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Ginnie Mae guaranteed nearly $52 billion in mortgage-backed securities (MBS) in April 2022, supporting affordable homeownership and rental units for more than 186,500 households during the month. Ginnie Mae has seen continued strength in purchase market activity at insuring agencies driven by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) lending, and a decrease in rate term refinance activity, given the rapid increases to mortgage rates over the period.
“April issuance added $19 billion to the overall portfolio this month, the strongest growth we have seen in quite some time,” said Ginnie Mae President Alanna McCargo. “Despite the rapidly changing housing market dynamics, we are also on pace to cross the $2.2 trillion threshold in May.”
Ginnie Mae's April issuance includes $49.29 billion of Ginnie Mae II MBS and $2.38 billion of Ginnie Mae I MBS, which includes approximately $2.25 billion of loans for multifamily housing. As of April 30, Ginnie Mae's total outstanding principal balance was $2.199 trillion, an increase from $2.182 trillion in March 2022 and $2.105 trillion in April 2021.
“Total new mortgage origination volume is expected to slow due to rising mortgage rates and home affordability challenges, yet we see a strong MBS issuance volume of more than $50 billion that continues to help ensure support for first-time homebuyers and those seeking affordable rental housing during this cycle," added McCargo.
