Fannie Mae and Freddie Mac appear to be buying more MBS at times when spreads widen. They’re also hedging the purchases with interest rate swaps, according to industry participants.

The Treasury Market Practices Group released a white paper identifying how a change in the ownership structure of Fannie Mae and Freddie Mac could impact the broader financial markets.

Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)