.3 $197.7 $95.7 $293.5 

2020 $289.3 $343.5 $632.8 $19.9 $652.7 

2021 $384.9 $498.0 $882.9 $2.7 $885.6 

2022 YTD $190.3 $161.1 $351.3 $145.1 $496.4

2022 Annualized $228.3 $193.3 $421.6 $174.1 $595.7

Figure 20. Agency Net Issuance

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

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

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

$228

$193

$174

-$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
NOVEMBER 2022

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

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

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 YTD $77.7 $69.2 -$1.8 $145.1

2022 Annualized $93.3 $83.0 -$2.1 $174.1

Figure 21. Ginnie Mae Net Issuance

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

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

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

$83

$93

-$2

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
NOVEMBER 2022

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

5.3 Monthly Issuance Breakdown

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

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

5.4 Percent Refi at Issuance – Single-Family 

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

space, Fannie Mae saw a decline of approximately 10% MoM while Freddie Mac’s refinance share 

decreased 5% MoM. Ginnie Mae’s MoM increase was approximately 5%, with the greater rise taking 

place with FHA lending which was up almost 6% in October MoM. VA’s refinance share increased by 

approximately 5%. 

Freddie Mac’s refinance percentage dropped to 18% in October, down from 19% in September.

Fannie Mae’s refinance percentage dropped to 18% in October, down from 20% in September.

Ginnie Mae’s refinance percentage increased to 20% in October, up from 19% in September.

FHA’s refinance percentage increased to 19% in October, up from 18% in September.

VA’s refinance percentage increased to 23% in October, up from 22% in September.

Figure 22. Percent Refinance at Issuance – Single-Family.

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

23%

20%

18%

18%

19%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Apr/14

Jul/14

Oct/14

Jan/15

Apr/15

Jul/15

Oct/15

Jan/16

Apr/16

Jul/16

Oct/16

Jan/17

Apr/17

Jul/17

Oct/17

Jan/18

Apr/18

Jul/18

Oct/18

Jan/19

Apr/19

Jul/19

Oct/19

Jan/20

Apr/20

Jul/20

Oct/20

Jan/21

Apr/21

Jul/21

Oct/21

Jan/22

Apr/22

Jul/22

Oct/22

Freddie Fannie Ginnie FHA VA
NOVEMBER 2022

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING 

6.1 Outstanding Single-Family Agency MBS

As of October 2022, outstanding single-family MBS in the agency market totaled $8.560 trillion: 41.8% 

Fannie Mae, 33.7% Freddie Mac, and 24.5% Ginnie Mae MBS. Over the past twelve months, Freddie 

Mac’s, Fannie Mae’s, and Ginnie Mae’s total outstanding MBS increased by approximately 9.4%, 6.1% 

and 8.3%, respectively. Fannie Mae outstanding MBS remains larger than Freddie Mac’s and Ginnie 

Mae’s by approximately $688 billion and $1.5 trillion, respectively.

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

2017, 61.1% of Ginnie Mae outstanding collateral was FHA and 32.6% was VA. In October 2022, FHA 

collateral comprised 52.7% of Ginnie Mae MBS outstanding and VA collateral comprised 42.3% of 

Ginnie Mae MBS outstanding. 

Figure 23. Outstanding Agency Mortgage-Backed Securities.

Figure 24. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities.

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

$3,574

$2,885

$2,101

$8,560

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,108

$890

$106

0

200

400

600

800

1000

1200

1400

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

$ in Billions

 FHA VA OTHER
NOVEMBER 2022

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

6.2 Origination Volume and Share Over Time

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

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

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

30.8% to 26.4% in Q3 2022. 

Figure 25. First Lien Origination Volume

Figure 26. First Lien Origination Share

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

$0.25

$0.11

$0.01

$0.13

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

49.6%

21.6%

2.3%

26.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
NOVEMBER 2022

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

6.3 Agency Issuance and Agency Outstanding by State

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

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

in Alaska (51%) and the lowest in the District of Columbia (17%). The highest Ginnie Mae outstanding 

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

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

share of agency outstanding. 

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding

National GNMA 

Share

GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

GNMA Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size (000)

