July 2023
GLOBAL MARKETS ANALYSIS REPORT

JULY 2023

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

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Table of Contents

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Inside this Month’s Global Market Analysis Report

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Highlights

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1 Environmental, Social, and Governance

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1.1 Environmental, Social, and Governance: A Summary

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1.2 Environmental

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1.3 Social

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1.3.1 Low-to-Moderate Income Borrowers

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1.3.2 Purchase and Refinance Origination by Income Bracket

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2 US Aggregate and Global Indices

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2.1 Bloomberg US Aggregate and Global Indices

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8

3 Sovereign Debt Product Performance Comparisons 9

3.1 Global 10-Year Treasury Yields (Unhedged) 9

3.2 US Treasury Hedged Yields 10

SECONDARY MORTGAGE MARKET 11

4 Fixed Income Product Performance Comparisons 11

4.1 Ginnie Mae Yields – USD 11

4.2 Ginnie Mae Hedged Yields 12

4.3 Ginnie Mae Yield Spreads – Intermediate Credit 13

4.4 Global Treasury Yield Per Duration 14

5 Prepayments 15

5.1 Aggregate Prepayments (CPR) 15

5.2 Involuntary Prepayments (CDR) 16

5.3 Voluntary Prepayment Rates (CRR) 17

6 Single-Family MBS Pass-Through Issuance 18

6.1 Gross Issuance of Agency MBS 18

6.2 Net Issuance of Agency MBS 20

6.3 Monthly Issuance Breakdown 22

6.4 Percent Refi at Issuance – Single-Family 23

7 Agency Single-Family MBS Outstanding 24

7.1 Outstanding Single-Family Agency MBS 24

7.2 Origination Volume and Share Over Time 25

7.3 Agency Issuance and Agency Outstanding by State 26

7.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 27

8 Agency REMIC Securities 28
GLOBAL MARKETS ANALYSIS REPORT

JULY 2023

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

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8.1 Monthly REMIC Demand for Ginnie Mae MBS

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8.2 REMIC Market Snapshot

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9 MBS Ownership

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30

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9.1 Commercial Bank Holdings of Agency MBS

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9.2 Bank and Thrift Residential MBS Holdings

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9.3 Foreign Ownership of MBS

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9.4 Foreign Ownership of Agency Debt and Agency MBS

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10 Fixed Income Liquidity Indicators

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PRIMARY MORTGAGE MARKET

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36

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11 Agency Credit Breakdown 36

11.1 Credit Scores 36

11.2 Loan-to-Value (LTV) 38

11.3 Debt-to-Income (DTI) 40

11.4 High LTV Loans: Ginnie Mae vs. GSEs 42

11.5 Serious Delinquency Rates 43

11.6 Credit Box 44

11.7 Credit Box: Historical 46

12 Forbearance Trends 48

13 Holders of Ginnie Mae Mortgage Servicing Rights 49

14 Agency Nonbank Originators 50

14.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 52

14.1.1 (FICO, LTV, DTI) 52

U.S. HOUSING MARKET 56

15 Housing Affordability 56

15.1 Housing Affordability – Home Price Appreciation 56

15.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate 57

15.2.1 Housing Affordability – Mortgage Rate Trends 59

15.3 Housing Inventory 60

15.4 Size and Value of the US Housing Market 61

16 Disclosure 62
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

JULY 2023

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

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

This month’s Highlights section introduces a new section, Section 1, focused on Environmental, 

Social, and Governance (ESG) disclosures within Ginnie Mae’s Single-family and Multifamily security 

pools. The Highlights section provides a background on Ginnie Mae’s purpose, mandated by its

Congressional charter, and illustrates the steps Ginnie Mae has taken in providing ESG disclosures. 

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

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

for REMIC deals.

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

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

homebuyers.

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

regions by quarter. While inflation has slowed, it continues to be elevated and mortgage 

rates have continued to increase. Home prices are increasing at a much slower pace than 

seen in 2021 and 2022 but remain high. This section also includes an analysis of the average 

price of homes sold to median income buyers, which shows housing affordability remains 

historically low.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JULY 2023

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

Highlights

This month’s Global Market Analysis Report introduces a new section, Section 1, which provides a 

summary of Ginnie Mae’s perspectives on certain Environmental, Social, and Governance (ESG)

factors. This new section highlights Ginnie Mae’s enhanced disclosures along with a multitude of 

new ESG metrics that cover Ginnie Mae’s Multifamily and Single-family securities. 

Ginnie Mae was created in 1968 under Title III of the National Housing Act. Ginnie Mae’s charter, 

established by Congress, includes the following purposes:

• Provide ongoing assistance to the secondary market for residential mortgages (including 

activities relating to mortgage on housing for low-and-moderate income (LMI) families 

involving a reasonable economic return that may be less than the return earned on other 

activities) by increasing the liquidity of mortgage investments and improving the 

distribution of investment capital available for residential mortgage financing.

• Promote access to mortgage credit throughout the Nation (including central cities, rural 

areas, and underserved areas) by increasing the liquidity of mortgage investments and 

improving the distribution of investment capital available for residential mortgage financing.

In other words, Congress chartered Ginnie Mae to make a positive social impact by improving 

access to affordable housing for American households. To align with its charter, and as part of 

Ginnie Mae’s ESG initiative, Ginnie Mae has been providing investors with more granular disclosure 

data to further support sustainable investment goals. As the capital markets have accelerated 

integration of ESG initiatives, its focus on related disclosures has become an integral part of Ginnie 

Mae’s ESG strategy. Further, investors now have the analytical tools to support their investment 

goals and disclosures. Access to additional data expands investors’ opportunity to drive positive 

change in the nation’s most underserved communities by providing the ability to identify and fund 

investments that have a concrete and verifiable social impact.

Some examples of the disclosures provided by Ginnie Mae include their May 2021, LMI “Social” 

disclosures that introduced the percentage of loans in LMI areas within a pool of mortgages. LMI 

areas are defined by the Department of Housing and Urban Development (HUD) (as delineated by 

HUD’s Community Development Block Grant (CDBG) Program). In March 2022, Green Status

disclosures were implemented that helped investors identify the “Green” properties within 

Multifamily pools. Ginnie Mae’s Green Status disclosure denotes whether properties collateralizing 

a Multifamily pool qualify as green properties under FHA’s Multifamily Green and Energy Efficient 

Housing program. The Green Status disclosure classifies MBS into five categories: GRA 

(Green/Affordable), GRB (Green/Broadly Affordable), GRM (Green/Market), NGR (Not Green), or 

blank (Unknown).

In February 2023, Ginnie Mae announced a new pool level LMI borrower disclosure. The new 

disclosure captures the number of underlying loans made to LMI borrowers, the percentage of LMI 

loan count of total loan count, the unpaid principal balance (UPB) of LMI loans in the mortgagebacked security (MBS), and the percentage of LMI UPB of total MBS UPB. LMI households are
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JULY 2023

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

classified according to the Federal Financial Institutions Examination Council (FFIEC) Median Family 

Income Report Tables corresponding with the time of loan origination1. Borrower income at 

origination which is less than 80% of the Area Median Income (AMI) is deemed LMI. This 

undisclosed borrower level information is aggregated and disclosed only at the MBS security level 

for privacy. 

The disclosure data also includes the number of LMI loans, the percentage of LMI loans within the 

pool, the UPB of LMI loans within the pool, and the percentage of LMI loans within the pool by UPB.

