Federal Housing Finance Agency Print

Reports

Home / Data & Tools / Reports

 Data Reports

 

 

Refinance Report - Second Quarter 201518452<h2>​Second Quarter 2015 Highlights</h2><ul><li>Refinance volume increased slightly in June 2015 after falling in May. Mortgage rates continued to rise in June&#58; the average interest rate on a 30 year fixed rate mortgage reached 3.98 percent.</li><li>In the second quarter of 2015, 31,561 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,333,654.</li><li>HARP volume represented 5 percent of total refinance volume in the second quarter of 2015.</li><li>Year to date through June 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.</li><li>In June 2015, 7 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.</li> <font face="Calibri"></font><font color="#33339b" lang="JA" face="ArialMT"><font color="#33339b" lang="JA" face="ArialMT"></font></font> <li>Year to date through June 2015, 29 percent of HARP refinances for underwater borrowers were for shorter‐term 15‐ and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages.<font face="Calibri"> </font></li><li>Year to date through June 2015, HARP refinances represented 13 or more percent of total refinances in Florida and Georgia, more than double the 5 percent of total refinances nationwide over the same period.</li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</li></ul> <a href="/Media/PublicAffairs/Pages/HARP-Refinances-Remain-Steady-Through-Second-Quarter-2015.aspx">Related News Release</a>8/27/2015 5:00:27 PM219http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2Q 2015 / June18430<p>U.S. house prices rose <strong>1.2 percent </strong>in the second quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the 16th consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for June was up <strong>0.2 percent </strong>from May. House prices rose <strong>5.4 percent </strong>from the second quarter of 2014 to the second quarter of 2015. </p><p>The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.</p><p>The seasonally adjusted, purchase-only HPI rose <strong>5.4 percent </strong>from the second quarter of 2014 to the&#160;second quarter of 2015, while prices of other goods and services fell 1.4 percent. The inflation-adjusted price of homes thus rose approximately 6.9 percent over the latest year.<br><br> <strong>Significant Findings</strong><br></p><ul><li>Home prices rose in every state between the second quarter of 2014 and the second quarter of 2015. The top five areas in annual appreciation&#58; 1) Colorado – 10.6 percent, 2) Nevada – 10.5 percent, 3) Florida – 9.7 percent, 4) Hawaii – 9.5 percent, and 5) Washington – 8.8 percent.<br></li><li>Among the 100 most-populated metropolitan areas in the U.S., four-quarter price increases were greatest in San Francisco-Redwood City-South San Francisco, CA (MSAD), where prices increased by 18.3 percent. Prices were weakest in the Allentown-Bethlehem-Easton, PA-NJ, where they fell -1.1 percent.<br></li><li>Of the nine census divisions, the South Atlantic division experienced the strongest increase in the second quarter, posting a 1.7 percent quarterly increase and a 6.1 percent increase since last year. House price appreciation was weakest in the Middle Atlantic division, where prices were flat in the second quarter. </li></ul><p><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt2-Percent-in-Second-Quarter-2015.aspx">Related News Release </a></p>8/25/2015 1:00:28 PM1310http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - May 201518320<h2>​May 2015 Highlights​</h2><div><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></div><div><br>&#160;</div><div><ul><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">The Enterprises completed 20,812 foreclosure&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">prevention actions in May 2015, bringing the total to&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">3,520,501 since the start of the conservatorships in&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">September 2008. Over half of these actions have been&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">permanent loan modifications.</span><br></li><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">There were 14,069 permanent loan modifications in&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">May, bringing the total to 1,820,692 since the start of​&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">conservatorships.</span><br></li><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">The share of modifications with principal forbearance&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">remained at 19 percent while modifications with extendterm</span><br></li><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">only was 47 percent in May due to improved house&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">prices and a declining HAMP eligible population.</span><br></li><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">There were 2,882 short sales and deeds-in-lieu&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">completed in May, down 16 percent compared with April.</span></li></ul></div><div><strong><br></strong>&#160;</div><div><strong>The Enterprises' Mortgage Performance&#58;</strong></div><div><br>&#160;</div><div><ul><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">The serious delinquency rate fell t</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">o 1.65 percent at the&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">end of May, down from 1.70 percent at the end of April.