28% 2,619,558 274.79 282.13 25% 10,568,064 203.33 210.97

AK 51% 8,906 328.99 294.08 47% 37,114 261.19 221.75

AL 41% 56,524 217.12 232.03 40% 233,269 155.59 177.58

AR 38% 30,530 185.77 214.56 38% 135,436 131.23 160.84

AZ 25% 79,502 303.23 309.10 24% 268,337 216.68 225.49

CA 20% 184,606 432.44 424.35 16% 672,629 325.79 321.55

CO 26% 60,728 388.02 370.21 23% 210,800 289.50 277.38

CT 28% 25,059 258.44 274.78 25% 104,472 201.53 210.01

DC 17% 2,095 500.15 430.15 13% 8,813 381.23 351.74

DE 32% 12,883 261.65 282.33 31% 50,988 203.13 211.26

FL 32% 228,810 281.43 284.22 31% 833,545 209.49 210.68

GA 34% 132,278 245.02 277.65 33% 489,777 177.85 206.32

HI 38% 8,627 610.14 485.26 31% 33,192 469.22 359.28

IA 25% 17,887 180.82 195.22 22% 81,438 133.23 148.96

ID 24% 15,565 325.84 312.85 23% 62,726 215.77 222.62

IL 24% 88,148 207.40 240.71 22% 360,527 159.22 179.81

IN 31% 66,040 185.39 203.69 30% 275,081 132.80 150.73

KS 30% 21,154 190.73 219.54 29% 95,296 139.19 164.09

KY 35% 38,885 193.50 209.79 34% 162,607 142.58 156.01

LA 44% 47,312 203.12 232.53 40% 197,731 157.24 177.97

MA 20% 29,551 366.20 360.94 16% 111,916 283.45 269.88

MD 37% 74,485 332.48 322.68 33% 287,999 264.62 250.38

ME 27% 9,022 238.29 262.14 25% 37,328 176.59 192.04

MI 21% 63,661 183.55 211.26 20% 271,206 132.90 157.26

MN 19% 34,895 242.70 268.11 18% 157,898 181.55 198.88

MO 30% 55,698 194.29 215.68 28% 241,446 141.17 162.32

MS 48% 27,978 197.35 211.64 47% 120,743 142.54 161.34

MT 24% 7,317 297.64 303.27 23% 32,005 207.48 216.36

NC 29% 103,476 241.59 274.46 28% 407,942 173.96 201.73

ND 29% 4,195 243.07 239.80 24% 16,863 193.12 185.36

NE 27% 13,403 212.45 215.36 26% 64,144 148.03 161.24

NH 23% 8,823 300.89 296.43 22% 37,803 225.16 215.32

NJ 25% 59,206 308.69 329.11 21% 228,174 239.13 255.29

NM 37% 20,718 233.49 243.41 37% 93,972 165.49 178.30

NV 31% 38,053 329.80 318.10 30% 130,498 246.12 235.07

NY 21% 59,029 302.32 340.01 20% 302,981 208.20 248.85

OH 29% 94,100 178.88 199.49 29% 417,243 129.40 149.37

OK 40% 39,867 197.21 216.03 41% 186,862 140.13 162.20

OR 21% 28,004 342.61 347.88 19% 109,077 252.67 253.79

PA 24% 77,625 198.88 242.94 25% 383,637 148.40 182.40

RI 34% 9,115 310.67 290.17 29% 35,031 232.62 213.70

SC 35% 63,486 243.89 254.43 33% 230,554 181.70 192.03

SD 31% 6,505 237.51 237.26 29% 28,961 172.23 178.08

TN 30% 67,486 249.41 271.64 31% 266,372 173.66 203.99

TX 29% 251,100 253.57 288.08 31% 1,071,746 180.26 211.86

UT 20% 25,949 362.19 363.23 18% 93,952 257.74 263.57

VA 40% 109,962 327.16 315.83 36% 440,416 256.23 251.02

VI 20% 147 379.09 411.74 23% 782 246.62 302.38

VT 20% 2,545 236.19 257.64 18% 11,958 180.85 180.88

WA 24% 59,806 387.64 388.27 21% 229,318 283.24 289.78

WI 19% 28,702 206.97 224.12 17% 122,093 156.11 164.00

WV 45% 13,777 192.27 194.35 43% 58,591 143.54 145.67

WY 36% 6,333 260.82 262.43 34% 24,775 205.67 202.16

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

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

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

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

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

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

slightly from 3.01% in September 2022 to 3.04% in October. With 30-year fixed mortgage rates for 

certain credit profiles at over 6.0% in October, this increase in WAC is likely to continue. The bottom 

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

outstanding.

Figure 27. Outstanding Ginnie Mae MBS Balance, by Coupon.

Figure 28. Outstanding Ginnie Mae MBS Balance, by Vintage.

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

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

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

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%

Oct/14

Jan/15

Apr/15

Jul/15

Oct/15

Jan/16

Apr/16

Jul/16

Oct/16

Jan/17

Apr/17

Jul/17

Oct/17

Jan/18

Apr/18

Jul/18

Oct/18

Jan/19

Apr/19

Jul/19

Oct/19

Jan/20

Apr/20

Jul/20

Oct/20

Jan/21

Apr/21

Jul/21

Oct/21

Jan/22

Apr/22

Jul/22

Oct/22

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

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

In October 2022, $5.9 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage 

Investment Conduits (REMICs) as underlying collateral, a 26% MoM decrease. Of that, approximately 

$869 million were Multifamily MBS having coupons between 3.51% and 4.0%. Approximately $4.8 

billion were Single Family MBS with 80.0% of the Single-Family MBS having coupons over 4.0%. 