The data provided in Section 1 illustrates Ginnie Mae’s efforts in providing capital markets-sourced 

liquidity in order to support funding mortgage loans made to low-and-moderate income borrowers 

as well as environmentally friendly Multifamily properties, and providing loan level data to capital 

markets participants. While each investor has their own definition of what constitutes an ESG 

investment, Ginnie Mae’s data disclosures maintain the transparency each investor needs to make 

an informed investment. 

1 About the FFIEC
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JULY 2023

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

1 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

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

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

traditionally experience challenges in their efforts to achieve homeownership or obtain housing. 

Ginnie Mae is enhancing their disclosures to provide insight into the extent that the securities they 

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

efforts Ginnie Mae has taken to produce ESG disclosures in recent years.

1.1 Environmental, Social, and Governance: A Summary

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

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

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

socially and environmentally, through its guaranty program.

Table 1. ESG Metrics – MBS Portfolio (June 2023)

May 2021: LMI 

“Social” Disclosures 

(% of loans in LMI 

Areas)

June 2021: Disclosures 

reveal that approximately 

$259 billion of Outstanding 

Ginnie Mae MBS 

categorized as LMI area 

loans as defined by HUD’s 

CDBG Program

November 2021: Green 

“Environmental” Status 

Disclosures Announced 

identifies Green 

properties within 

Multifamily Pools.

March 2022: 

Full 

implementation 

of Green 

Status Field 

into Multifamily 

Disclosures

April 2022: 

Introduction of 

Affordable 

Status 

Disclosure for 

Multifamily 

properties

February 2023: 

Low-Moderate 

Income 

Borrower (LMIB) 

Disclosure 

Announced
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JULY 2023

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

1.3% 0.4%

56.9%

8.8%

32.7%

Figure 1. Composition of Ginnie Mae Green 

Status and Affordable Multifamily Collateral

Green/Affordable

Green/Broadly Affordable

Green/Market

Affordable

Broadly Affordable

1.2 Environmental

Table 2. UPB by ESG Status

ESG Status UPB %

Green/Affordable $1,046,282,957 0.7%

Green/Broadly 

Affordable $326,999,502 0.2%

Green/Market $45,775,300,209 30.8%

Affordable $7,046,425,419 4.7%

Broadly 

Affordable $26,318,065,996 17.7%

ESG Total $80,513,074,083 54.2%

Total $148,428,953,008 100.0%

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

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

organizations that sponsor and maintain green building certifications, including the US Green 

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

few. Additionally, over 22% of Ginnie Mae Multifamily collateral is “Affordable” or “Broadly 

Affordable”. In total 54.2% of Ginnie Mae’s Multifamily collateral is considered ESG.

Sources: Ginnie Mae Disclosures as of June 2023, https://www.hud.gov/program_offices/housing/mfh/green

1.3 Social

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

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

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

UPB out of total MBS UPB. The borrower household income and address data, received from the 

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

Financial Institution’s Examination Council (FFIEC) Area Median Income (AMI) database by loan 

origination year. If the borrower income is less than 80 percent of its respective AMI income value, 

in the associated census tract, their mortgage will be flagged as an LMI loan.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate and Global Indices

JULY 2023

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

1.3.1 LOW-TO-MODERATE INCOME BORROWERS

Over $285 billion of Ginnie Mae single-family collateral and approximately 1.7 million of loans 

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

approximately $23 billion over the past 12 months as of June 2023.

Figure 2. ESG Share of the Outstanding SF Portfolio

Source: Ginnie Mae Disclosures as of June 2023

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

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

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

than 20% LMI loans make up roughly 90% of total UPB.

Table 3. Percent LMI by Pool Share

Metric LMI Pool Share 

>50%

LMI Pool Share >=20 -

<50%

LMI Share < 

20%

All 

Pools

Total UPB ($ billions) $7.9 $193.1 $1,969.6 $2,170.6

Average Original Loan 

Size $169,754 $186,924 $329,627 $316,350

Credit Score (Median) 675 675 679 677

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

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

Interest Rate (WA) 4.64% 4.41% 3.65% 3.72%

Source: Ginnie Mae Disclosures as of June 2023

$250

$255

$260

$265

$270

$275

$280

$285

$290

12.00%

12.50%

13.00%

13.50%

14.00%

14.50%

15.00%

15.50%

16.00%

ESG UPB in Billions

Percent Share of Guarantee Portfolio

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

Aggregate and Global Indices

JULY 2023

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

1.3.2 PURCHASE AND REFINANCE ORIGINATION BY INCOME BRACKET

Over 30% of all purchase and refinance loan originations guaranteed by Ginnie Mae are to 

households with income less than $50,000 compared to 12% of the Government Sponsored Entities 

(GSE’s) single-family guarantee portfolio. Additionally, over 78% of these loan originations 

guaranteed by Ginnie Mae are to households with income less than $100,000 compared to 49.8% at 

the GSE’s.

Figure 3. Income Distribution of Homebuyers Served Under Ginnie Mae Program

Source: Home Mortgage Disclosure Act (HMDA) data as of 2021

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

% of Homebuyers

Income in Thousands

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

Aggregate and Global Indices

JULY 2023

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

2 US AGGREGATE AND GLOBAL INDICES

2.1 Bloomberg US Aggregate and Global Indices

At month-end June, US Treasuries contributed 41.1% to the Bloomberg US Aggregate Index, stable 

from the prior month. US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) contributed 26.7%, 

down approximately 0.3% from the month prior. For the US Aggregate Index, all other changes to 

the index components were no larger than 1%.

Figure 4. Bloomberg US Aggregate Index

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

largest share of total outstanding issuance, representing 40.4% of the total Bloomberg Global 

Aggregate Index, down slightly from the prior month. Japan’s share of fixed income was the second 

highest at 11.7%, down slightly from the prior month. For the Global Aggregate Index, all countries 

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

Figure 5. Bloomberg Global Aggregate Index by Country

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

41%

27%

15%

8%

2%

2%

2% 1%1% 1% 0% Treasury - 41.1%

MBS Passthrough - 26.7%

Industrial - 14.6%

Financial Institutions - 8.2%

Utility - 2.2%

Agency - 1.9%

CMBS - 1.7%

Supranational - 1.3%

Sovereign - 1.0%

Local Authority - 0.8%

ABS - 0.5%

40%

9% 12%

5%

4%

4%

4%

3%

2%

2% 15%

United States - 40.4%

Japan - 11.7%

China - 9.1%

France - 5.1%

Germany - 4.3%

United Kingdom - 4.2%

Canada - 3.6%

Italy - 3.0%

Spain - 2.2%

Netherlands - 1.9%

Other - 14.5%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons

JULY 2023

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

3 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

3.1 Global 10-Year Treasury Yields (Unhedged)

The US 10‐year Treasury yield moved to 3.72% at month-end June 2023, a MoM decrease of 8 bps. 

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

figure below behind UK and Italian government bond yields.

The yield on the UK 10‐year note decreased to 4.30% at month-end June, a MoM decrease of 3

bps. 

The yield on the German 10‐year note decreased to 2.31% at month-end June, a MoM decrease of 

23 bps.

The yield on the Italian 10‐year note decreased to 3.94% at month-end June, a MoM decrease of

44 bps.

The yield on the Japanese 10‐year note decreased to 0.35% at month-end June, a MoM decrease

of 6 bps.

Figure 6. Global 10-Year Treasury Yields

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

3.72%

4.30%

2.31%

3.94%

0.35%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

% Yield

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

Sovereign Debt Product Performance Comparisons

JULY 2023

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

1.24

1.10

1.20

1.30

1.40

1.50

1.60

1.70

2.12 

2.00

2.10

2.20

2.30

2.40

2.50

2.60

2.70

2.80

3.2 US Treasury Hedged Yields

The hedged yield for the 10‐year Treasury JPY decreased MoM by 4 bps to 2.12% at monthend June.

