This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
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The Enterprises' Foreclosure Prevention Actions:
The Enterprises completed 43,356 foreclosure prevention actions in the third quarter of 2023, bringing the total to 6,861,827 since the start of conservatorships in September 2008. Of these actions, 6,157,046 have helped troubled homeowners stay in their homes, including 2,669,434 permanent loan modifications.
Initiated forbearance plans decreased to 27,038 in the third quarter from 27,738 in the second quarter of 2023. The total number of loans in forbearance at the end of the quarter was 47,672, representing approximately 0.15 percent of the total loans serviced, and 9 percent of the total delinquent loans.
Twenty-one percent of modifications in the third quarter were modifications with principal forbearance. Modifications that include extend-term only accounted for 77 percent of all loan modifications during the quarter.
There were 153 completed short sales and deeds-in-lieu during the quarter, bringing the total to 704,781 since the conservatorships began in September 2008.
The Enterprises' Mortgage Performance:
The 60+ days delinquency rate increased slightly from 0.72 percent at the end of the second quarter to 0.73 percent at the end of the third quarter of 2023.
The Enterprises' serious (90 days or more) delinquency rate fell slightly to 0.54 percent at the end of the third quarter. This compared with 3.34 percent for Federal Housing Administration (FHA) loans, 1.99 percent for Veterans Affairs (VA) loans, and 1.52 percent for all loans (industry average).
The Enterprises' Foreclosures:
Foreclosure starts increased 9 percent to 19,489 while third-party and foreclosure sales decreased 4 percent to 3,615 in the third quarter.
For an interactive online map that provides state data, click on the following link: Fannie Mae and Freddie Mac State Borrower Assistance Map
Although decreased for the overall quarter, total refinance volume increased in September 2023, but continued at a lower volume compared to the volumes observed through mid-2022, as mortgage rates increased in August. Mortgage rates rose in September: the average interest rate on a 30-year fixed rate mortgage increased to 7.20 percent from an August level of 7.07 percent.
The percentage of borrowers refinancing into shorter term 15-year mortgages remained at 10 percent in September. The average interest rate savings of a 15-year mortgage over a 30-year mortgage has been higher in 2021 through 2023 compared to previous years.
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