As of month-end October 2022, approximately $94.6 billion of Ginnie Mae Single Family and 

Multifamily MBS were securitized into Ginnie Mae REMIC transactions. This represents a roughly 43% 

decrease over the same period in 2021 ($166.0 billion). 

Figure 29. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs.

Table 7. October 2022 REMIC Collateral Coupon Distribution. 

Source: Ginnie Mae Disclosure Files 

1

Totals may not sum due to rounding.

$16.6

$13.2

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4 $8.8

$6.0 $8.0 $5.9

$5

$10

$15

$20

$25

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

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

REMIC Deals ($MM)1

% Breakdown of REMIC 

Collateral by coupon17

Multifamily

3.51-4.00 869.5 100%

Subtotal 869.5 100%

Single-Family

2.51-3.00 482.2 10.1%

3.01-3.50 348.0 7.3%

3.51-4.00 125.0 2.6%

4.01-4.50 301.6 6.3%

4.51-5.00 1,450.6 30.3%

5.01-5.50 1,699.2 35.5%

5.51-6.00 290.2 6.1%

6.01-6.50 84.3 1.8%

Subtotal 4,781.2 100%

Grand Total 5,650.7
NOVEMBER 2022

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

7.2 REMIC Market Snapshot

In October 2022, Ginnie Mae Single-Family REMIC collateral WAC decreased MoM by 15 bps for the 

first time since November 2021. Freddie Mac and Fannie Mae Single-Family REMIC collateral WAC 

continued to decrease MoM by 39 bps and 6 bps, respectively. 

 In October 2022, Fannie Mae did not guarantee a Multifamily REMIC transaction.

 In October 2022, Ginnie Mae REMIC issuance volume was $6.6 billion, the sixth consecutive 

month of REMIC issuance volume below $10.0 billion.

 Ginnie Mae guaranteed three HREMIC transactions in October 2022. This is the fifth month 

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

no months where Ginnie Mae guaranteed three or more HREMIC transactions in a single 

month.

Figure 30. 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 5.0 42.4 11 0.9 22.1 5

Freddie Mac 3.2 26.6 9 3.1 77.9 4

Fannie Mae 3.7 31.0 7 0.0 0.0 0

Total $11.8 100% 27 $3.9 100% 9

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

0.9

3.1

0.0

5.0

3.2

3.7

October

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
NOVEMBER 2022

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

8 MBS OWNERSHIP

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

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

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

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

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

domestic banks. 

Figure 31. Who Owns Total Agency Debt?

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

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

8.1 Commercial Bank Holdings of Agency MBS

Table 8. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 5-Oct 12-Oct 19-Oct 26-Oct

Largest 25 

Domestic Banks 2,200.4 2,186.8 2,163.9 2,143.9 2,122.4 2,117.0 2,115.5 2,096.8 2,073.6 2,071.4 2,060.7 2,054.6

Small Domestic 

Banks 748.6 744.1 736.1 730.8 735.8 731.8 738.3 712.4 693.6 693.3 691.2 693.7

Foreign Related 

Banks 39.3 36.6 34.2 36.5 36.5 38.0 35.1 37.4 37.3 35.8 35.2 35.8

Total, Seasonally 

Adjusted 2,988.3 2,967.5 2,934.2 2,911.2 2,894.7 2,886.8 2,888.9 2,846.6 2,804.5 2,800.5 2,787.1 2,784.1

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

top 25. Data as of October 2022. 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
NOVEMBER 2022

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

8.2 Bank and Thrift Residential MBS Holdings

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

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

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

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

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

and $369 billion were Ginnie Mae pass-throughs.

Table 9. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

2001 730.84 380.12 109.53 37.62 236.91 76.18 606.91 203.37

2002 832.50 477.57 101.46 20.08 244.98 89.88 702.44 209.66

2003 899.89 536.83 75.11 19.40 236.81 106.86 775.66 206.45

2004 1,011.01 621.73 49.33 20.55 208.18 160.55 879.75 234.31

2005 1,033.77 602.73 35.92 29.09 190.70 211.25 897.06 242.69

2006 1,124.46 659.65 31.13 42.32 179.21 243.28 983.49 223.42

2007 1,149.10 591.34 31.58 26.26 174.27 357.24 971.42 264.59

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

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

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

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

Institution Total GSE PT GNMA PT Agency 

CMO 

NonAgency Share

1 BANK OF AMERICA 

CORPORATION 

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

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

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

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

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

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

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

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

9 PNC Bank, National 

Association 

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

10 CAPITAL ONE FINANCIAL 

CORPORATION 

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

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

12 BANK OF NEW YORK 

MELLON CORP

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

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

14 State Street Bank and Trust 

Company 

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

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

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

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

18 Citizens Bank, National 

Association 

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

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

20 HSBC Bank USA, National 

Association 

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

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

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

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

8.3 Foreign Ownership of MBS

For the month of September 2022, foreign ownership of MBS represents $1.11 trillion in agency MBS, 

down approximately $59 billion from August 2022. Total foreign ownership includes $501 billion held 

by foreign private institutions and $610 billion held by foreign official institutions. The foreign share 

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

approximately 17.5% has fallen all the way to 13.08% in September of 2022.