The hedged yield for the 10‐year Treasury EUR decreased MoM by 2 bps to 1.24% at monthend June.

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

Figure 8. 7–10yr Total Return Hedged, EUR

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

Fixed Income Product Performance Comparisons

JULY 2023

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

SECONDARY MORTGAGE MARKET

4 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

4.1 Ginnie Mae Yields – USD

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

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

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

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

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

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

Figure 9. Ginnie Mae II SF Yield, USD

Figure 10. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of May 2023.

5.50%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

5.29%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JULY 2023

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

4.2 Ginnie Mae Hedged Yields

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

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

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

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

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

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

Figure 11. Ginnie Mae I and II Hedged, JPY

Figure 12. Ginnie Mae I and II Hedged, EUR

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

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

3.86%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

GN II Hedged JPY GN I Hedged JPY

2.96%

2.75%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

GN II Hedged EUR GN I Hedged EUR

3.65%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JULY 2023

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

4.3 Ginnie Mae Yield Spreads – Intermediate Credit

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

to 0.49% at month-end June. The GNMA II 30-year OAS decreased 6 bps MoM as of month-end 

June. The US Intermediate credit OAS decreased 15 bps MoM as of month-end June.

Figure 13. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS

Figure 14. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS

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

0.46%

0.95%

-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

0.49%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

JULY 2023

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

4.4 Global Treasury Yield Per Duration

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

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

Figure 15. Yield vs. Duration

Security Duration Yield

US 5y 4.48 4.13

US 10y 8.24 3.84

JPY 5y 4.71 0.06

JPY 10y 9.52 0.39

GER 5y 4.92 2.46

GER 10y 8.44 2.31

ITA 5y 4.24 3.63

ITA 10y 8.06 3.97

UK 5y 4.95 4.61

UK 10y 7.92 4.38

GNMA II 2% 6.98 4.21

GNMA II 2.5% 6.81 4.38

GNMA II 3% 6.60 4.51

GNMA II 3.5% 6.40 4.62

GNMA II 4% 6.16 4.76

GNMA II 4.5% 5.98 4.94

GNMA II 5% 5.30 5.18

GNMA II 5.5% 4.89 5.44

GNMA II 6% 4.09 5.67

GNMA II 6.5% 3.90 5.91

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

US 5y US 10y

JPY 5y

JPY 10y

GER 5y

GER 10y

ITA 5y

ITA 10y

UK 5y

UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3%

GNMA II 3.5%

GNMA II 4%

GNMA II 4.5%

GNMA II 5%

GNMA II 5.5%

GNMA II 6%

GNMA II 6.5%

0.00

1.00

2.00

3.00

4.00

5.00

6.00

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

JULY 2023

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

5 PREPAYMENTS

5.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds increased in June 2023 by 2.8% MoM. 

Likewise, Fannie Mae and Freddie Mac CPRs increased 3.0% and 3.7%, respectively. ARM 

prepayments increased for Freddie Mac but decreased for Ginnie Mae and Fannie Mae MoM.

Figure 16. Fixed Rate Aggregate 1-Month CPR

Figure 17. ARM Aggregate 1-Month CPR

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

12.0 

14.8 

6.2 

0

10

20

30

40

50

60

70

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae

6.4

6.2

7.8

0

10

20

30

40

50

CPR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

JULY 2023

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

5.2 Involuntary Prepayments (CDR)

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

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

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

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

Mae in September 2022. 

Figure 18. Fixed Rate Aggregate CDR

Figure 19. ARM Aggregate CDR

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

0.3

0.2

0.6

0

10

20

30

40

50

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae

0.3

0.2

0.8

0

5

10

15

CDR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

JULY 2023

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

5.3 Voluntary Prepayment Rates (CRR)

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

GSEs. Fannie Mae and Freddie Mac saw increases of 3.2% MoM and 4.4% MoM in fixed rate 

aggregate CRR, respectively. Freddie Mac saw a 5.9% MoM increase and Fannie Mae saw a 4.6% 

MoM decrease in ARM aggregate CRR. Ginnie Mae increased 2.7% MoM in fixed rate aggregate CRR 

and saw a 10.0% MoM decrease in ARM aggregate CRR.

Figure 20. Fixed Rate Aggregate CRR

Figure 21. ARM Aggregate CRR

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

6.1

6.0

7.1

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae

5.6

14.6

11.8

0

10

20

30

40

CRR (%)

 Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JULY 2023

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

6 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

6.1 Gross Issuance of Agency MBS

Agency gross MBS issuance increased by 13% MoM. Freddie Mac, Ginnie Mae, and Fannie Mae all 

saw increases in gross issuance compared to May 2023 as seen in Section 6.3.

Table 4. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

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

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

2023 YTD $159.8 $140.9 $300.7 $177.7 $478.4

Figure 22. Agency Gross Issuance

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

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

$178

$160

$0.0 $141

$500.0

$1,000.0

$1,500.0

200220032004200520062007200820092010201120122013201420152016201720182019202020212022

2023 YTD

$ in Billions

Fannie Mae Freddie Mac ddie Mac Ginnie Mae innie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JULY 2023

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

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

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5 

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $105.0 $68.6 $4.1 $177.7

Figure 23. Ginnie Mae Gross Issuance

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

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

$105

$69

$0.0 $4

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JULY 2023

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

$78

$18

$0

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

200220032004200520062007200820092010201120122013201420152016201720182019202020212022

2023 YTD

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae

6.2 Net Issuance of Agency MBS

Agency Net Issuance as of month-end June was $95.1 billion for 2023 YTD as shown in Table 6. 

Since 2022, FHA net issuance has outpaced VA net issuance, as shown in Table 7 and Figure 25.

Table 6. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $17.5 -$0.2 $17.2 $77.9 $95.1

Figure 24. Agency Net Issuance

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

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

Single Family MBS Pass-Through Issuance

JULY 2023

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

Table 7. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $55.8 $22.8 -$0.7 $77.9

Figure 25. Ginnie Mae Net Issuance

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

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

$23

$56

-$1

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single Family MBS Pass-Through Issuance

JULY 2023

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

6.3 Monthly Issuance Breakdown

Agency net issuance as of month-end June was approximately $30.2 billion, which represents a 50% 

MoM increase. Ginnie Mae net issuance was $17.8 billion as of month-end June, a 32% increase 

from May 2023. Ginnie Mae’s $37.5 billion in gross issuance as of month-end June, seen in Table 8,

was approximately 12% below the average monthly issuance for 2022.

Table 8. Agency Issuance ($ in billions)

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

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 

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

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

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

Single Family MBS Pass-Through Issuance

JULY 2023

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

6.4 Percent Refi at Issuance – Single-Family

Refinance activity increased for Ginnie Mae as of month-end June 2023 by approximately .9% MoM. 

VA’s lending was down approximately 2.6% in June MoM. FHA’s refinance share increased by 

approximately 3.1%. In the conventional conforming mortgage market space, Fannie Mae saw a 

decrease of 2.2% MoM and Freddie Mac saw a decrease of 6.2% MoM.

Freddie Mac’s refinance percentage dropped to 11.2% in June, down from 12.0% in May.

Fannie Mae’s refinance percentage dropped to 14.2% in June, down 14.6% in May.

Ginnie Mae’s refinance percentage rose to 15.5% in June, up from 15.3% in May.

FHA’s refinance percentage rose to 15.7% in June, up from 15.2% in May.

VA’s refinance percentage dropped to 15.9% in June, down from 16.4% in May.

