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Welcome to the Government page of FHFA’s website.  This page provides consolidated resources for federal, state and local government personnel who are interested in the nation’s housing finance system.

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Key Legislation


Short Title (Citation)



Federal Home Loan Bank Act

12 U.S.C. 1421 et seq.
(Public Law 72-304 (1932))

Established the Federal Home Loan Bank System.

GPO Text / PDF


Federal Housing Enterprises Financial Safety and Soundness Act of 1992

12 U.S.C. 4501 et seq.
(Public Law 102-550 (1992))

Primary statutory authorization for FHFA’s regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System, including supervision of housing mission and goals and actions as conservator or receiver for Fannie Mae, Freddie Mac or any Federal Home Loan Bank.

Housing and Economic Recovery Act of 2008

(Public Law 110-289 (2008))

Amended the Safety and Soundness Act to create FHFA, place regulation of Fannie Mae, Freddie Mac and the Bank System under one regulator, enhance supervision of these regulated entities, and enhance FHFA's authorities as conservator or receiver. 

GPO​ Text / PDF

GPO Text / PDF


Federal Home Loan Mortgage Corporation Act

12 U.S.C. 1451 et seq.
(Public Law 91-351 (1970))

Created Freddie Mac and provided authority for Freddie Mac’s activities.

GPO Text / PDF


Federal National Mortgage Association Charter Act

12 U.S.C. 1716 et seq.
(Public Law 84-345,National Housing Act, Title III (1934), as amended by the Housing and Urban Development Act of 1968)

Created Fannie Mae and provided authority for Fannie Mae’s activities. Amendment in 1968 created the Government National Mortgage Association (Ginnie Mae), supervised by the Department of Housing and Urban Development.

GPO Text / PDF

Find regulations pertaining to FHFA supervision at eCFR.



