Fannie Mae: Mortgage Commitment Derivatives Fair Value Gains, Net data was reported at -242.000 USD mn in Mar 2025. This records a decrease from the previous number of -34.000 USD mn for Dec 2024. Fannie Mae: Mortgage Commitment Derivatives Fair Value Gains, Net data is updated quarterly, averaging -177.000 USD mn from Mar 2009 (Median) to Mar 2025, with 65 observations. The data reached an all-time high of 1.572 USD bn in Mar 2022 and a record low of -1.246 USD bn in Sep 2009. Fannie Mae: Mortgage Commitment Derivatives Fair Value Gains, Net data remains active status in CEIC and is reported by Federal National Mortgage Association. The data is categorized under Global Database’s United States – Table US.EB121: Derivatives Fair Value Gains or Losses: Federal National Mortgage Association, Fannie Mae.

Fannie Mae: ytd: Total Derivatives Fair Value Gains, Net data was reported at -335.000 USD mn in Mar 2025. This records a decrease from the previous number of 1.211 USD bn for Dec 2024. Fannie Mae: ytd: Total Derivatives Fair Value Gains, Net data is updated quarterly, averaging -1.022 USD bn from Dec 2008 (Median) to Mar 2025, with 66 observations. The data reached an all-time high of 3.280 USD bn in Dec 2013 and a record low of -15.416 USD bn in Dec 2008. Fannie Mae: ytd: Total Derivatives Fair Value Gains, Net data remains active status in CEIC and is reported by Federal National Mortgage Association. The data is categorized under Global Database’s United States – Table US.EB121: Derivatives Fair Value Gains or Losses: Federal National Mortgage Association, Fannie Mae.

Fannie Mae: Risk Management Derivatives: Swaps: Received-Fixed data was reported at 1.015 USD bn in Mar 2025. This records an increase from the previous number of -1.983 USD bn for Dec 2024. Fannie Mae: Risk Management Derivatives: Swaps: Received-Fixed data is updated quarterly, averaging -256.000 USD mn from Mar 2009 (Median) to Mar 2025, with 65 observations. The data reached an all-time high of 9.134 USD bn in Sep 2009 and a record low of -16.877 USD bn in Jun 2009. Fannie Mae: Risk Management Derivatives: Swaps: Received-Fixed data remains active status in CEIC and is reported by Federal National Mortgage Association. The data is categorized under Global Database’s United States – Table US.EB121: Derivatives Fair Value Gains or Losses: Federal National Mortgage Association, Fannie Mae.

Fannie Mae: ytd: Risk Management Derivatives: Swaptions: Pay-Fixed data was reported at -14.000 USD mn in Mar 2025. This records a decrease from the previous number of 66.000 USD mn for Dec 2024. Fannie Mae: ytd: Risk Management Derivatives: Swaptions: Pay-Fixed data is updated quarterly, averaging 23.000 USD mn from Dec 2008 (Median) to Mar 2025, with 65 observations. The data reached an all-time high of 885.000 USD mn in Jun 2009 and a record low of -2.026 USD bn in Dec 2010. Fannie Mae: ytd: Risk Management Derivatives: Swaptions: Pay-Fixed data remains active status in CEIC and is reported by Federal National Mortgage Association. The data is categorized under Global Database’s United States – Table US.EB121: Derivatives Fair Value Gains or Losses: Federal National Mortgage Association, Fannie Mae.

The global Mortgage-Backed Security market is poised for robust growth, with its market size projected to reach XX million in 2033, driven by a CAGR of XX% during the forecast period 2025-2033. Key drivers fueling this growth include increasing demand for residential and commercial mortgages, government support for housing markets, and the ongoing trend of securitization. However, factors such as rising interest rates, economic uncertainties, and regulatory challenges may pose restraints to market expansion. The market is segmented into types (commercial MBS, residential MBS) and applications (commercial banks, real estate enterprises, trust plans). Residential MBS dominate the market due to the high demand for home loans. Prominent players in the market include Construction Bank, ICBC, and Bank of China, among others. North America and Asia Pacific are expected to be key regional markets, with the US, China, and India driving growth. The study period for this analysis is 2019-2033, with the base year being 2025 and the forecast period extending from 2025 to 2033. Mortgage-backed securities (MBS) are financial instruments that are backed by a pool of mortgages. They are typically issued by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac, but can also be issued by private banks and investment firms. MBS offer investors a way to invest in the housing market without having to purchase a physical property.