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 September 2022.

13.08%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

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

Percent of Agency MBS Owned 

by Foreigners

Foreign Share of MBS

610

501

1,111

0

200

400

600

800

1,000

1,200

1,400

$ Billions

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

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

8.4 Foreign Ownership of Agency Debt and Agency MBS

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

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

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

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

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

Table 11. All Agency Debt

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

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

2021 Q4 2021 Q1 2022 Q2 2022 

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

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

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

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

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

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

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

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

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

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

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

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

Table 12. Agency MBS

Country Level of Holdings ($ Millions) 

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

Japan 311,576 252,455 -59,121 

China 217,858 244,266 26,408 

Taiwan 249,984 222,670 -27,314 

Canada 81,353 75,998 -5,355 

United Kingdom 40,857 65,393 24,536 

Luxembourg 37,756 42,207 4,451 

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

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

Ireland 21,839 19,838 -2,001 

Switzerland 23,813 19,634 -4,179 

Other 196,666 192,354 -4,312 

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

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

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

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

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume as of October 2022 was $246 billion for 2022 YTD, 

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

average daily trading volume saw a 1.2% increase MoM. In 2021, average agency MBS was at 2.70%,

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

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

Figure 34. Average Daily Trading Volume by Sector

Figure 35. Average Daily Turnover by Sector

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

MBS in Average Daily Turnover by Sector. 

$246

$621

$39

$0

$100

$200

$300

$400

$500

$600

$700

$ Billions

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

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
NOVEMBER 2022

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

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

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

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

10.1 Credit Scores 

Table 13. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 230,020 647 687 739 777 797 729

Fannie 80,722 691 724 758 785 800 751

Freddie 65,739 695 727 760 786 801 753

Ginnie 83,559 625 647 680 728 774 689

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 70,690 624 655 701 750 784 702

Fannie 24,789 664 698 738 773 796 733

Freddie 19,435 647 679 717 758 788 718

Ginnie 26,466 600 626 655 691 733 660

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 300,710 641 678 730 773 795 723

Fannie 105,511 684 717 754 783 800 747

Freddie 85,174 680 714 753 783 799 745

Ginnie 110,025 619 642 674 719 768 682

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 83,559 625 647 680 728 774 689

FHA 49,193 620 641 666 697 735 671

VA 30,054 637 668 720 770 794 718

Other 4,312 635 660 694 732 763 697

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 26,466 600 626 655 691 733 660

FHA 15,714 591 619 645 672 698 645

VA 10,719 615 642 679 721 760 682

Other 33 634 678 726 750 776 711

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 110,025 619 642 674 719 768 682

FHA 64,907 611 634 661 692 728 665

VA 40,773 630 660 707 760 790 708

Other 4,345 635 660 694 732 763 697

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

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

 Figure 36. FICO Distributions by Agency

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

0.01%

3.74%

14.33%

30.09%

42.99%

8.84%

0.09%

2.87%

13.54%

30.49%

43.65%

9.33%

1.87%

18.68%

26.33%

23.64%

23.96%

4.97%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
NOVEMBER 2022

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

10.2 Loan-to-Value (LTV)

Table 14. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 230,278 65 80 93 98 100 86

Fannie 80,821 57 75 80 95 95 80

Freddie 65,766 56 75 80 95 95 80

Ginnie 83,691 90 98 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 70,727 39 55 70 80 84 66

Fannie 24,799 33 48 60 71 80 58

Freddie 19,435 36 50 63 75 80 60

Ginnie 26,493 59 70 80 83 90 77

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 301,005 54 73 85 97 98 81

Fannie 105,620 47 65 80 90 95 75

Freddie 85,201 48 66 80 90 95 75

Ginnie 110,184 74 87 98 100 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 83,691 90 98 98 100 100 96

FHA 49,277 92 97 98 98 98 96

VA 30,086 86 100 100 100 102 97

Other 4,328 93 98 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 26,493 59 70 80 83 90 77

FHA 15,727 57 68 78 81 81 73

VA 10,733 62 76 87 90 100 82

Other 33 59 80 91 97 100 86

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 110,184 74 87 98 100 100 92

FHA 65,004 73 81 98 98 98 91

VA 40,819 75 90 100 100 102 93

Other 4,361 93 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.
NOVEMBER 2022

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

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%

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
NOVEMBER 2022

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

10.3 Debt-to-Income (DTI)

Table 15. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 229,885 26 33 41 47 50 40

Fannie 80,821 24 31 39 45 48 37

Freddie 65,766 24 31 39 44 48 37

Ginnie 83,298 31 38 45 51 55 44

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 70,591 25 33 40 45 50 39

Fannie 24,799 23 30 38 44 47 37

Freddie 19,435 25 32 40 44 48 38

Ginnie 26,357 28 36 43 50 54 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 300,476 26 33 41 47 50 40

