Future guaranty fee increases promulgated by the Federal Housing Finance Agency will be driven by the shape of the mortgage market to come, according to a new report from Barclays. The FHFA has telegraphed additional g-fee increases in 2013 following two hikes last year. Currently g-fees average 50 to 55 basis points compared to 24 bps in 2009, noted Barclays. “Further g-fee hikes will depend on the path of GSE reform, the amount of capital various entities in the system are required to hold and the cost of capital of these entities,” said Barclays.