The Federal National Mortgage Association, commonly known as Fannie Mae, was created by the U.S. congress in 1938, in order to maintain liquidity and stability in the domestic mortgage market. The company is a government-sponsored enterprise (GSE), meaning that while it was a publicly traded company for most of its history, it was still supported by the federal government. While there is no legally binding guarantee of shares in GSEs or their securities, it is generally acknowledged that the U.S. government is highly unlikely to let these enterprises fail. Due to these implicit guarantees, GSEs are able to access financing at a reduced cost of interest. Fannie Mae's main activity is the purchasing of mortgage loans from their originators (banks, mortgage brokers etc.) and packaging them into mortgage-backed securities (MBS) in order to ease the access of U.S. homebuyers to housing credit. The early 2000s U.S. mortgage finance boom During the early 2000s, Fannie Mae was swept up in the U.S. housing boom which eventually led to the financial crisis of 2007-2008. The association's stated goal of increasing access of lower income families to housing finance coalesced with the interests of private mortgage lenders and Wall Street investment banks, who had become heavily reliant on the housing market to drive profits. Private lenders had begun to offer riskier mortgage loans in the early 2000s due to low interest rates in the wake of the "Dot Com" crash and their need to maintain profits through increasing the volume of loans on their books. The securitized products created by these private lenders did not maintain the standards which had traditionally been upheld by GSEs. Due to their market share being eaten into by private firms, however, the GSEs involved in the mortgage markets began to also lower their standards, resulting in a 'race to the bottom'. The fall of Fannie Mae The lowering of lending standards was a key factor in creating the housing bubble, as mortgages were now being offered to borrowers with little or no ability to repay the loans. Combined with fraudulent practices from credit ratings agencies, who rated the junk securities created from these mortgage loans as being of the highest standard, this led directly to the financial panic that erupted on Wall Street beginning in 2007. As the U.S. economy slowed down in 2006, mortgage delinquency rates began to spike. Fannie Mae's losses in the mortgage security market in 2006 and 2007, along with the losses of the related GSE 'Freddie Mac', had caused its share value to plummet, stoking fears that it may collapse. On September 7th 2008, Fannie Mae was taken into government conservatorship along with Freddie Mac, with their stocks being delisted from stock exchanges in 2010. This act was seen as an unprecedented direct intervention into the economy by the U.S. government, and a symbol of how far the U.S. housing market had fallen.

Type of Mortgage Loan:Conventional Mortgage Loans: Backed by private investors and typically require a down payment of 20% or more.Jumbo Loans: Loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.Government-insured Mortgage Loans: Backed by the Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or U.S. Department of Agriculture (USDA).Others: Includes non-QM loans, reverse mortgages, and shared equity programs.Mortgage Loan Terms:30-year Mortgage: The most common term, offering low monthly payments but higher overall interest costs.20-year Mortgage: Offers a shorter repayment period and lower long-term interest costs.15-year Mortgage: The shortest term, providing lower interest rates and faster equity accumulation.Others: Includes adjustable-rate mortgages (ARMs) and balloons loans.Interest Rate:Fixed-rate Mortgage Loan: Offers a stable interest rate over the life of the loan.Adjustable-rate Mortgage Loan (ARM): Offers an initial interest rate that may vary after a certain period, potentially leading to higher or lower monthly payments.Provider:Primary Mortgage Lender: Originates and services mortgages directly to borrowers.Secondary Mortgage Lender: Purchases mortgages from originators and packages them into securities for sale to investors. Key drivers for this market are: Digital platforms and AI-driven credit assessments have simplified the application process, improving accessibility and borrower experience. Potential restraints include: Fluctuations in interest rates significantly impact borrowing costs, affecting loan demand and affordability. Notable trends are: The adoption of online portals and mobile apps is transforming the mortgage process with faster approvals and greater transparency.

Fannie Mae: ytd: 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 533.000 USD mn for Dec 2024. Fannie Mae: ytd: Mortgage Commitment Derivatives Fair Value Gains, Net data is updated quarterly, averaging -258.500 USD mn from Dec 2008 (Median) to Mar 2025, with 66 observations. The data reached an all-time high of 2.933 USD bn in Sep 2022 and a record low of -2.654 USD bn in Dec 2020. Fannie Mae: ytd: 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: 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.