 Related Information



FHFA Announces Deemed-Issuance Ratio for 202444518<p> <strong>​​​​Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today announced the <a href="/PolicyProgramsResearch/Policy/Pages/Deemed-Issuance-Ratio.aspx">deemed-issuance ratio</a> for the 2024 calendar year in accordance with Internal Revenue Service (IRS) guidelines on the trading of the Uniform Mortgage-Backed Security (UMBS). The deemed-issuance-ratio will be used for diversification reporting on the bonds ultimately delivered to the purchaser until the bonds have been disposed of, regardless of the issuing Enterprise on the underlying bonds.<br></p><p>The IRS&#160;<a href="https&#58;//www.irs.gov/pub/irs-drop/rp-18-54.pdf">Revenue Procedure 2018-54​</a> provides that the ratio may be rounded as long as the rounded ratio is further from 50/50 than the actual observed data. Therefore, the deemed-issuance ratio for the 2024 calendar year is 53 percent Fannie Mae and 47 percent Freddie Mac.<span style="font-family&#58;inherit;font-size&#58;inherit;font-weight&#58;inherit;">​</span></p><div><table width="100%" class="ms-rteTable-default" cellspacing="0" style="font-style&#58;normal;font-weight&#58;400;font-size&#58;14px;font-family&#58;&quot;source sans pro&quot;, sans-serif;text-align&#58;center;"><tbody><tr><td class="ms-rteTable-default" style="width&#58;150.61px;background-color&#58;#4f81bd !important;">​​<br></td><td class="ms-rteTable-default" style="width&#58;301.68px;line-height&#58;1.3 !important;background-color&#58;#4f81bd !important;">​​<span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;color&#58;#ffffff !important;">TBA-eligible securities issued<br>November 1, 2021&#160;through October 31, 2023<br>(billions)</span></td><td class="ms-rteTable-default" style="width&#58;301.7px;line-height&#58;1.3 !important;background-color&#58;#4f81bd !important;">​​<span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;color&#58;#ffffff !important;">Deemed-Issuance Ratio<br>(percent)</span></td></tr><tr><td class="ms-rteTable-default" style="font-weight&#58;700 !important;background-color&#58;#dbe5f1 !important;"> <span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">Fannie Mae</span></td><td class="ms-rteTable-default" style="background-color&#58;#dbe5f1 !important;"> <span style="font-size&#58;inherit;font-family&#58;inherit;">$1,065.854</span></td><td class="ms-rteTable-default" style="background-color&#58;#dbe5f1 !important;"> <span style="font-size&#58;inherit;font-family&#58;inherit;">53</span></td></tr><tr><td class="ms-rteTable-default" style="font-weight&#58;700 !important;"> <span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">Freddie Mac</span></td><td class="ms-rteTable-default"> <span style="font-size&#58;inherit;font-family&#58;inherit;">$957.202</span></td><td class="ms-rteTable-default"> <span style="font-size&#58;inherit;font-family&#58;inherit;">47</span></td></tr><tr><td class="ms-rteTable-default" style="font-weight&#58;700 !important;background-color&#58;#dbe5f1 !important;"> <span style="font-size&#58;inherit;font-family&#58;inherit;font-weight&#58;700 !important;">Total</span></td><td class="ms-rteTable-default" style="background-color&#58;#dbe5f1 !important;"> <span style="font-size&#58;inherit;font-family&#58;inherit;">$2,023.056</span></td><td class="ms-rteTable-default" style="background-color&#58;#dbe5f1 !important;">​<span style="font-size&#58;inherit;font-family&#58;inherit;">100</span>​</td></tr></tbody></table><p style="font-style&#58;normal;">​<br></p><p>The IRS procedure provides guidance on section 817(h) of the Internal Revenue Code diversification requirements for variable annuity, endowment, and life insurance contracts. The IRS has provided a deemed-issuance-ratio to allocate issuer exposure for TBA trades between the Enterprises. Compliance with these requirements is affected by the implementation of and trading in UMBS. </p><p>Revenue Procedure 2018-54 calls for FHFA to determine a deemed-issuance ratio for each calendar year based on the ratio of TBA-eligible securities issued by Fannie Mae and Freddie Mac during the 24-month period ending October 31 of the preceding year.</p><p>FHFA announces this ratio annually at least three weeks prior to the affected calendar year.<br></p></div>11/30/2023 6:00:45 PMHome / Media / FHFA Announces Deemed-Issuance Ratio for 2024 News Release Ratio remains at 53 Percent Fannie 1975https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Prices Rise 5.5 Percent over the Last Year; Up 2.1 Percent from the Second Quarter44494<p> <strong>​​Washington, D.C. </strong>– U.S. house prices rose <strong>5.5 percent</strong> between the third quarter of 2022 and the third quarter of 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up <strong>2.1 percent</strong> compared to the second quarter of 2023. FHFA’s seasonally adjusted monthly index for September was up <strong>0.6 percent</strong> from August.</p><p>“U.S. house price growth continued to accelerate in the third quarter, appreciating more than in each of the previous four quarters,” said Dr. Anju Vajja, Principal Associate Director in FHFA’s Division of Research and Statistics. “House prices rose in the third quarter in all census divisions and are higher than one year ago, driven primarily by a low supply of homes for sale.”