Figure 26. Percent Refinance at Issuance – Single-Family

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

14.2%

15.9%

15.7%

11.2%

15.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

JULY 2023

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

$3,574

$2,913

$2,210

$8,698

0

2,000

4,000

6,000

8,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,184

$924

$106

0

200

400

600

800

1000

1200

1400

$ in Billions

 FHA VA OTHER

7 AGENCY SINGLE-FAMILY MBS OUTSTANDING

7.1 Outstanding Single-Family Agency MBS

As of month-end June 2023, outstanding single-family MBS in the agency market totaled $8.698

trillion: 41.1% Fannie Mae, 33.5% Freddie Mac, and 25.4% Ginnie Mae MBS. Over the past twelve 

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

approximately 0.9%, 2.8%, and 8.9%, respectively. Fannie Mae outstanding MBS remains larger 

than Freddie Mac’s and Ginnie Mae’s by approximately $661 billion and $1.4 trillion, respectively.

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

2018, 60.2% of Ginnie Mae outstanding collateral was FHA and 33.7% was VA. As of month-end

June 2023, FHA collateral comprised 53.5% of Ginnie Mae MBS outstanding, and VA collateral 

comprised 41.7% of Ginnie Mae MBS outstanding.

Figure 27. Outstanding Agency Mortgage-Backed Securities

Figure 28. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

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

Agency Single-Family MBS Outstanding

JULY 2023

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

43%

22%

4%

31%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio

$0.12

$0.06

$0.01

$0.09

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ in Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

7.2 Origination Volume and Share Over Time

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

originations, which represents an approximate decline in issuance of 13% from Q4 2022. Ginnie 

Mae’s share of total origination decreased from 25.6% to 22.3% in Q1 2023, while portfolio 

origination increased from 25.3% to 31.1%. 

Figure 29. First Lien Origination Volume

Figure 30. First Lien Origination Share

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

Agency Single-Family MBS Outstanding

JULY 2023

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

7.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 35% of new agency issuance over the past year, roughly 

9% higher than Ginnie Mae’s 26% share of agency outstanding. The share of Ginnie Mae’s new 

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

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

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

Table 9. Agency Issuance Breakdown by State

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

National

GNMA 

Share

by UPB

GNMA Loan 

Count

GNMA Avg. 

Loan Size

(000)

GSE Avg. 

Loan Size 

(000)

GNMA 

Share 

by UPB

GNMA 

Loan Count

GNMA Avg. 

Loan Size 

(000)

GSE Avg. 

Loan Size 

(000)

35% 1,710,832 288.04 297.24 26% 10,890,791 206.87 211.12

AK 56% 5,324 343.95 308.06 48% 37,514 262.09 220.45

AL 49% 40,385 229.33 244.34 41% 240,679 159.46 178.18

AR 45% 21,015 196.62 228.10 39% 138,244 134.21 161.54

AZ 34% 50,443 327.16 334.59 25% 280,305 224.19 227.44

CA 30% 104,109 454.75 451.71 17% 695,512 330.81 320.04

CO 33% 36,909 410.92 402.31 24% 216,448 296.05 278.73

CT 33% 15,103 269.79 281.87 26% 107,352 203.12 208.85

DC 22% 1,289 499.23 426.28 13% 9,082 385.91 348.85

DE 37% 7,822 276.21 304.23 31% 52,746 205.66 212.05

FL 38% 157,001 308.89 307.62 32% 869,133 216.64 213.79

GA 41% 92,299 266.54 300.46 34% 507,144 183.92 208.40

HI 46% 4,512 623.49 509.24 32% 33,853 470.66 357.63

IA 32% 12,482 185.64 199.74 23% 83,355 135.38 148.27

ID 32% 10,025 337.79 330.51 24% 64,527 222.61 224.11

IL 29% 55,904 213.61 248.36 22% 372,085 160.98 179.23

IN 36% 45,554 196.75 218.52 30% 282,695 136.20 151.71

KS 36% 14,545 198.74 228.41 29% 96,933 141.55 164.13

KY 44% 27,400 202.98 220.20 35% 167,273 145.49 156.24

LA 49% 32,398 208.64 240.27 41% 204,457 158.83 177.44

MA 29% 16,684 382.17 376.80 16% 115,121 286.39 267.85

MD 43% 42,458 343.20 334.93 34% 295,637 266.28 249.34

ME 35% 5,662 252.96 277.52 26% 38,263 179.19 191.97

MI 28% 42,285 190.21 218.68 20% 278,812 135.22 156.84

MN 23% 20,473 254.74 283.10 18% 160,218 183.35 198.41

MO 37% 38,066 203.40 225.39 29% 246,815 143.80 162.43

MS 56% 19,924 206.99 223.19 48% 124,189 145.57 161.42

MT 30% 4,426 317.11 322.03 24% 32,475 211.43 216.97

NC 36% 71,809 262.07 295.99 29% 420,003 179.41 203.56

ND 35% 2,493 248.79 243.16 24% 17,085 193.79 183.51

NE 33% 9,032 226.29 230.19 27% 65,221 151.25 161.29

NH 29% 5,253 324.30 316.70 22% 38,497 228.15 215.21

NJ 30% 35,235 326.40 342.56 22% 234,776 242.52 254.31

NM 45% 14,193 249.55 260.87 38% 96,253 169.23 178.99

NV 38% 22,820 353.20 342.03 31% 135,646 251.96 236.81

NY 27% 38,500 300.10 341.08 20% 310,159 211.19 248.38

OH 35% 63,532 189.22 206.63 29% 428,264 131.82 149.50

OK 45% 27,980 208.06 229.96 42% 190,694 143.12 163.25

OR 26% 16,279 360.03 370.57 19% 111,802 256.62 254.02

PA 30% 51,546 205.42 251.57 26% 392,404 149.87 182.16

RI 43% 5,417 336.01 308.09 30% 36,154 236.87 212.83

SC 42% 44,423 260.41 268.80 34% 239,686 186.54 193.28

SD 37% 4,279 249.89 250.74 30% 29,376 174.72 177.46

TN 37% 47,059 266.36 289.95 31% 273,216 179.46 205.91

TX 34% 176,488 278.35 312.71 32% 1,115,296 186.57 214.92

UT 27% 16,062 388.60 395.84 19% 97,148 265.88 265.19

VA 47% 67,113 337.70 330.01 36% 450,691 258.54 250.16

VI 25% 110 367.15 431.89 24% 804 255.21 303.98

VT 25% 1,608 246.16 270.23 19% 12,207 181.83 180.79

WA 30% 33,815 407.75 416.16 22% 234,065 287.88 290.26

WI 26% 18,073 215.33 233.23 17% 124,786 157.71 163.02

WV 52% 9,481 196.93 197.97 44% 60,600 145.34 145.30

WY 41% 3,735 272.19 273.32 35% 25,091 206.96 201.79

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

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

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

Agency Single-Family MBS Outstanding

JULY 2023

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

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Avg Coupon %

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pre 2008 2008-2013 2014-2018 2019-2023

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

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

increased slightly from 3.25% in May 2023 to 3.29% as seen in Figure 31. Figure 32 illustrates that 

loans originated since 2019 account for approximately 90% of Ginnie Mae MBS collateral 

outstanding.

