Fannie and Freddie have yet to release a date for their fourth-quarter results, but 4Q was likely a tad shy of 3Q. Credit stable interest rates and decent MBS volumes.

It wasn’t a pretty month for MBS trades. And with interest rates rising, the age-old question looms: Where do we go from here?

Market growth in 2022, though more restrained than in 2021, should give Fannie and Freddie plenty of runway to hit their multifamily caps for the year.