Earnings at the mortgage giant stand at a three-quarter plateau, with year-to-date profits almost unchanged from 2023.

While Fannie economists see two rate cuts this year in their crystal ball, economists at Freddie suggest that there might only be one.

Two entities at JPMorgan Chase started marketing separate prime non-agency mortgage-backed securities Monday.

Fannie economists now only expect one rate cut by the Fed this year, possibly in December.

Freddie saw the bigger monthly increase in MBS output, up 9.4% from April. Business was up 6.3% at Fannie.

"Current sentiment reflects pent-up frustration with the overall lack of purchase affordability," said Doug Duncan, a senior vice president and chief economist at Fannie Mae.

Most of the increase in Freddie buybacks in the first quarter of this year came from loans that were securitized in 2023, which totaled $219.1 million and represented 65.8% of Freddie repurchases in early 2024.

Higher for longer persists.

The pilot is limited to certain states and will only be offered through approved pilot lenders.

The new policy includes the implementation of a waterfall of loan modifications designed to reduce borrowers' monthly mortgage payment by at least 20%.