</span><br></li></ul></div><div><strong><br></strong>&#160;</div><div><strong>The Enterprises' Foreclosures&#58;</strong></div><div><br>&#160;</div><div><ul><li><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">T</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">hird-party and foreclosure sales declined 8 percent to&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">9,929, while foreclosure starts increased 5 percent to&#160;</span><span style="color&#58;#444444;font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">20,561 in May.​</span><br></li></ul></div>8/11/2015 4:01:00 PM350http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - May 201518217<h1>May 2015 Highlights</h1><ul><li>Refinance volume decreased in May 2015 but remained at levels above those observed in 2014. Mortgage rates rose in May&#58; the average interest rate on a 30 year fixed rate mortgage reached 3.84 percent.</li><li>In May 2015, 10,419 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,324,228.</li><li>HARP volume represented 5 percent of total refinance volume in May 2015.</li><li>Year to date through May 2015, borrowers with loan‐to‐value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.</li><li>In May 2015, 8 percent of the loans refinanced through HARP had a loan‐to‐value ratio greater than 125 percent.</li><font face="Calibri"></font><font color="#33339b" lang="JA" face="ArialMT"><font color="#33339b" lang="JA" face="ArialMT"></font></font><li>Year to date through May 2015, 28 percent of HARP refinances for underwater borrowers were for shorter‐term 15‐ and 20‐year mortgages, which build equity faster than traditional 30‐year mortgages.</li><font face="Calibri"></font><font color="#33339b" lang="JA" face="ArialMT"><font color="#33339b" lang="JA" face="ArialMT"></font></font><li>Year to date through May 2015, HARP refinances represented 13 or more percent of total refinances in Florida and Georgia, more than double the 6 percent of total refinances nationwide over the same period.</li><li>Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program.</li></ul>7/23/2015 2:58:37 PM562http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - May 201518209<p>​<span style="line-height&#58;1.6;">The F</span><span style="line-height&#58;1.6;">HFA House Price Index (HPI) reported a&#160;0.4&#160;percent&#160;increase in U.S. house prices in May&#160;from the previous month.&#160;&#160;From May&#160;2014 to May&#160;2015, house prices were up&#160;5.7&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from April&#160;2015 to May&#160;2015 ranged from&#160;-0.6&#160;percent in the&#160;East South&#160;Central division to +1.1&#160;percent in the East&#160;North Central division.&#160; The 12-month changes were all positive, ranging from +0.9&#160;percent in the&#160;Middle Atlantic division to +8.4&#160;percent in the Pacific division.​</span></p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p>7/22/2015 1:00:33 PM2624http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - April 201518168<p><strong>April 2015 Highlights</strong></p><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong></p><p>• The Enterprises completed 22,346 foreclosure prevention actions in April 2015, bringing the total to 3,499,689 since the start of the conservatorships in September 2008. Over half of these actions have been permanent loan modifications.<br>• There were 14,585 permanent loan modifications in April, bringing the total to 1,806,623 since the start of conservatorships.<br>• The share of modifications with principal forbearance was 19 percent while modifications with extend-term only remained at 48 percent in April due to improved house prices and a declining HAMP eligible population.<br>• There were 3,447 short sales and deeds-in-lieu completed in April, up 10 percent compared with March.<br>The Enterprises' Mortgage Performance&#58;<br>• The serious delinquency rate declined to 1.70 percent at the end of April, from 1.76 percent at the end of March.<br>The Enterprises' Foreclosures&#58;<br>• Third-party and foreclosure sales declined 2 percent to 10,742, while foreclosure starts fell 14 percent to 19,500 in April.</p>7/14/2015 7:37:03 PM497http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 201418078<p>The Housing and Economic Recovery Act of 2008 (HERA) requires the Federal Housing Finance Agency (FHFA) to submit reports to Congress annually on the guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). HERA requires an analysis of fees by product type, risk class, and the volume of a lender’s business. The report must also analyze the costs of providing the guarantee and provide a comparison to the prior year. FHFA issued the first such report in 2009. This report covers guarantee fees charged in 2014. </p><p> Among the major findings of this report are&#58; </p><ul><li>Overall, the average level of guarantee fees charged has increased since 2009. The guarantee fees are currently two-and-a-half times their previous level; from 2009 to 2014, average fees increased from 22 basis points to 58 basis points. From 2013 to 2014, average fees increased from 51 basis points to 58 basis points. </li><li>In 2014, primarily because of changes in the models the Enterprises use to estimate the capital necessary to support their mortgage guarantee business, gaps on 30-year fixed rate loans were more negative and gaps on 15-year loans were more positive than in 2013. While the gap on 30-year fixed rate loans was negative relative to targeted return on capital, the returns on capital were positive. </li><li>The percentage of loans that the Enterprises purchased from small lenders grew substantially