The Fed’s massive increase in interest rates has lowered the value of 20-year-plus Treasuries by 30%, according to NBER economists.

CRT activity came to a complete halt in the second quarter of 2020, at the onset of the pandemic, and in the fourth quarter of 2022.

After a three-month hiatus, Fannie rebounded with $1.44 billion in CAS deals, while Freddie’s STACR issuance totaled $611.0 million. (Includes data chart.)

The Federal Housing Finance Agency has withdrawn the controversial fee the GSEs planned to charge based on a borrower’s debt-to-income ratio.

The “sea of red” in the mortgage bond market probably isn’t going to be enough to get the Federal Reserve to reduce interest rates, according to industry experts.

The controversial fee was set to take effect Aug. 1.

The big servicers got a little bigger and Chase overtook Wells as the largest GSE servicer in the first quarter.

Since quantitative tightening began in June 2022, the Fed hasn't come close to the $35 billion monthly cap on its MBS runoff.

Profits increased at Fannie Mae and Freddie Mac in the first quarter of 2023 despite a historic decline in volume. (Includes data chart.)

In no month since quantitative tightening began last June has the FOMC approached the $35 billion monthly cap on its planned MBS reduction. The latest action by the Fed won’t change that.