Former Freddie CEO believes most prospective remedies to the affordability crisis will benefit only borrowers who don’t need the help.

In mid-December, MBA was projecting interest rates would hold at 6.4% throughout 2026. However, MBA now anticipates the average rate will be 6.1% in the first quarter and hold at that level through the year.

President Trump’s announcement that the GSEs will buy $200 billion of agency MBS prompted mortgage spreads to tighten by about 20 basis points and some lenders to offer mortgages below 6.00%.

Treasury Secretary Scott Bessent confirmed industry speculation that President Trump directed the GSEs to purchase $200 billion in MBS to offset Federal Reserve policy.

UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.

Mortgage applications are on the upswing as interest rates and spreads fall. FHFA says Trump is responsible, but critics disagree.

Mortgages tied to Ginnie Mae accounted for 18.3% of total servicing outstanding at the end of September. Some servicing share shifted away from the GSEs, though Fannie and Freddie still dominate. (Includes two data tables.)

While government-insured mortgages are assumable, few assumptions are completed due to various obstacles. GSE mortgages were also assumable until the 1980s, when legal issues prompted a change.

The GSE investor said part of his plan can be accomplished immediately, but ending the conservatorship may take three years.

FHFA Director Bill Pulte touted possibility of a 50-year fixed-rate mortgage. Also under consideration: transferable and portable mortgages.