in 2014, while pricing differences between small sellers and large sellers remained small. </li></ul><p>In April 2015, FHFA completed a comprehensive review of the agency's policy for guarantee fees charged by the Enterprises to lenders. FHFA decided not to change the general level of fees. However, FHFA made certain minor and targeted fee adjustments. Overall, the set of modest changes to guarantee fees is roughly revenue neutral and will result in little or no change for most borrowers. </p><p><a href="/Media/PublicAffairs/Pages/FHFA-Releases-Annual-Guarantee-Fee-Report-6302015.aspx">Related News Release</a></p>6/30/2015 2:00:37 PM1380http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Quarterly Performance Report of the Housing GSEs - First Quarter 201518072<h2 style="font-style&#58;normal;font-variant&#58;normal;">​The Enterprises</h2><p style="font-style&#58;normal;font-variant&#58;normal;"> <em>(Freddie Mac and Fannie Mae)</em></p><ul><li>Combined first quarter earnings of&#160;$2.4&#160;billion compared to $1.5&#160;billion in the fourth quarter of&#160;2014</li><li>Losses on derivatives of $4.2&#160;billion driven by a decrease in longer-term swap rates during the quarter</li><li>Loan loss reserves decreased $8.4&#160;billion during the quarter, mostly due to increased charge-offs as both Enterprises adopted new regulatory guidance issued by FHFA that changed the guidelines for when a loan is determined to be uncollectable</li><li>Enterprise MBS issuance remained relatively level at 70% of total iss<span style="line-height&#58;22px;">uances</span></li></ul><p></p><h2>The Federal Home Loan Bank System</h2><p></p> <ul><li>Aggregate first quarter income of $1.0&#160;billion&#160;compared to $553 million in the fourth quarter of&#160;2014</li><li>The FHLBank of San Francisco received a litigation settlement of $459 million</li><li>Aggregate advances decreased by 5.0&#160;percent over year-end&#160;2014&#160;to $542.2 billion</li><li>Advances make up 61.5&#160;percent of assets and 66.6 percent of consolidatated obligations</li><li>Aggregate retained earnings increased to $13.8&#160;billion</li><li>The FHLBank of Seattle divested its entire private-label MBS portfolio in preparation to merge with the FHLBank of Des Moines</li></ul>6/29/2015 3:00:43 PM957http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - April 201518026<p>The FHFA House Price Index (HPI) reported a&#160;0.3 percent&#160;increase in U.S. house prices in&#160;April from the previous month.&#160;&#160;From&#160;April 2014 to April 2015, house prices were up&#160;5.3&#160;percent.&#160; For the nine census divisions, seasonally adjusted monthly price changes from&#160;March 2015 to&#160;April 2015 ranged from&#160;-0.8&#160;percent in the&#160;East North Central division to +1.4&#160;percent in the&#160;West North Central division.&#160; The 12-month changes were all positive, ranging from +2.3&#160;percent in the&#160;Middle Atlantic division to +7.5&#160;percent in the Pacific division.​</p><p>Monthly index values and appreciation rate estimates for recent periods are provided in the table and graphs in the attachment.</p>6/23/2015 1:00:36 PM2438http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Foreclosure Prevention Report - First Quarter 201518029<h2>​First Quarter 2015 Highlights</h2><p><strong>The Enterprises' Foreclosure Prevention Actions&#58;</strong><br> </p><ul><li>The Enterprises completed&#160;65,960 foreclosure prevention actions&#160;in the first quarter of 2015, bringing the total to 3,477,343 since the start of conservatorships in September 2008. Of these actions,&#160;2,862,803 have helped troubled homeowners stay in their homes including&#160;1,792,038 permanent loan modifications.<br></li><li>Approximately 31 percent of all permanent loan modifications in the first quarter helped to reduce homeowners' monthly payments&#160;by over 30 percent.</li><li>The share of modifications with principal forbearance fell to 19 percent while modifications with extend-term only increased to 48&#160;percent due to improving house prices and a declining HAMP eligible population.<br></li><li>As of March 31, 2015, approximately 17 percent of loans modified in the first quarter of 2014 had missed two or more <br>payments, one year after modification.<br></li><li>There were 9,509 completed short sales and deeds-in-lieu during the quarter, bringing the total to&#160;614,540 since the start of conservatorships.<br><br></li></ul><p><strong>The Enterprises' Mortgage Performance&#58;</strong><br></p><ul><li>The number of 60+ days delinquent loans declined 9 percent during the first quarter as the economy improves and house prices&#160;continue to increase.<br></li><li>The serious delinquency rate fell to 1.8 percent at the end of the quarter compared with 5.7 percent for Federal Housing<br>Administration (FHA) loans, 3.2 percent for Veterans Affairs (VA) loans and 4.2 percent for all loans (Industry average).<br><br><strong></strong></li></ul><p><strong>The Enterprises' Foreclosures&#58;</strong><br></p><ul><li>Third-party sales and foreclosure sales declined 4 percent to&#160;34,873 while foreclosure starts decreased 5 percent&#160;to 70,267 in the first quarter.<br></li><li>REO inventory declined 10 percent during the quarter to 100,279, as property dispositions continued to outpace property acquisitions.</li></ul><p><a href="/Media/PublicAffairs/Pages/Foreclosure-Prevention-Actions-Near-3pt5-Million-Through-First-Quarter-2015.aspx">Related News Release</a></p>6/23/2015 5:00:34 PM579http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

© 2015 Federal Housing Finance Agency