</p><p>View a highlights video at <a href="https&#58;//youtu.be/amBL3-8y9YI" class="external-link">https&#58;//youtu.be/amBL3-8y9YI</a>.</p><p style="padding-top&#58;8px !important;"> <strong>Significant Findings</strong><br></p><ul class="FHFA-List"><li style="line-height&#58;1.4 !important;">Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.</li><li style="line-height&#58;1.4 !important;">House prices rose in 49 states between the third quarter of 2022 and the third quarter of 2023. The five states with the highest annual appreciation were 1) <strong>Vermont</strong>, 11.8 percent; 2) <strong>Maine</strong>, 11.1 percent; 3) <strong>New Hampshire</strong>, 10.3 percent; 4) <strong>Connecticut</strong>, 9.9 percent; and 5) <strong>New Jersey</strong>, 8.7 percent. The two areas with annual price depreciation were 1) <strong>Hawaii</strong>, -0.9 percent; and 2) <strong>District of Columbia</strong>, -0.8 percent.</li><li style="line-height&#58;1.4 !important;">House prices rose in 93 of the top 100 largest metropolitan areas over the last four quarters. The annual price increase was the greatest in <strong>Albany-Schenectady-Troy, NY (MSAD)</strong> at 12.4 percent. The metropolitan area that experienced the most significant price decline was <strong>Austin-Round Rock-Georgetown, TX (MSAD)</strong> at - 5.0 percent.</li><li style="line-height&#58;1.4 !important;">All nine census divisions had positive house price changes year-over-year. The <strong>New England</strong> division recorded the strongest appreciation, posting a 9.2 percent increase from the third quarter of 2022 to the third quarter of 2023. The <strong>Pacific</strong> division recorded the smallest four-quarter appreciation, at 2.0 percent.</li><li style="line-height&#58;1.4 !important;">Trends in the Top 100 Metropolitan Statistical Areas are available in our interactive dashboard&#58; <a href="/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx">https&#58;//www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx</a>. The first tab displays rankings while the second tab offers charts.</li></ul><p style="margin-top&#58;8px !important;">The FHFA HPI is a comprehensive collection of publicly available house price indexes that measure changes in single-family home values based on data that extend back to the mid-1970s from all 50 states and over 400 American cities. It incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels. FHFA uses a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze house price transaction data.</p><p>FHFA releases HPI data and reports quarterly and monthly. The flagship FHFA HPI uses seasonally adjusted, purchase-only data from Fannie Mae and Freddie Mac. Additional indexes use other data including refinances, Federal Housing Administration mortgages, and real property records. All the indexes, including their historic values, and information about future HPI release dates, are available on FHFA’s website&#58; <a href="/HPI">https&#58;//www.fhfa.gov/HPI</a>.</p><p>Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the United States are included on the following pages.</p><p style="padding-top&#58;8px !important;padding-bottom&#58;0px !important;margin-bottom&#58;0px !important;"> <strong>Notes</strong></p><ul class="FHFA-List"> <li style="padding-top&#58;8px !important;margin-top&#58;4px !important;">​​​​FHFA will release the next monthly HPI report (including data through October 2023) on December 26, 2023 and the next quarterly report (including data for the fourth quarter of 2023 and monthly data for December 2023) on February 27, 2024.</li><li>With this release, FHFA began using updated county recorder data from a licensed data vendor for estimation of the expanded-data index. FHFA will publish a technical note with more information in the next monthly report.</li><li>FHFA posts release dates for the remainder of 2023 and all of 2024 at <a href="/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">https&#58;//www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index.aspx#ReleaseDates</a>.</li><li>Follow &#160;<a href="https&#58;//twitter.com/FHFA" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">@FHFA</a>&#160;on Twitter, <a href="https&#58;//www.linkedin.com/company/fhfa" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">LinkedIn</a>, <a href="https&#58;//www.facebook.com/FHFA" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">Facebook</a>, and <a href="https&#58;//www.youtube.com/c/fhfachannel" style="font-family&#58;&quot;source sans pro&quot;, sans-serif;font-size&#58;14px;">YouTube</a>&#160;for more HPI news.</li></ul> ​<br>11/28/2023 2:00:54 PMWashington, D.C. – U.S. house prices rose 5.5 percent between the third quarter of 2022 and the third quarter of 2023, according to the Federal Housing Finance Agency (FHFA) House 5017https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2023Q344498<p>​​​​​​U.S. house prices rose <strong>5.5 percent</strong> between the third quarter of 2022 and the third quarter of 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI®). House prices were up <strong>2.1 percent</strong> compared to the second quarter of 2023. FHFA’s seasonally adjusted monthly index for September was up <strong>0.6 percent</strong> from August.