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Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.51 trillion in November 2023, including $31.7 billion of total MBS issuance, leading to $18 billion of net growth. November’s new MBS issuance supports the financing of nearly 105,000 households, including 53,000 first-time homebuyers.
Approximately 76.5% of the November MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates.
The November issuance includes $30.9 billion of Ginnie Mae II MBS and more than $810 million of Ginnie Mae I MBS, including approximately $660 million in loans for multifamily housing.
For the 2023 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 570,000 first-time homebuyer loans.
In October 2023, Ginnie Mae reported that its MBS outstanding balance grew to $2.492 trillion, including $33.8 billion of total MBS issuance which has led to Ginnie Mae picking up $15 billion of net portfolio growth in a single month. Approximately 75% of the October MBS issuance reflects new mortgages that support home purchases, because refinance activity remained low due to higher interest rates.
The October issuance includes $32.5 billion of Ginnie Mae II MBS and more than $1.3 billion of Ginnie Mae I MBS, including approximately $1.2 billion in loans for multifamily housing.
Ginnie Mae has also published its Annual Financial Report for fiscal year 2023, which highlights its financial performance and accomplishments from the past year, and its plans and approaches for strengthening the U.S. housing finance market and supporting affordable and equitable housing opportunities for all Americans. During fiscal year 2023, Ginnie Mae supported more than 1.2 million households, including underserved communities, first-time homebuyers, servicemembers, and veterans. MBS issuance topped $404 billion, and the Ginnie Mae MBS outstanding reached $2.476 trillion.
“I am impressed with our financial results and the incredible impact Ginnie Mae has had on millions of American households, even in the face of a challenging housing market,” said Ginnie Mae President Alanna McCargo. “As the Annual Report shows, we continue to manage an incredibly complex program, numerous risks, and continued growth with strength and precision, and we are managing a number of emerging risks in the housing market with incredible efficiency. I am very proud of our outstanding team for continuously delivering results for the American people during a time when housing affordability has been greatly challenged.”