Graph and download economic data for Agency-and GSE-Backed Mortgage Pools; Multifamily Residential Mortgages Held in a Fannie Mae Pool; Asset, Transactions (BOGZ1FA413065443Q) from Q4 1946 to Q1 2025 about fannie mae, multifamily, transactions, mortgage, family, residential, assets, and USA.

Graph and download economic data for Government-Sponsored Enterprises; Securitized Multifamily Residential Mortgages Held by Fannie Mae; Asset, Transactions (BOGZ1FA403065463A) from 1946 to 2024 about fannie mae, GSE, multifamily, securitized, transactions, mortgage, family, residential, assets, and USA.

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.

Graph and download economic data for Government-Sponsored Enterprises; Securitized One-to-Four-Family Residential Mortgages Held by Fannie Mae; Asset, Transactions (BOGZ1FA403065160Q) from Q4 1946 to Q1 2025 about fannie mae, GSE, securitized, transactions, mortgage, assets, housing, and USA.

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.

Graph and download economic data for 15-Year Fixed Rate Mortgage Average in the United States (MORTGAGE15US) from 1991-08-30 to 2025-07-17 about 15-year, fixed, mortgage, interest rate, interest, rate, and USA.

United States Fannie Mae: Risk Management Derivatives: Net Contractual Interest Expense on Interest-Rate Swaps data was reported at -218.000 USD mn in Mar 2025. This records an increase from the previous number of -1.227 USD bn for Dec 2024. United States Fannie Mae: Risk Management Derivatives: Net Contractual Interest Expense on Interest-Rate Swaps data is updated quarterly, averaging -215.000 USD mn from Dec 2011 (Median) to Mar 2025, with 51 observations. The data reached an all-time high of 22.000 USD mn in Dec 2021 and a record low of -2.187 USD bn in Dec 2011. United States Fannie Mae: Risk Management Derivatives: Net Contractual Interest Expense on Interest-Rate Swaps 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 Public Use Database (PUDB) is released annually to meet FHFA’s requirement under 12 U.S.C. 4543 and 4546(d) to publicly disclose data about the Enterprises’ single-family and multifamily mortgage acquisitions. The datasets supply mortgage lenders, planners, researchers, policymakers, and housing advocates with information concerning the flow of mortgage credit in America’s neighborhoods. Beginning with data for mortgages acquired in 2018, FHFA has ordered that the PUDB be expanded to include additional data that is the same as the data definitions used by the regulations implementing the Home Mortgage Disclosure Act, as required by 12 U.S.C. 4543(a)(2) and 4546(d)(1).The PUDB single-family datasets include loan-level records that include data elements on the income, race, and sex of each borrower as well as the census tract location of the property, loan-to-value (LTV) ratio, age of mortgage note, and affordability of the mortgage. New for 2018 are the inclusion of the borrower’s debt-to-income (DTI) ratio and detailed LTV ratio data at the census tract level. The PUDB multifamily property-level datasets include information on the unpaid principal balance and type of seller/servicer from which the Enterprise acquired the mortgage. New for 2018 is the inclusion of property size data at the census tract level. The multifamily unit-class files also include information on the number and affordability of the units in the property. Both the single-family and multifamily datasets include indicators of whether the purchases are from “underserved” census tracts, as defined in terms of median income and minority percentage of population.Prior to 2010 the single-family PUDB consisted of three files: Census Tract, National A, and National B files. With the 2010 PUDB a fourth file, National C, was added to provide information on high-cost mortgages acquired by the Enterprises. The single-family Census Tract file includes information on the location of the property based on the 2010 Census for acquisition years 2012 through 2021, and the 2020 Census beginning with the 2022 acquisition year. The National files contain other information but lack detailed geographic information in order to protect Enterprise proprietary data. The multifamily datasets also consist of a Census Tract file, and a National file without detailed geographic information.Several dashboards are available to analyze the data:Enterprise Multifamily Public Use Database DashboardThe Enterprise Multifamily Public Use Database (PUDB) Dashboard provides users an interactive way to generate and visualize Enterprise PUDB data of multifamily mortgage acquisitions by Fannie Mae and Freddie Mac. It shows characteristics about multifamily loans, properties and units at the national level, and characteristics about multifamily loans and properties at the state level. It includes key statistics, time series charts, and state maps of multifamily housing characteristics such as median loan amount, number of properties, average number of units per property, and unit affordability. The underlying aggregate statistics presented in the dashboard come from three multifamily data files in the Enterprise PUDB, updated annually since 2008, including two property-level datasets and a data file on the size and affordability of individual units.Enterprise Multifamily Public Use DashboardPress Release - FHFA Releases Data Visualization Dashboard for Enterprises’ Multifamily Mortgage AcquisitionsMortgage Loan and Natural Disaster DashboardFHFA published an interactive Mortgage Loan and Natural Disaster Dashboard that combines FHFA’s PUDB reports on single-family and multifamily acquisitions for the regulated entities, FEMA’s National Risk Index (NRI), and FHFA’s Duty to Serve 2023 High-Needs rural areas. Desired geographies can be exported to .pdf and Excel from the Public Use Database and National Risk Index Dashboard.Mortgage Loan and Natural Disaster DashboardMortgage Loan and Natural Disaster Dashboard FAQs

