Federal Housing Finance Agency Print

 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 PM246http://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 PM1455http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Overview of Fannie Mae and Freddie Mac Credit Risk Transfer Transactions18407<p>In 2012, the Federal Housing Finance Agency (FHFA) initiated a strategic plan to develop a program of credit risk transfer intended to reduce Fannie Mae's and Freddie Mac's (the Enterprises') overall risk and, therefore, the risk they pose to taxpayers.&#160; In just three years, the Enterprises have made significant progress in developing a market for credit risk transfer securities, evidenced by the fact that they have already transferred significant credit risk on loans with over $667 billion of unpaid principal balance (UPB).&#160; </p><p>Credit risk transfer is now a regular part of the Enterprises' business.&#160; The Enterprises are currently transferring a significant amount of the credit risk on almost 90% of the loans that account for the vast majority of their underlying credit risk.&#160; These loans constitute about half of all Enterprise loan acquisitions.&#160; Going forward, FHFA will continue to encourage the Enterprises to engage in large volumes of meaningful credit risk transfer through specific goals in the annual conservatorship scorecard and by working closely with Enterprise staff to develop and evaluate credit risk transfer structures.</p>8/21/2015 3:00:50 PM1132http://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 PM567http://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 PM2648http://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 PM962http://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 PM2444http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - April 201518008<h2>April 2015 Highlights</h2><p>&#160;</p><font face="ArialMT"><ul><li>Refinance volume increased in April 2015 as mortgage rates remained near 20 month lows in March.</li><li>On May 8, 2015, HARP was extended an additional year, to expire December 31, 2016.</li><li>In April 2015, 11,716 refinances were completed through HARP, bringing the total refinances through HARP from the inception of the program to 3,313,818.</li><li>HARP volume represented 5 percent of total refinance volume in April 2015.</li><li>Year to date through April 2015, borrowers with loan-to-value ratios greater than 105 percent accounted for 24 percent of the volume of HARP loans.</li><li>In April 2015, 7 percent of the loans refinanced through HARP had a loan-to-value ratio greater than 125 percent.</li><li>Year to date through April 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><li>Year to date through April 2015, HARP refinances represented 13 percent or more 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.<br></li></ul><p>&#160;</p></font>6/17/2015 3:00:43 PM638http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
Refinance Report - First Quarter 201517916<h3>​​​​​First Quarter 2015 Highlights&#160;</h3><h3><span style="line-height&#58;22px;"><br></span></h3><ul><li><span style="line-height&#58;22px;">​​</span><span style="line-height&#58;22px;">Refinance volume increased in March 2015 as mortgage rates&#160;remained near 20 month lows in February.</span><br></li><li><span style="line-height&#58;22px;">In the first quarter of 2015, 31,648 refinances were completed&#160;through HARP, bringing the total refinances through HARP from&#160;the inception of the program to 3,302,102.</span><br></li><li><span style="line-height&#58;22px;">HARP volume represented 6 percent of total refinance volume in&#160;</span><span style="line-height&#58;22px;">the first quarter of 2015.</span><br></li><li><span style="line-height&#58;22px;">Year to date through March 2015, borrowers with loan-to-value&#160;</span><span style="line-height&#58;22px;">ratios greater than 105 percent accounted for 24 percent of the&#160;</span><span style="line-height&#58;22px;">volume of HARP loans.</span><br></li><li><span style="line-height&#58;22px;">In&#160;​March 2015, 8 percent of the loans refinanced through HARP&#160;had a loan-to-value ratio greater than 125 percent.</span><br></li><li><span style="line-height&#58;22px;">Year to date through March 2015, 28 percent of HARP&#160;</span><span style="line-height&#58;22px;">refinances for underwater borrowers were for shorter-term 15- and&#160;</span><span style="line-height&#58;22px;">20-year mortgages, which build equity faster than traditional 30-</span><span style="line-height&#58;22px;">year mortgages.</span><br></li><li><span style="line-height&#58;22px;">Year to date through March 2015, HARP refinances represented&#160;</span><span style="line-height&#58;22px;">14 or more percent of total refinances in Florida and Georgia, more&#160;</span><span style="line-height&#58;22px;">than double the 6 percent of total refinances nationwide over the&#160;</span><span style="line-height&#58;22px;">same period.</span><br></li><li><span style="line-height&#58;22px;">Borrowers who refinanced through HARP had a lower&#160;</span><span style="line-height&#58;22px;">delinquency rate compared to borrowers eligible for HARP who did&#160;</span><span style="line-height&#58;22px;">not refinance through the program.</span><br></li></ul><div><font color="#404040"><span style="line-height&#58;22px;"><a href="/Media/PublicAffairs/Pages/FHFA-Announces-June-12-HARP-Outreach-Event-in-Phoenix.aspx">Related News Release</a>​&#160;</span></font></div><p><span style="line-height&#58;22px;"></span></p>5/27/2015 6:16:09 PM747http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 1Q 2015 / March17155<span style="line-height&#58;1.6;">U.S. house prices rose&#160;<strong>1.3 percent</strong>&#160;in the first quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; This is the fifteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index.&#160; FHFA's seasonally adjusted monthly index for March was up&#160;<strong>0.3 percent</strong>&#160;from February.&#160; The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.&#160;</span><p></p><p>​The seasonally adjusted, purchase-only HPI rose&#160;<strong>5.0 percent</strong>&#160;from the first quarter of 2014 to the first quarter of 2015 while prices of other goods and services fell 1.5 percent.&#160; The inflation-adjusted price of homes thus rose approximately 6.5 percent over the latest year.</p><p><strong>Other Significant Findings</strong></p><p></p><ul><li><span style="line-height&#58;1.6;">Between the first quarter of 2014 and the first quarter of 2015, home prices rose in 48 states.&#160; The top five states in annual appreciation&#58; 1) Colorado – 11.2 percent 2) Nevada – 10.1 percent 3) Florida – 8.7 percent 4) Washington – 7.6 percent 5) California – 7.5 percent.</span><br></li><li><span style="line-height&#58;1.6;">Among the 100 most populated metropolitan areas in the U.S., four-quarter price increases were greatest in Oakland-Hayward-Berkeley, CA&#160; (MSAD), where prices increased by 13.4 percent.&#160; Prices were weakest in the Greensboro-High Point, NC, where they fell 2.3 percent.</span><br></li><li><span style="line-height&#58;1.6;">Of the nine census divisions, the Mountain division experienced the strongest increase in the first quarter, posting a 2.6 percent quarterly increase and a 6.8 percent increase since last year. &#160;House price appreciation was weakest in the West North Central division, where prices rose 0.7 percent.&#160;</span></li></ul><p><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1-3-Percent-in-First-Quarter-2015.aspx">Related News Release</a>​</p>5/26/2015 1:00:54 PM4624http://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

© 2015 Federal Housing Finance Agency