​This quarterly report provides an overview of key aspects of the financial condition of Fannie Mae and Freddie Mac during conservatorship.​

The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the supervision, regulation, and housing mission oversight of the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank (FHLBank) System, which includes 11 FHLBanks and the Office of Finance. FHFA’s mission is to ensure its regulated entities fulfill their mission by operating in a safe and sound manner to serve as a reliable source of liquidity for equitable and sustainable housing finance and community investment throughout the economic cycle. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac (collectively, the Enterprises).

MBS Market Outlook

The global mortgage-backed securities (MBS) market size was valued at approximately $2.5 trillion in 2023 and is projected to reach around $3.8 trillion by 2032, growing at a compound annual growth rate (CAGR) of 4.5%. This growth is driven by factors such as increasing demand for diversified investment products, the stability of real estate markets in key regions, and the rising involvement of government-sponsored entities in the securitization process.

One of the primary growth factors of the MBS market is the increasing demand for investment diversification. Investors are continually on the lookout for stable yet lucrative investment opportunities, and MBS provides a unique avenue by offering a relatively safer investment backed by real estate assets. The combination of regular income streams and the potential for capital appreciation makes MBS an attractive option for both institutional and retail investors. Furthermore, the growing sophistication of financial markets globally ensures better transparency and understanding of MBS products, thereby boosting investor confidence.

Another significant growth factor is the stability and growth of the real estate market, particularly in developed regions such as North America and Europe. As the real estate market continues to show robust growth, the underlying assets backing these securities become more valuable and stable, thus enhancing the attractiveness of MBS. Additionally, favorable regulatory frameworks in these regions have facilitated the smooth functioning and growth of the MBS market. Government regulations often play a pivotal role in providing the necessary safeguards and ensuring market stability, which in turn attracts more investors.

The increasing involvement of government-sponsored entities such as Fannie Mae, Freddie Mac, and Ginnie Mae in the United States has also significantly contributed to the growth of the MBS market. These entities not only provide a level of security and credibility but also ensure a steady supply of MBS products in the market. Their active participation helps in maintaining market liquidity and provides a safety net for investors, making the MBS market more resilient to economic downturns. Additionally, similar government-backed initiatives in other regions are expected to drive the market further in the coming years.

From a regional perspective, North America remains the largest market for MBS, driven primarily by the well-established real estate and financial markets in the United States. The presence of major market players and a favorable regulatory environment further solidify its leading position. Europe follows closely, with increasing investments in real estate and government initiatives to boost the financial markets. The Asia Pacific region is expected to witness the highest growth rate, owing to rapid urbanization, increasing disposable incomes, and favorable government policies aimed at boosting the housing sector. Latin America and the Middle East & Africa regions are also expected to show steady growth, driven by improving economic conditions and increasing investment activities.

Type Analysis

The MBS market can be segmented by type into Residential MBS (RMBS) and Commercial MBS (CMBS). Residential Mortgage-Backed Securities (RMBS) are typically backed by residential real estate properties. These securities are attractive to investors due to the low default rates associated with residential properties. The demand for RMBS is particularly high in regions with stable and growing residential real estate markets, such as North America and Europe. The growing trend of homeownership, along with favorable mortgage rates, has significantly contributed to the growth of the RMBS segment. Additionally, the increasing availability of data and analytics has improved the risk assessment associated with RMBS, making it a more attractive investment option.

Commercial Mortgage-Backed Securities (CMBS) are backed by commercial real estate properties, such as office buildings, shopping malls, and hotels. The performance of CMBS is closely tied to the health of the commercial real estate market. With the recovery of the global economy post the COVID-19 pandemic, the commercial real estate market has shown significant signs of recovery, thereby boosting the demand for CMBS. Investors are increasingly looking at CMBS as a means to diversify their portfolios, given the attractive yields and potential for capital appreciation. Moreover, the increasing trend of mixed-use developments and smart cities is expected to drive the demand for CMBS in the coming years.&

Graph and download economic data for 15-Year Fixed Rate Mortgage Average in the United States (MORTGAGE15US) from 1991-08-30 to 2025-07-10 about 15-year, fixed, mortgage, interest rate, interest, rate, and USA.