During the Global Financial Crisis of 2007-2008, a number of systemically important financial institutions in the United States declared bankruptcy, sought takeovers to prevent financial failure, or turned to the U.S. government for bailouts. Two of these institutions, Fannie Mae and Freddie Mac, were government-sponsored enterprises (GSEs), meaning that they were set up by the federal government in order to steer credit towards lower income homebuyers through interventions in the secondary mortgage market. While both were chartered by the government, they were also publicly traded companies, with a majority of shares owned by private investors. The fall of Fannie Mae and Freddie Mac These GSEs' business model was based on buying mortgages from their originators (banks, mortgage brokers, etc.) and then packaging groups of these mortgages together as mortgage-backed securities (MBS), before selling these on again to private investors. While this allowed the expansion of mortgage credit, meaning that many Americans were able to buy houses who would not have in other cases, this also contributed to the growing speculation in the housing market and related financial derivatives, such as MBS. The lowering of mortgage lending standards by originators in the early 2000s, as well as the need for GSEs to compete with their private sector rivals, meant that Fannie Mae and Freddie Mac became caught up in the financial mania associated with the early 2000s U.S. housing bubble. As their losses mounted due to the bursting of the bubble in 2007, both companies came under increasing financial stress, finally being brought into government conservatorship in September 2008. Fannie Mae and Freddie Mac were eventually unlisted from stock exchanges in 2010.

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.

Graph and download economic data for Agency-and GSE-Backed Mortgage Pools; Total Mortgages Held in a Fannie Mae Pool; Asset, Transactions (BOGZ1FA413065045A) from 1946 to 2024 about GSE-Backed, fannie mae, transactions, mortgage, assets, and USA.

The Federal Housing Finance Agency (FHFA) is an independent regulatory agency that is not part of the Department of Housing and Urban Development (HUD).

The FHFA was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac (the Enterprises), Common Securitization Solutions, LLC (CSS), and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHLBanks) and the Office of Finance. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac.

Conforming Loan Limits are mortgage limits set annually (as required by HERA) by the FHFA. In order for a mortgage loan to be eligible to be insured by Freddie Mac or Fannie Mae, the loan amount must be less than the loan limit. Mortgage exceeding the Conforming Loan Limit are referred to as "non-conforming loans" or "jumbo loans." While most counties use a single set of Conforming Loan Limits based on the number of units, high cost of living counties use higher Conforming Loan Limits. The FHFA analyzes year-over-year change in average home prices in October of each year using the Monthly Interest Rate Survey (MIRS) to adjust the Conforming Loan Limits for the upcoming year.

Geospatial data in this feature service uses the Census 2010 County geographies.

To learn more about about the FHFA, please visit:https://www.fhfa.gov/AboutUs



For more information about FHFA Conforming Loan Limits, please visit:https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx, for questions about the spatial attribution of this dataset, please reach out to us at GISHelpdesk@hud.gov. 