Figure 31. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 32. Outstanding Ginnie Mae MBS Balance, by Vintage

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

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

Agency REMIC Securities

JULY 2023

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

8 AGENCY REMIC SECURITIES

8.1 Monthly REMIC Demand for Ginnie Mae MBS

As of month-end June 2023, $7.4 billion of Ginnie Mae MBS were securitized into Real Estate 

Mortgage Investment Conduits (REMICs) as underlying collateral. This represents a marginal 0.1% 

increase YoY from $7.4 billion in June 2022, and a 25.6% MoM decrease from $9.9 billion in May

2023. Of that, approximately $295.7 million were multifamily MBS having coupons over 4.01%. $5.9 

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

Figure 33. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Table 10. June 2023 REMIC Collateral Coupon Distribution

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

REMIC Deals ($MM)2F

2

% Breakdown of REMIC 

Collateral by coupon

Multifamily

<2.01 0.0 0%

2.01-3.00 330.8 36%

3.01-4.00 302.6 32%

4.01-5.00 295.7 32%

>5.00 0.0 0%

Subtotal 929.1 100.0%

Single-Family

<2.01 0.0 0%

3.00-4.00 377.6 6%

4.01-5.00 120.3 2%

5.01-6.00 4,022.7 62%

6.01-7.00 1,871.7 29%

>7.00 59.2 1%

Subtotal 6,451.5 100.0%

Grand Total 7,380.5 100.0%

Source: Ginnie Mae Disclosure Files

2Totals may not sum due to rounding.

$7.4 $8.8

$6.0 $8.0 $5.9

$3.4

$7.5 $6.4

$11.7

$7.5 $5.6

$9.9

$7.4

$0

$5

$10

$15

$20

$25
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

JULY 2023

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

8.2 REMIC Market Snapshot

◼ In June 2023, Ginnie Mae was the only agency that saw a decrease in single-family REMIC 

issuance collateral coupon, which was 15 basis points. Fannie and Freddie saw increases of 

13 basis points and 50 basis points respectively.

◼ In June 2023, Ginnie Mae recorded a second consecutive month of increase in multifamily 

issuance. The last time this occurred was in September of 2022.

◼ In June 2023, despite offering 20 deals, Ginnie Mae had its lowest average deal size since 

November 2022. 

◼ In June 2023, Fannie Mae did not issue a multifamily deal. This is the 6th month in the last 

12 months where this instance has occurred. Previously, from September 2017 to June 2022 

there was only one month where Fannie Mae had no multifamily deal issuance. 

Figure 34. REMIC Issuance by Agency

Table 11. 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 6.73 61.4 11 0.93 29.5 6

Freddie Mac 1.84 16.8 7 2.22 70.5 4

Fannie Mae 2.39 21.8 6 0.00 0.0 0

Total3F

3 $10.96 100% 24 $3.15 100% 10

Source: Ginnie Mae Disclosure Files

3 Totals may not sum due to rounding.

0.9

2.2

0.0

6.7 1.8

2.4

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family June Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

JULY 2023

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

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

9 MBS OWNERSHIP

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

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

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

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

MBS. Out of the approximately $2.6 trillion in holdings as of the end of June 2023, roughly $2.0

trillion was held by the top 25 domestic banks per Table 12 below. 

Figure 35. Who Owns Total Agency Debt?

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

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

9.1 Commercial Bank Holdings of Agency MBS

Table 12. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions)

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

Largest 25 

Domestic Banks

2,067.6 2,052.0 2,056.5 2,054.5 1,961.4 1,952.3 1,953.4 1,947.1 1,961.3

Small Domestic 

Banks

692.2 690.9 677.3 663.5 764.0 700.9 627.8 628.4 618.2

Foreign Related 

Banks

35.9 39.3 36.6 30.0 27.0 28.4 26.8 24 26.2

Total, 

Seasonally 

Adjusted

2,795.7 2,782.2 2,770.4 2,748.0 2,752.4 2,681.6 2,608.0 2,599.5 2,605.7

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

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

MBS Ownership

JULY 2023

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

9.2 Bank and Thrift Residential MBS Holdings

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

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

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

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

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

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

Table 13. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Change:

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

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

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

MBS Ownership

JULY 2023

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

Table 14. Top 20 Bank and Thrift Residential MBS Investors ($ in millions)

Institution Total GSE PT GNMA PT Agency 

CMO

NonAgency Share

1 BANK OF AMERICA 

CORPORATION

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

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

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

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

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

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

7 CITIGROUP INC. $85,290.0 $71,919.0 $10,284.0 $2,359.0 $728.0 3.6%

8 PNC Bank, National 

Association

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

9 CAPITAL ONE FINANCIAL 

CORPORATION

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

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

11 BANK OF NEW YORK 

MELLON CORP

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

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

13 State Street Bank and Trust 

Company

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

14 BMO Harris Bank National 

Association

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

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

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

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

18 Citizens Bank, National 

Association

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

19 HSBC Bank USA, National 

Association

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

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

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

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

MBS Ownership

JULY 2023

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

13.97%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

Percent of Agency MBS Owned

by Foreigners

Foreign Share of MBS

9.3 Foreign Ownership of MBS

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

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

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

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

Figure 36. Foreign Share of Agency MBS Market

Figure 37. Monthly Foreign MBS Holdings

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

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

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

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

635

567

1,202

0

200

400

600

800

1,000

1,200

1,400 $ Billions

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

MBS Ownership

JULY 2023

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

9.4 Foreign Ownership of Agency Debt and Agency MBS

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

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

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

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

$20.6 billion.

Table 15. All Agency Debt

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

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

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

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

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

Canada 76,391 89,313 97,234 105,527 2,668 12,922 7,921 8,293

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

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

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

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

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

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

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

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

Table 16. Agency MBS

Country Level of Holdings ($ Millions)

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

Japan 259,844 287,050 27,206

China 219,549 263,891 44,342

Taiwan 233,340 212,782 -20,558

Canada 73,723 105,527 31,804

Luxembourg 33,384 51,268 17,884

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

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

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

Ireland 20,589 25,100 4,511

France 17,127 22,578 5,451

Other 186,810 196,266 9,456

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

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

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

Fixed Income Liquidity Indicators

JULY 2023

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

$247

$756

$42

$0

$100

$200

$300

$400

$500

$600

$700

$800

200320042005200620072008200920102011201220132014201520162017201820192020202120222023

$ Billions

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

10 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume YTD as of month-end June 2023 was $247 billion, 

which was up from a monthly average of $241 billion for calendar year 2022. As of month-end June 

2023, agency MBS average daily trading volume increased 5.8% MoM. See footnote below for 

update on “Average Daily Turnover by Sector” data. 

Figure 38. Average Daily Trading Volume by Sector

Figure 39. Average Daily Turnover by Sector

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

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

updated in this report.

2.70%

2.96%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

20022003200420052006200720082009201020112012201320142015201620172018201920202021

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

11

11.1

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

PRIMARY MORTGAGE MARKET

AGENCY CREDIT BREAKDOWN

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

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

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

Credit Scores

Table 17. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 261,038 652 695 746 781 799 735

Fannie 84,272 700 733 766 790 803 758

Freddie 86,370 693 726 762 788 802 754

Ginnie 90,396 627 651 688 738 779 695

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 57,418 627 661 708 759 791 707

Fannie 19,823 671 706 747 781 800 741

Freddie 15,446 661 691 732 771 795 730

Ginnie 22,149 598 628 659 693 734 662

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 318,456 646 687 740 779 798 730

Fannie 104,095 693 728 763 789 802 755

Freddie 101,816 686 721 759 787 801 750

Ginnie 112,545 622 647 681 730 774 689

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 90,396 627 651 688 738 779 695

FHA 57,453 623 646 676 714 753 681

VA 29,390 636 672 729 776 798 722

Other 3,553 635 658 695 733 762 697

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10

.