Fannie 105,620 24 31 39 45 48 37

Freddie 85,201 24 31 39 44 48 37

Ginnie 109,655 30 37 44 51 55 43

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 83,298 31 38 45 51 55 44

FHA 49,248 33 40 46 52 55 45

VA 29,734 30 37 44 50 56 43

Other 4,316 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 26,357 28 36 43 50 54 42

FHA 15,702 29 37 44 50 55 43

VA 10,624 28 35 42 49 53 41

Other 31 29 33 36 39 40 35

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 109,655 30 37 44 51 55 43

FHA 64,950 32 39 46 51 55 44

VA 40,358 29 36 44 50 55 43

Other 4,347 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. 
NOVEMBER 2022

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

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
NOVEMBER 2022

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs

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

approximately 4% between periods August 2020 – October 2020 and August 2022 - October 2022. 

The share of borrowers with DTIs below 35% decreased by approximately 23% over the same period. 

From the period between August 2020 – October 2020 to the period between August 2022 – October

2022, the share of high-LTV loans increased in the Ginnie Mae guarantee book by approximately 10% 

and in the GSE portfolios by approximately 118%. Still, Ginnie Mae maintains its key role of expanding 

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

with 67.81% of its issuances between August 2022 and October 2022 having LTVs of 95 or above, 

compared to 21.36% for the GSEs. 

Table 16. Share of Loans with LTV > 95

 Ginnie Mae GSE All

Aug 2020 - Oct 2020 61.78% 9.81% 21.52%

Aug 2022 - Oct 2022 67.81% 21.36% 37.20%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.90% 4.62% 6.39% 11.00% 0.16% 24.08%

35-45 4.00% 9.25% 10.43% 11.24% 0.05% 34.96%

≥45 3.58% 7.88% 7.07% 5.89% 0.03% 24.45%

NA 1.63% 2.71% 2.64% 3.03% 6.49% 16.51%

All 11.11% 24.46% 26.54% 31.16% 6.74% 100.00%

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

 FICO 

DTI <650 650-700 700-750 ≥750 NA All

<35 2.17% 3.55% 4.95% 7.81% 0.03% 18.52%

35-45 5.83% 9.16% 10.62% 11.59% 0.03% 37.23%

≥45 7.93% 13.02% 11.69% 10.27% 0.06% 42.96%

NA 0.30% 0.24% 0.17% 0.16% 0.42% 1.29%

All 16.25% 25.96% 27.43% 29.82% 0.54% 100.00%

Sources: Recursion and Ginnie Mae. Data as of October 2022. 
NOVEMBER 2022

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

10.5 Serious Delinquency Rates

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

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

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

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

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

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

Figure 39. Serious Delinquency Rates: Single-Family Loans.

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports 

2. MBA Delinquency Survey. 

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

4.15%

0.69%

0.67%

2.51%

0%

2%

4%

6%

8%

10%

12%

1Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q223Q22

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
NOVEMBER 2022

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

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 53.0% in October 2022, up slightly 

from 51.1% in October 2021. Ginnie Mae and Freddie Mac’s first-time homebuyer shares, 68.3% and 

43.4% respectively in October, have remained relatively flat YoY. Fannie Mae’s first-time homebuyer 

share has declined 3.2% YoY. Table 20 shows that based on mortgages originated in October 2022, 

the average GSE first-time homebuyer was more likely than an average repeat buyer to have a lower 

credit score, and higher LTVs. While Ginnie Mae’s first-time homebuyers were more likely than their 

repeat buyers to have lower loan amounts and credit scores, other components of the credit profile 

were very similar. 

Figure 40. First-Time Homebuyer Share: Purchase Only Loans

Table 19. Agency First-Time Homebuyer Share Summary

 Fannie Mae Freddie Mac Ginnie Mae All 

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

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

Credit Score 744.7 757.3 747.0 756.3 683.3 703.1 720.9 746.0 

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

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

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

43.4%

44.9%

68.3%

53.0%

25%

35%

45%

55%

65%

75%

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

First-time Homebuyer Share 

Freddie Fannie Ginnie All

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

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

Within the Ginnie Mae purchase market, 76.8% of FHA loans, 52.2% of VA loans, and 82.8% of other 

loans represent financing for first-time home buyers in October 2022. While FHA loans remained 

stable, VA and other increased MoM. Table 21 shows that based on mortgages originated in October

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

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

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

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

LTVs. FHA’s repeat buyers continue to have lower credit scoresthan their first-time home buyers. For 

VA and conventional borrowers alike, repeat buyers tend to have higher credit scores than first-time 

homebuyers. However, for FHA, lending is one of few credit options for borrowers with lower credit 

scores. 

Figure 41. 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.

