Volume for both purchase mortgages and refis was down at the mortgage giant, but profits increased on the back of higher home prices.

Profits of $34.29 billion in 2021 will suffer in 2022 as both amortization income from refinances and benefits for credit losses ebb. (Includes data chart.)

The GSEs combined netted $7.93 billion in fourth-quarter profits on $13.21 billion in net revenue while shrinking their retained mortgage portfolios by $4.45 billion. (Includes data chart.)

Although 2021 was a monster year for the mortgage giant, the fourth quarter looked more like a return to normal.

For Freddie Mac, 2021 was even more profitable than 2020, but quarterly trends suggest this year will be more normal.

Steadily declining advances continue to whittle away at net income of most of the banks. (Includes three data charts.)

Increases in credit-related income, due to improving economic conditions, are offset by declining margins and fair value losses.

Historic home price appreciation and record low interest rates helped Fannie and Freddie increase income and cut costs. (Includes data chart.)

The GSEs ride home price appreciation and low interest rates to record earnings in the second quarter.

The mortgage giant’s $3.6 billion profit for the second quarter benefited by as much as $1 billion in revenue from the controversial adverse market refinance fee.