Date of Coverage: 2022 Data Dictionary:DD_FHFA Conforming Loan Limits

The Federal Housing Finance Agency (FHFA) today issued its annual report on single-family guarantee fees charged by Fannie Mae and Freddie Mac (the Enterprises). Guarantee fees are intended to cover the credit risk and other costs that the Enterprises incur when they acquire single-family loans from lenders. These costs include projected credit losses from borrower defaults over the life of the loans, administrative costs, and a return on capital. The report compares year-over-year 2020 to 2019 and provides statistics back to 2018. Significant findings of the report include: For all loan products combined, the average single-family guarantee fee in 2020 decreased 2 basis points to 54 basis points. The upfront portion of the guarantee fee, which is based on the credit risk attributes (e.g., loan purpose, loan-to-value (LTV) ratio, and credit score), decreased 2 basis points to 11 basis points on average. The ongoing portion of the guarantee fee, which is based on the product type (fixed-rate or adjustable-rate, and loan term), remained unchanged at 43 basis points on average. The average guarantee fee in 2020 on 30-year and 15-year fixed rate loans remained unchanged at 58 basis points and 36 basis points, respectively. The fee on adjustable-rate mortgage (ARM) loans increased 1 basis point to 57 basis points. The Housing and Economic Recovery Act of 2008 requires FHFA to conduct ongoing studies of the guarantee fees charged by the Enterprises and to submit a report to Congress each year.

The FHFA House Price Index (HPI) is a broad measure of the movement of single-family house prices. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.

Graph and download economic data for Government-Sponsored Enterprises; Multifamily Residential Mortgages Held by Fannie Mae (Includes All GSEs Before 2000:Q4); Asset, Transactions (BOGZ1FA403065413Q) from Q4 1946 to Q1 2025 about fannie mae, GSE, multifamily, transactions, mortgage, family, residential, assets, and USA.

Section 215(b) of NAHA requires that the initial purchase price or after-rehabilitation value of homeownership units assisted with HOME funds not exceed 95 percent of the area median purchase price for single family housing, as determined by HUD. Historically, HUD used the FHA Single Family Mortgage Limit (known as the 203(b) limits) as a surrogate for 95 percent of area median purchase price. However, statutory changes require the 203(b) limits to be set at 125 percent of area median purchase price. Consequently, participating jurisdictions (PJs) can no longer use the 203(b) limits as the HOME Program homeownership value limits (i.e., initial purchase price or after rehabilitation value).In 2024, HUD made a major revision to the homeownership value limit methodology outlined in In Section 92.254(a)(2)(iii) of the Final Rule published on July 24, 2013, For existing housing, HUD will now be using the greater (rather than the lesser) of the state non-metropolitan and US non-metropolitan media sales values as the minimum value in which the limit is calculated. This change will substitute more local, state-level data for national-level data. This new methodology is effective September 1, 2024.Newly Constructed Housing: The HOME homeownership value limits for newly constructed HOME units is 95 percent of the median purchase price for the area based on Federal Housing Administration (FHA) single family mortgage program data for newly constructed housing. Nationwide, HUD established a minimum limit, or floor, based on 95 percent of the U.S. median purchase price for new construction for nonmetropolitan areas. HUD has used the greater of these two figures as their HOME homeownership value limits for newly constructed housing in each area. HUD has also decreased the minimum number of sales transactions from 10 to 5 for the calculation of a state-level non-metro median sales price.Existing Housing: The HOME homeownership value limits for existing HOME units is 95 percent of the median purchase price for the area based on Federal FHA single family mortgage program data for existing housing and other appropriate data (Federal Housing Finance Agency (FHFA) data on purchase mortgages securitized by Fannie Mae and Freddie Mac) that are available nationwide for sale of existing housing in standard condition. There are two states and the District of Columbia that have no non-metropolitan areas. HUD made a technical correction in 2024 to the rule that sets this minimum purchase prices as the greater of the state non-metro or the US non-metro median. HUD calculates for each state its non-metropolitan median purchase price as well as the US non-metropolitan median purchase price. The greater of these medians serves as the “state floor price” for maximum purchase price limits on existing homes. Note that this represents a change to the methods, as previous practice was to use the lesser of these medians.PJ Determined Limits: In lieu of the limits provided by HUD, a PJ may determine 95 percent of the median area purchase price for single family housing in the jurisdiction annually in accordance with procedures established at § 92.254(a)(2)(iii). The PJ must submit these limits as part of its Consolidated Plan/Annual Action Plan.The effective date of the 2024 Homeownership Value Limits is September 1, 2024. These limits remain in effect until HUD issues new limits.