76.8%

52.2%

82.8%

68.2%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

First-time Homebuyer Share

FHA VA Other All
NOVEMBER 2022

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

10.7 Credit Box: Historical

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

beginning of 2022. The median FICO score for all agency loans originated in October was 728, which 

represents an 11 point decrease since the start of 2022, a decline of 4 points MoM, and a decline of 

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

refinance loans. Ginnie median FICO scores have declined from 689 in October 2021 to 655 in October

2022, a 34 point drop. As of October 2022, average FICOs for refinances have dropped for Fannie 

Mae and Freddie Mac borrowers YoY 27 and 36 points respectively. 

Figure 42. FICO Scores for All Loans

 Figure 43. FICO Scores for Purchase Loans Figure 44. FICO Scores for Refinance Loans

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

753

754

671

728

660

680

700

720

740

760

780

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

Aug-22

Oct-22

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

640

660

680

700

720

740

760

780

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

FICO Scores

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
NOVEMBER 2022

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

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

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

remained relatively flat over that same period. Median LTV for Freddie Mac increased 12.6% YoY and 

increased 15.9% YoY for Fannie Mae. Since early 2022, DTIs have been increasing for Ginnie Mae, 

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

Figure 45. LTV Ratio for All Loans

Figure 46. DTI Ratio for All Loans

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

80.0

98.2

85.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Loan-to-value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

39.0

44.4

41.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

Debt-to-Income Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

80.0

39.0
NOVEMBER 2022

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

11 FORBEARANCE TRENDS

As of the end of October 2022, 135,770 Ginnie Mae loans were in forbearance. The number of loans 

in forbearance removed from MBS pools was 2,836 while 135,028 loans in forbearance still actively 

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

loans originated by nonbanks than banks in all subsets.

Table 22. Forbearance Snapshot

All Loans in Forbearance – October 2022

FICO Note Current Principal First Time Purchase Loan Count

Ginnie 656 3.4 $196,106.34 75.3 74.1 135,770

Bank 671 3.7 $139,477.52 81.5 85.8 12,980

Nonbank 655 3.4 $201,876.70 74.8 73.2 122,765

FHA 652 3.5 $193,000.00 78.5 77.9 99,129 

Bank 669 3.7 $144,233.12 85.4 87.8 10,544 

Nonbank 651 3.5 $199,085.45 77.8 77.1 88,570 

VA 666 3.2 $248,774.99 61.1 58.3 25,517 

Bank 678 3.4 $189,063.48 58.4 73.3 1,646 

Nonbank 666 3.1 $252,391.15 61.2 57.6 23,865 

Loans in Forbearance and Removed from Pools – October 2022

FICO Note Current Principal First Time Purchase Loan Count

Ginnie 667 3.5 $163,450.32 66.2 59.5 742 

Bank 665 4.3 $91,619.56 60.6 63.8 200 

Nonbank 667 3.3 $194,768.12 67.4 58.7 542 

FHA 663 3.6 $155,060.86 70.4 60.5 462 

Bank 661 4.4 $80,482.05 63.9 62.8 146 

Nonbank 664 3.4 $192,424.95 72.3 60.0 316 

VA 673 3.1 $200,858.34 56.2 52.4 214 

Bank 683 3.9 $123,490.05 52.0 59.8 37 

Nonbank 672 3.1 $230,516.51 56.6 51.6 177 

Loans in Forbearance that Remain in Pools – October 2022

FICO Note Current Principal First Time Purchase Loan Count

Ginnie 656 3.4 $196,264.56 75.4 74.2 135,028 

Bank 671 3.7 $147,332.62 81.7 86.1 12,780 

Nonbank 655 3.4 $201,902.83 74.9 73.3 122,223 

FHA 652 3.5 $193,109.39 78.5 78.0 98,667 

Bank 669 3.7 $144,966.36 85.6 88.1 10,398 

Nonbank 651 3.5 $199,108.60 77.9 77.2 88,254 

VA 666 3.2 $249,021.61 61.1 58.3 25,303 

Bank 678 3.4 $191,780.90 58.5 73.5 1,609 

Nonbank 666 3.1 $252,518.95 61.3 57.6 23,688 

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 October 2022; *Averages weighted by remaining principal balance of the loans.
NOVEMBER 2022

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

The current share of Ginnie Mae loans in forbearance stands at 1.26% as of the end of October 2022, 

approximately 1.0% higher than observed as of the end of September 2022. With the forbearance 

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

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

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

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

Figure 47. Share of Ginnie Mae Loans in Forbearance.

 

 

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

Banks based on the updated Recursion data source. 

0%

2%

4%

6%

8%

10%

12%

Bank Forbearance Nonbank Forbearance All Forbearance

 -

 50,000

 100,000

 150,000

 200,000

 250,000

 300,000

 350,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

 -

 20,000

 40,000

 60,000

 80,000

 100,000

 120,000

 140,000

 160,000

 180,000

 200,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

Figure 48. Number of Loans Removed 

from Pools: Non-bank

Figure 49. Number of Loans Removed 

from Pools: Bank
NOVEMBER 2022

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

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

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

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

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

Coupon”). In October 2022, the number of loans repurchased due to delinquency decreased 41% to 

937 for FHA and decreased 10% to 311 for VA loans.