P25 Median P75 P90 Mean

All 22,149 598 628 659 693 734 662

FHA 15,193 594 625 652 684 717 654

VA 6,948 609 639 675 718 760 679

Other 8 606 639 658 681 742 668

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 112,545 622 647 681 730 774 689

FHA 72,646 617 641 671 708 747 676

VA 36,338 630 663 716 769 796 714

Other 3,561 635 658 695 733 762 697

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

Agency Credit Breakdown

JULY 2023

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

Figure 40. FICO Distributions by Agency

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

0.0%

2.4%

12.9%

28.5%

45.4%

10.7%

0.1%

2.0%

10.1%

27.4%

48.3%

12.1%

2.2%

17.6%

24.2%

21.9%

26.7%

6.5%

5.2%

28.9%

37.5%

18.3%

7.7%

0.8%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

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

11.2 Loan-to-Value (LTV)

Table 18. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 261,315 63 80 92 98 99 85

Fannie 84,365 55 75 80 95 95 79

Freddie 86,405 56 75 80 95 95 80

Ginnie 90,545 91 98 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 57,123 33 50 67 80 83 63

Fannie 19,827 28 42 58 70 78 55

Freddie 15,446 29 43 59 70 79 56

Ginnie 21,850 55 69 80 81 90 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 318,438 53 75 86 97 98 81

Fannie 104,192 45 64 80 90 95 74

Freddie 101,851 48 69 80 94 95 77

Ginnie 112,395 76 90 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 90,545 91 98 98 100 100 96

FHA 57,532 92 97 98 98 98 96

VA 29,445 85 100 100 100 102 96

Other 3,568 93 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 21,850 55 69 80 81 90 76

FHA 15,297 52 66 77 81 81 72

VA 6,545 63 77 89 92 100 84

Other 8 52 58 82 92 100 77

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 112,395 76 90 98 99 100 92

FHA 72,829 75 86 98 98 98 91

VA 35,990 79 90 100 100 102 94

Other 3,576 93 99 101 101 101 98

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

Agency Credit Breakdown

JULY 2023

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

Figure 41. Loan-to Value by Agency

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

19.3%

40.1%

33.6%

6.9%

22.8%

41.9%

27.6%

7.7%

3.6%

9.8%

21.6%

65.0%

3.8%

10.9%

18.0%

67.4%

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

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

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

11.3 Debt-to-Income (DTI)

Table 19. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 260,924 26 33 41 47 50 40

Fannie 84,365 24 31 38 45 48 37

Freddie 86,405 24 31 39 45 49 38

Ginnie 90,154 31 38 45 51 55 44

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 56,773 25 32 40 46 50 39

Fannie 19,827 22 29 37 43 47 36

Freddie 15,446 24 32 40 46 49 38

Ginnie 21,500 29 36 43 50 55 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 317,697 26 33 41 47 50 39

Fannie 104,192 23 30 38 44 48 37

Freddie 101,851 24 31 39 45 49 38

Ginnie 111,654 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 90,154 31 38 45 51 55 44

FHA 57,508 33 40 46 52 55 45

VA 29,080 30 37 44 51 56 44

Other 3,566 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 21,500 29 36 43 50 55 42

FHA 15,150 29 36 44 50 55 43

VA 6,342 28 35 43 49 54 42

Other 8 28 30 33 36 41 33

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 111,654 31 38 45 51 55 44

FHA 72,658 32 39 46 51 55 44

VA 35,422 30 36 44 51 56 43

Other 3,574 27 31 36 40 42 35

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

Agency Credit Breakdown

JULY 2023

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

Figure 42. Debt-to Income by Agency

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

37.0%

34.6%

28.4%

40.5%

35.8%

23.7%

21.2%

28.3%

50.6%

15.7%

27.7%

56.6%

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

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

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

11.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of April 2022 – June 2022 to the three-month range of April 2023 

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

◼ FICO scores above 750 decreased by approximately 4.0%.

◼ DTIs below 35% decreased by approximately 19.1%.

YoY, the share of high-LTV loans increased in the Ginnie Mae guarantee book by approximately 12% 

and in the GSE portfolios by approximately 30%. Still, Ginnie Mae maintains its key role of 

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

lending, with 71.15% of its issuances between April 2023 – June 2023 having LTVs of 95 or above, 

compared to 23.66% for the GSEs. 

Table 20. Share of Loans with LTV > 95

Ginnie Mae GSE All

Apr 2022 - Jun 2022 63.56% 18.14% 31.91%

Apr 2023 - Jun 2023 71.15% 23.66% 41.15%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.35% 4.03% 5.50% 9.09% 0.06% 21.03%

35-45 5.60% 8.84% 10.07% 11.30% 0.05% 35.86%

≥45 6.74% 11.01% 9.43% 12.37% 0.05% 39.60%

NA 0.72% 0.48% 0.29% 0.25% 1.77% 3.51%

All 15.41% 24.36% 25.30% 33.00% 1.93% 100.00%

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

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.93% 3.07% 4.46% 7.49% 0.05% 17.00%

35-45 5.57% 8.27% 10.14% 12.24% 0.05% 36.27%

≥45 7.86% 13.01% 12.73% 11.80% 0.10% 45.49%

NA 0.26% 0.19% 0.11% 0.17% 0.50% 1.23%

All 15.63% 24.54% 27.45% 31.69% 0.69% 100.00%

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

Agency Credit Breakdown

JULY 2023

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

3.96%

0.62%

0.59%

2.26%

0%

2%

4%

6%

8%

10%

12%

3Q062Q071Q084Q083Q092Q101Q114Q113Q122Q131Q144Q143Q152Q161Q174Q173Q182Q191Q204Q203Q212Q221Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA

11.5 Serious Delinquency Rates

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

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

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

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

consistent with the decrease in the number of loans in forbearance captured in Section 12 below.

Figure 43. Serious Delinquency Rates: Single-Family Loans

Sources: 

1. Fannie Mae and Freddie Mac Monthly Summary Reports

2. MBA Delinquency Survey

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q1 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

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

11.6 Credit Box

The first-time homebuyer share for agency purchase loans was 55.0% as of month-end June 2023, 

an increase from 54.7% in May 2023 and up from 53.0% in June 2022. Ginnie Mae and Fannie Mae’s 

first-time homebuyer shares, 68.6% and 48.3% respectively, as of month-end June 2023, have 

remained relatively flat YoY. Freddie Mac’s first-time homebuyer share increased 9.5% YoY. Table 

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

rates were very similar.

Figure 44. First-Time Homebuyer Share: Purchase Only Loans

Table 23. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount $ 336,952 344,664 325,224 343,608 305,621 362,925 320,082 348,679

Credit Score 752 764 747 760 689 708 724 749

LTV (%) 85 74 85 75 97 94 90 79

DTI (%) 37 37 37 38 44 45 40 39

Loan Rate (%)

6.3 6.4 6.4 6.4 6.2 6.0 6.3 6.3

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of June 2023

47.4%

48.3%

68.6%

55.0%

25%

35%

45%

55%

65%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

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

In the Ginnie Mae purchase market, 76.3% of FHA loans, 51.5% of VA loans, and 84.2% of other 

loans provided financing for first-time home buyers as of month-end June 2023. VA, FHA, and other 

loans all slightly decreased MoM. Table 24 shows that based on mortgages originated as of monthend June 2023; the credit profile of the average VA first-time homebuyer differed from the average 

VA repeat buyer. The average VA first-time homebuyer took out 16.4% smaller loans, had a 23.7-

point lower credit score, 4.5% higher LTVs and had an 18 bp higher interest rate. FHA’s first-time 

homebuyers are much more like their repeat buyers, with only 5.9% smaller loans, 5 bps higher in 

interest rate, and 2.2% higher LTVs. Because FHA provides one of few credit options for borrowers 

with lower credit scores, repeat borrowers with weaker credit profiles are often limited to FHA 

financing; FHA’s repeat buyers continue to have lower credit scores than their first-time home 

buyers. For VA and conventional borrowers alike, repeat buyers tend to have higher credit scores 

than first-time homebuyers.