</p><p style="border&#58;0px;font-stretch&#58;inherit;font-size&#58;14px;line-height&#58;22px;font-family&#58;&quot;source sans pro&quot;, sans-serif;vertical-align&#58;baseline;padding&#58;0px;color&#58;#404040;background-color&#58;#ffffff;">Tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. are included&#160; in the attachment.&#160;<br></p><p> <a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-5pt5-Percent-over-the-Last-Year-Up-2pt1-Percent-from-Q2.aspx">Related News Release</a>​​<br></p>11/28/2023 2:01:17 PMEqual Employment Opportunity / No FEAR Act Home / About FHFA / Reports / U.S. House Price Index Report - 2023Q3 U.S. house prices rose 5.5 percent between the third quarter of 2863https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Conforming Loan Limit Values for 202444500<p> <strong>​​​​​​​​​​​​​​Washington, D.C.</strong> – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.</p><p> <strong>National Baseline</strong></p><p>The Housing and Economic Recovery Act (HERA) requires FHFA to adjust the Enterprises’ baseline CLL value each year to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2023 <a href="/HPI">FHF​A House Price Index®</a> (FHFA HPI) report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 5.56 percent, on average, between the third quarters of 2022 and 2023. Therefore, the baseline CLL in 2024 will increase by the same percentage.</p><p> <strong>High-Cost Areas</strong><br></p><p>For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit value, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting the ceiling at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2023, which increased their CLL values. The new ceiling loan limit for one-unit properties will be $1,149,825, which is 150 percent of $766,550.</p><p>Special statutory provisions establish different loan limits for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limits will be $1,149,825 for one-unit properties.</p><p>Due to rising home values, the CLL values will be higher in all but five U.S. counties or county equivalents.</p><p> <strong>Other Resources</strong></p><ul><li> <a href="/DataTools/Downloads/Documents/Conforming-Loan-Limit/FullCountyLoanLimitList2024_HERA-BASED_FINAL_FLAT.xlsx">List of 2024 conforming loan limits</a>​ for all counties and county-equivalent areas in the&#160;United States.&#160;</li><li>A&#160;<a href="/DataTools/Tools/Pages/Conforming-Loan-Limit-Map.aspx">map showing the 2024 conforming loan limits</a> across the United States.</li><li>Detailed addendum of the <a href="/DataTools/Downloads/Documents/Conforming-Loan-Limit/FHFA-CLL-Addendum-CY2024.pdf">methodology used to determine the conforming loan limits</a>.</li><li>List of <a href="/DataTools/Downloads/Documents/Conforming-Loan-Limit/FHFA-CLL-FAQs.pdf">FAQs</a> that covers broader topics that may be related to CLL values.</li><li>Questions about the 2024 CLL values may be addressed to <a href="mailto&#58;LoanLimitQuestions@fhfa.gov">LoanLimitQuestions@fhfa.gov</a>.</li><li>For more information, visit <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=946b7fcb-b6b4-4ef2-be73-dba3a580ace5&amp;TermSetId=6640eccb-43c4-4f6d-bba0-59e29d845c40&amp;TermId=63ab4ca6-d3cc-40e7-b5b8-3bd4324ae325">https&#58;//www.fhfa.gov/CLL</a>​.​<br></li></ul>11/28/2023 5:00:22 PMHome / Media / FHFA Announces Conforming Loan Limit Values for 2024 News Release 43574https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Announces Final Rule Modifying Certain Provisions of the Enterprise Regulatory Capital Framework43618<p>​​<strong>​​​​​​​​​​​​Washington, D.C.</strong> –&#160;Today, the Federal Housing Finance Agency (FHFA) published a final rule that amends several provisions of the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises).</p><p>“The Enterprise Regulatory Capital Framework is a critical tool to ensure the Enterprises responsibly manage their risks,” said FHFA Director Sandra L. Thompson. “Finalizing these proposed changes helps ensure the framework will continue to strengthen the Enterprises’ ability to provide liquidity throughout the economic cycle.”</p><p>The final rule includes modifications of certain provisions of the ERCF related to guarantees on commingled securities, multifamily mortgage exposures secured by properties with government subsidies, and derivatives and cleared transactions, among other modifications. These amendments clarify certain aspects of the ERCF and help to further align the ERCF with the risks faced by the Enterprises.</p><p style="padding-top&#58;12px !important;"> <a href="/SupervisionRegulation/Rules/RuleDocuments/ERCF-Commingled-Final-Rule.pdf">Link to Final ​​​Rule (PDF)</a><br></p><p> <a href="/SupervisionRegulation/Rules/Pages/ERCF-Commingled-Securities-MF-Govt-Subsidy-Derivs-and-Other-Enhancements.aspx">Link to Final Rule for ERCF Commingled Securities, Multifamily Government Subsidy, Derivatives, and Other Enhancements​</a></p>11/21/2023 8:01:05 PMWashington, D.C. – Today, the Federal Housing Finance Agency (FHFA) published a final rule that amends several provisions of the Enterprise Regulatory Capital Framework (ERCF) for 3001https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx

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