.

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

Figure 50. Number of Loans Removed from 

Pools: FHA

Figure 51. Number of Loans Removed 

from Pools: VA

Figure 52. Number of Loans Removed from Pools by Coupon:

0

50,000

100,000

150,000

200,000

250,000

300,000

 MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

 MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

 <3.5 LOSS MITIGATION <3.5 REPURCHASE OF DELINQUENT LOAN

 <3.5 MORTGAGOR PAYOFF

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

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

 >=3.5 MORTGAGOR PAYOFF
NOVEMBER 2022

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

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

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

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

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

by the top six firms.

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

Rank MSR Holder UPB ($ millions) Share Cumulative Share 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

13 AGENCY NONBANK ORIGINATORS

Total agency non-bank origination experienced a slight increase in October, up approximately 0.4% 

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

(non-bank origination share up 1.7% MoM). The Ginnie Mae non-bank share rose to 89.9% as of 

October 2022 and has remained consistently higher than the GSEs since September 2021 (89.1%). 

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

Mae’s relatively higher non-bank origination share. GSE origination volume of purchase mortgage 

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

Figure 53. Agency Nonbank Originator Share (All, Purchase, Refi)

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

77.7%

73.8%

66.2%

89.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Fannie Freddie Ginnie

Figure 54. Nonbank Origination Share: 

Purchase Loans

Figure 55. Nonbank Origination Share: 

Refi Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Fannie Freddie Ginnie
NOVEMBER 2022

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

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

continues to have a very high proportion of nonbank originations, with a rate of 89.9% in October

2022. 

Figure 56. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

 

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

90.5%

89.9%

89.0%

90.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

FHA VA Other All

Figure 57. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 58. Ginnie Mae Nonbank Share: 

Refi Loans

0%

20%

40%

60%

80%

100%

120%

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All FHA VA Other
NOVEMBER 2022

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

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

13.1.1 (FICO, LTV, DTI)

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

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

scores increased by 3 points from September 2022 to October 2022. The agency median FICO 

decreased by 1 to 728 MoM.

Figure 59. Agency FICO: Bank vs. Nonbank

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

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

728

750

719

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median FICO Bank Median FICO

Nonbank Median FICO
NOVEMBER 2022

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

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

median bank LTV remained flat at 98.19% MoM and non-bank LTV decreased slightly to 98.18% MoM. 

Ginnie Mae median DTI remained consistent MoM at approximately 45% in October 2022 in nonbank originations. 

 Figure 62. GSE LTV: Bank vs. Nonbank Figure 63. Ginnie Mae LTV: Bank vs. Nonbank

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

30

32

34

36

38

40

42

44

46

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median DTI Bank Median DTI

Nonbank Median DTI

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

64

66

68

70

72

74

76

78

80

82

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median LTV Bank Median LTV

Nonbank Median LTV

90

92

94

96

98

100

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median LTV Bank Median LTV

Nonbank Median LTV
NOVEMBER 2022

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

In October 2022, the median FICO score for Ginnie Mae bank and non-bank originators remained flat 

MoM. The median FICO for all Ginnie originations also stayed consistent at 671 MoM. The gap 

between banks and non-banks is most apparent in VA lending (31-point spread).

 

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

670

680

690

700

710

720

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Figure 67. Ginnie Mae FHA FICO Score: 

Bank vs. Nonbank

Figure 66. Ginnie Mae FICO Score: 

Bank vs. Nonbank

Figure 68. Ginnie Mae VA FICO Score: 

Bank vs. Nonbank

Figure 69. Ginnie Mae Other FICO Score: 

Bank vs. Nonbank

640

650

660

670

680

690

700

710

720

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO
NOVEMBER 2022

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

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

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

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

 

 

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

30

32

34

36

38

40

42

44

46

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

All Median DTI Bank Median DTI

Nonbank Median DTI

36

38

40

42

44

46

48

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

Figure 70. Ginnie Mae DTI: 

Bank vs. Nonbank

Figure 72. Ginnie Mae VA DTI: 

Bank vs. Nonbank

Figure 73. Ginnie Mae Other DTI: 

Bank vs. Nonbank

Figure 71. Ginnie Mae FHA DTI: 