Figure 45. First-time Homebuyer Share: Ginnie Mae Breakdown

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

FHA VA Other Total

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

Loan Amount $ 300,840 319,817 343,448 410,820 184,600 191,486 305,621 362,925

Credit Score 682 681 711 734 697 697 689 708

LTV (%) 97 95 99 94 98 98 97 94

DTI (%) 45 46 43 44 35 35 44 45

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

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of June 2023

76.3%

51.5%

84.2%

68.6%

40%

50%

60%

70%

80%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

JULY 2023

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

640

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

11.7 Credit Box: Historical

The median FICO score for all agency loans originated as of month-end June 2023 was 737, which 

represents a 7-point increase YoY from June 2022. Ginnie Mae median FICO scores increased 7

points between June 2022 and June 2023 to 677. As of month-end June 2023, average FICO scores 

for refinances increased for Fannie Mae and Freddie Mac borrowers by 10 and 6 points YoY,

respectively.

Figure 46. FICO Scores for All Loans

Figure 47. FICO Scores for Purchase Loans Figure 48. FICO Scores for Refinance Loans

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

759

763

677

737

660

680

700

720

740

760

780

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

Agency Credit Breakdown

JULY 2023

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

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

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

programs. Freddie Mac saw an increase in median LTV YoY from 79.0% in June 2022 whereas Ginnie 

Mae and Fannie Mae LTVs remained flat from 98.2% and 80.0% over the same period. In June 2023, 

median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 44.8%, 39.0%, and 38.0% 

respectively. In June 2022, median DTIs for Ginnie Mae, Freddie Mac, and Fannie Mae were 43.7%, 

38.0%, and 38.0% respectively.

Figure 49. LTV Ratio for All Loans

Figure 50. DTI Ratio for All Loans

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

80.0

98.2

87.1

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

39.0

38.0

44.8

41.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Freddie Median Fannie Median Ginnie Median All Median

80.0
GLOBAL MARKETS ANALYSIS REPORT

Forbearance Trends

JULY 2023

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

12 FORBEARANCE TRENDS

At the end of June 2023, 85,769 Ginnie Mae loans were in forbearance. The number of loans in 

forbearance removed from MBS pools in June was 563 while 85,206 loans in forbearance remain in 

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

loans in forbearance that were removed from pools increased. The median current principal 

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

than banks in all subsets.

Table 25. Forbearance Snapshot

All Loans in Forbearance – June 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.7 $208,973 73.7 75.8 85,769

Bank 672 3.9 $145,131 83.0 87.8 10,227

Nonbank 654 3.7 $218,106 72.8 74.9 75,523

FHA 652 3.8 $203,796 77.4 78.7 64,433

Bank 671 4.0 $142,683 86.3 90.5 8,651

Nonbank 650 3.8 $213,535 76.5 77.6 55,769

VA 666 3.6 $268,122 58.0 63.9 15,796

Bank 676 3.6 $190,387 57.7 70.0 1,083

Nonbank 665 3.6 $273,211 58.0 63.7 14,710

Loans in Forbearance and Removed from Pools – June 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 661 3.6 $182,176 64.9 66.9 563

Bank 679 4.2 $99,874 66.3 82.6 90

Nonbank 659 3.6 $201,680 64.7 65.5 473

FHA 653 3.8 $175,732 65.2 75.2 389

Bank 681 4.2 $93,108 66.8 78.9 72

Nonbank 650 3.8 $195,487 65.0 74.9 317

VA 678 3.2 $232,901 60.9 46.8 137

Bank 692 4.3 $215,688 66.4 87.9 9

Nonbank 677 3.2 $235,150 60.4 44.7 128

Loans in Forbearance that Remain in Pools – June 2023

FICO 

Score*

Note 

Rate*

Current Principal Balance 

Median

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 656 3.7 $209,160 73.7 75.9 85,206

Bank 672 3.9 $145,675 83.1 87.8 10,137

Nonbank 654 3.7 $218,211 72.9 74.9 75,050

FHA 652 3.8 $203,978 77.5 78.7 64,044

Bank 671 4.0 $143,255 86.4 90.5 8,579

Nonbank 650 3.8 $213,596 76.5 77.6 55,452

VA 666 3.6 $268,293 58.0 64.1 15,659

Bank 676 3.6 $190,313 57.6 69.9 1,074

Nonbank 665 3.6 $273,531 58.0 63.8 14,582

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

Holders of Ginnie Mae Mortgage Servicing Rights

JULY 2023

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

13 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

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

Mae MBS is shown in Table 26. The top 30 firms collectively own 87.22% of Ginnie Mae MSRs (see 

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

seven are depository institutions. As of June 2023, over half (54.02%) of the Ginnie Mae MSRs are 

owned by the top six firms.