Bank vs. Nonbank

30

32

34

36

38

40

42

44

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

48

Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI
NOVEMBER 2022

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

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation

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

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

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

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

Table 24. Regional HPI Trend Analysis

U.S. Census 

Subregion

New 

England

Middle 

Atlantic

East 

North 

Central

East 

South 

Central

South 

Atlantic

West 

North 

Central

West 

South 

Central

Mountain Pacific National

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

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

Trough to Pandemic 

CAGR

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

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

12-Month Period of Max 

HPI Growth During 

Pandemic

7-2020 to 

6-2021

7-2020 

to 6-

2021

7-2020 

to 6-

2021

4-2021 

to 3-

2022

6-2021 

to 5-

2022

7-2020 

to 6-

2021

6-2021 

to 5-

2022

9-2020 to 

8-2021

8-2020 

to 7-

2021

8-2020 

to 7-

2021

Max 12-Month Period 

Change, During 

Pandemic

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

12-Month Period of Max 

HPI Growth, PrePandemic

7-2020 to 

6-2021

7-2020 

to 6-

2021

7-2020 

to 6-

2021

4-2021 

to 3-

2022

6-2021 

to 5-

2022

7-2020 

to 6-

2021

6-2021 

to 5-

2022

9-2020 to 

8-2021

1-2004 

to 12-

2004

8-2020 

to 7-

2021

Max 12-Month HPI 

Growth, Pre-Pandemic

21.9% 18.1% 17.2% 21.3% 23.9% 16.2% 19.7% 25.6% 22.3% 19.3%

Figure 74. FHFA US Census Subregions as defined by the US Census Bureau.

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

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

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

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

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

S&P’s CoreLogic Case-Shiller US National Housing Price Index’s October 25, 2022, reporting August 

data indicated that home price gains continued to slow across the country. In August, a 13.0% annual 

gain was reported, down from 15.6% compared to the month prior. This latest reported MoM HPI 

appreciation value suggests home prices have started to show signs of deceleration.

Table 25. Home Price Trends by State

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

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

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

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

2022 in its Report dated March 29, 2022 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Rent 

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

impacted by general asset price changes. As of October, inflation has dropped slightly to 7.8%. 

Nationally, rents are up 7.8 percent YoY, the second time in 2022 that yearly increases have dropped 

into the single digits. Wage growth is now at 6.4%, a 56.0% YoY increase. 

Figure 75. Inflation | 12-Month Percent Change in CPI

Figure 76. Asset Price Appreciation vs. Wage Increases

 

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

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

7.8%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

Oct-12

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22

7.8%

6.4%

13.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22

General Inflation Wage Growth Home Appreciation

Metric Statistic 

General Inflation 7.8% 

Home Price 

Appreciation 13.0% 

Rental Price 

Appreciation 

(Median Rent 

Change YoY) 

7.8% 

Wage Growth 6.4% 
NOVEMBER 2022

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

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

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

3.25%, the Fed hiked the interest rate again by another 0.75% in November- the six consecutive 

increase in 2022.

2 At the end of October, average 30-year fixed rate mortgage rates were over 7.0% 

for the first time in 20 years. As of November 17, 2022, the average 30-year and 15-year fixed rate 

mortgage rates were 6.61% and 5.98% respectively. The average 30-year fixed rate mortgage 

decreased 31 bps and the average 15ear fixed rate mortgage decreased 11 bps compared to the prior 

month, showing a deceleration of mortgage rates. 

Figure 77. Average Fixed Rate Mortgage Rates

Sources: FRED data as of November 2022 

2

https://www.federalreserve.gov/newsevents/pressreleases/monetary20221102a1.htm#:~:text=The%20Board%20of%20Governors

%20of,%2C%20effective%20November%203%2C%202022

6.61

5.98

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

30-Year 15-Year
NOVEMBER 2022

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

14.3 Housing Inventory

As of September, there was 9.2 months of housing inventory on the market. September housing 

inventory values were up by 13.6% MoM. As housing affordability continues to remain high (See 

above section 14.2) single-family home sales are unlikely to play a large role in the resolution of the 

housing shortfall. Multifamily construction volume metrics, shown in Figure 79, have been increasing. 

Figure 78. Single-Family Housing Inventory

Figure 79. Multifamily Construction Metrics: Permits, Starts, Completions

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

9.2

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

460

364

567

300

350

400

450

500

550

600

2015 2016 2017 2018 2019 2020 2021

in thousdands

Number of Starts Number of Completions Number of Permits
NOVEMBER 2022

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

14.4 Size and Value of the US Housing Market

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

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

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

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

$29.0 trillion. Thus, the expansion in the housing market is being driven primarily by increases in 

home values, as illustrated in the Housing Affordability Section. At $8.71 trillion in Q2 2022, agency 

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

mortgage debt from just 52% in 2011. 

Figure 80. Value of the US Housing Market.

Figure 81. Size of the US Residential Mortgage Market.

Sources: 

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

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

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

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

$12.1

$29.0

$41.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

20002001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q12022Q2

$ Trillions

Debt Household Equity Total Value

$0.40

$8.71

$3.46

0

1

2

3

4

5

6

7

8

9

10

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

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

$ Trillions

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

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

15 DISCLOSURE

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

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

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

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

to buy, securities. 

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

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

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

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

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

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

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

in, or omissions from, the report.

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

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

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

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

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

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

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