Table 26. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

MSR Holder Rank

Current Year prior Change

UPB

($ millions) Share

Cumulative 

Share CPR CDR

LAKEVIEW LOAN SERVIC 1 3 $300,867,769,097 13.59% 13.59% 8.26% 1.10%

DBA FREEDOM HOME MOR 2 1 $277,030,908,764 12.51% 26.10% 8.77% 0.77%

PENNYMAC LOAN SERVIC 3 2 $259,614,627,373 11.73% 37.83% 8.55% 0.89%

NATIONSTAR MORTGAGE, 4 6 $127,351,318,567 5.75% 43.58% 9.38% 1.29%

NEWREZ LLC 5 8 $123,175,264,986 5.56% 49.14% 7.34% 0.71%

WELLS FARGO BANK, NA 6 4 $108,031,938,732 4.88% 54.02% 7.84% 0.26%

ROCKET MORTGAGE, LLC 7 5 $107,198,035,758 4.84% 58.86% 9.36% 0.49%

CARRINGTON MORTGAGE 8 7 $95,752,284,614 4.32% 63.18% 8.74% 0.82%

U. S. BANK, NA 9 10 $53,725,417,633 2.43% 65.61% 6.61% 0.83%

PLANET HOME LENDING, 10 14 $50,702,353,717 2.29% 67.90% 6.61% 0.29%

UNITED WHOLESALE MOR 11 11 $46,050,873,955 2.08% 69.98% 4.75% 0.02%

AMERIHOME MORTGAGE C 12 17 $38,303,666,385 1.73% 71.71% 5.68% 0.46%

LOANDEPOT.COM,LLC 13 13 $38,242,322,681 1.73% 73.44% 7.91% 0.36%

NAVY FEDERAL CREDIT 14 16 $29,170,681,279 1.32% 74.76% 8.70% 0.24%

MORTGAGE RESEARCH CE 15 12 $26,767,994,681 1.21% 75.96% 9.32% 0.50%

GUILD MORTGAGE COMPA 16 19 $23,120,643,567 1.04% 77.01% 7.50% 0.24%

THE MONEY SOURCE INC 17 18 $21,672,862,600 0.98% 77.99% 8.47% 0.69%

TRUIST BANK 18 20 $20,089,300,165 0.91% 78.89% 8.93% 0.79%

CROSSCOUNTRY MORTGAG 19 21 $19,716,277,834 0.89% 79.79% 6.80% 0.48%

VILLAGE CAPITAL & IN 20 23 $18,904,360,137 0.85% 80.64% 8.93% 0.67%

NEW AMERICAN FUNDING 21 22 $18,809,963,196 0.85% 81.49% 7.75% 0.65%

MOVEMENT MORTGAGE, LL 22 28 $18,357,649,451 0.83% 82.32% 6.51% 0.40%

CMG MORTGAGE, INC. 23 27 $18,331,923,119 0.83% 83.15% 7.53% 0.65%

IDAHO HOUSING AND FI 24 25 $15,405,567,195 0.70% 83.84% 5.69% 0.84%

PHH MORTGAGE CORPORA 25 NR $14,438,233,383 0.65% 84.49% 7.03% 0.57%

CITIZENS BANK N.A. 26 26 $13,909,546,026 0.63% 85.12% 7.41% 0.23%

FLAGSTAR BANK, N.A. 27 NR $12,858,999,661 0.58% 85.70% 6.98% 0.29%

MIDFIRST BANK 28 29 $12,684,157,795 0.57% 86.28% 11.28% 4.67%

CARDINAL FINANCIAL C 29 30 $10,752,603,689 0.49% 86.76% 7.90% 0.63%

SUN WEST MORTGAGE CO 30 NR $10,241,618,418 0.46% 87.22% 7.27% 0.20%

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

Agency Nonbank Originators

JULY 2023

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

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

14 AGENCY NONBANK ORIGINATORS

Total agency nonbank origination share decreased as of month-end June 2023 by approximately 

1.3% MoM. The decrease in nonbank origination share was driven by a decrease in both Ginnie 

Mae and Freddie Mac nonbank origination share, down 1.6% and 3.2% MoM, respectively. The 

Ginnie Mae nonbank share fell to 89.3% as of June 2023 and has remained consistently higher than 

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

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

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

80.3%

73.1%

77.3%

89.3%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

Figure 52. Nonbank Origination Share:

Purchase Loans

Figure 53. Nonbank Origination Share:

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JULY 2023

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

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

Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 89.3% in 

June 2023. The percent of Ginnie Mae’s Other nonbank refinanced loans increased to 91.2% in June 

2023.

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

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

91.2%

89.3%

89.5%

88.8%

40%

50%

60%

70%

80%

90%

100%

FHA VA Other All

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

20%

30%

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

Figure 55. Ginnie Mae Nonbank Share:

Purchase Loans

Figure 56. Ginnie Mae Nonbank Share:

Refi Loans
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JULY 2023

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

660

670

680

690

700

710

720

All Median FICO Bank Median FICO

Nonbank Median FICO

720

730

740

750

760

770

780

All Median FICO Bank Median FICO

Nonbank Median FICO

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

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

14.1.1 (FICO, LTV, DTI)

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

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

scores decreased by 3 points from May 2023 to June 2023. The agency median FICO increased by 2 

points MoM to 738.

Figure 57. Agency FICO: Bank vs. Nonbank

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

738

754

732

700

710

720

730

740

750

760

770

780

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

Agency Nonbank Originators

JULY 2023

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

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

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

remained at 45.0% MoM June 2023 in nonbank originations.

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

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

30

32

34

36

38

40

42

44

All Median DTI Bank Median DTI

Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI Bank Median DTI

Nonbank Median DTI

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

94

96

98

100

All Median LTV Bank Median LTV

Nonbank Median LTV

68

70

72

74

76

78

80

82

All Median LTV Bank Median LTV

Nonbank Median LTV
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JULY 2023

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

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

As of month-end June 2023, the median FICO score for Ginnie Mae bank decreased 2 points to 682 

and nonbank increased 3 points to 677 MoM. The median FICO for all Ginnie originations increased 

2 points to 677 MoM. The gap between banks and nonbanks is most apparent in VA lending (27-

point spread).

670

680

690

700

710

720

Other All Median FICO

Other Bank Median FICO

Other Nonbank Median FICO

Figure 65. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 66. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 67. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

680

690

700

710

720

730

740

750

760

VA All Median FICO

VA Bank Median FICO

VA Nonbank Median FICO

650

660

670

680

690

FHA All Median FICO

FHA Bank Median FICO

FHA Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

JULY 2023

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

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 June 2023.

Figure 68. Ginnie Mae DTI:

Bank vs. Nonbank

Figure 70. Ginnie Mae VA DTI:

Bank vs. Nonbank

Figure 71. Ginnie Mae Other DTI:

Bank vs. Nonbank

Figure 69. Ginnie Mae FHA DTI:

Bank vs. Nonbank

32

34

36

38

40

42

44

46

VA Median DTI

VA Bank Median DTI

VA Nonbank Median DTI

34

35

36

37

38

Other Median DTI

Other Bank Median DTI

Other Nonbank Median DTI

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JULY 2023

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

U.S. HOUSING MARKET

15 HOUSING AFFORDABILITY

15.1 Housing Affordability – Home Price Appreciation

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

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

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

increase in the QoQ change in HPI, respectively.

Figure 72. Regional HPI Trend Analysis Q/Q

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

Figure 73. FHFA US Census Subregions as defined by the US Census Bureau

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

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

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

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

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

Disclosure

JULY 2023

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

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

As of month-end June 2023, inflation was 3.1%, in line with the month prior. Nationally, rents are

up 0.5% YoY as of month-end June 2023. The MoM change from May 2023 to June 2023 increased

by 1.72%. Wage growth saw a decrease from 6.0% in May 2023 to 5.6% as of month-end June 2023. 

Month-end May 2023 reporting data shows YoY home price appreciation has decreased 0.5%, down 

from an increase of 0.2% in April 2023.

Figure 74. Inflation | 12-Month Percent Change in CPI

Figure 75. 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.

3.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

3.1%

5.6%

-0.5%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic

General Inflation 3.1%

Home Price 

Appreciation

(YoY)

-0.5%

Rental Price 

Appreciation

(Median Rent 

Change YoY)

0.5%

Wage Growth 5.6%
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JULY 2023

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

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

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

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

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

may drop back down to historically normal levels.

Figure 76. Average Price of Homes Sold to Median Income Ratio

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

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

1984198519861987198919901991199219941995199619971999200020012002200420052006200720092010201120122014201520162017201920202021

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JULY 2023

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

15.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

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

per the FOMC.4F

4 As of July 20, 2023, the average 30-year and 15-year fixed rate mortgage rates were 

6.78% and 6.06%, respectively. The average 30-year fixed rate mortgage rate increased 9 bps and 

the average 15-year fixed rate mortgage rate decreased 4 bps MoM from June 15, 2023.

Figure 77. Average Fixed Rate Mortgage Rates

Sources: FRED data as of July 2023

4https://www.federalreserve.gov/newsevents/pressreleases/monetary20230614a.htm

6.78

6.06

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JULY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

$ in thousands

Number of Starts Number of Completions Number of Permits

15.3 Housing Inventory

As of May 2023, there was 6.7 months of housing inventory on the market, a decrease from 7.6

months in April 2023. As housing affordability continues to remain low (See above Section 15.2)

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, increased in 2022; number of starts 

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

remained relatively stable. 

Figure 78. Single-Family Housing Inventory

Figure 79. Multifamily Construction Metrics: Permits, Starts, Completions

Source: FRED. Figure 78: data as of May 2023. New Residential Construction, US Census Bureau. Figure 79: data as of December

2022.

6.7

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

JULY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 61

15.4 Size and Value of the US Housing Market

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

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

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

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

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

of total mortgage debt from just 52% in 2011. 

Figure 80. Value of the US Housing Market

Figure 81. Size of the US Residential Mortgage Market

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

12.5

28.7

41.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

$ Trillions

Debt Household Equity Total Value

0.4

8.9

3.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0 $ Trillions

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

Disclosure

JULY 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 62

16 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 June 30,

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

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

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

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

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

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