Of the roughly 159,000 multifamily rental housing units financed by the enterprise in Q3, a sizeable majority were affordable to households earning at or below 120% of area median income, according to a press release.
Fannie’s chief executive officer Priscilla Almodovar said the results arrived amidst a “challenging” quarter for housing, marked by rising mortgage rates, high home prices, a continuing lack of housing supply, and climbing costs for renters.
Fannie’s average single-family conventional guaranty book of business jumped by $5.5 billion on a quarterly basis, a development it said was mainly due to an increase in the average loan size of the book.
The single-family serious delinquency rate fell to 0.54% at the end of September compared with 0.55% at the end of June, while the average charged guaranty fee on its single-family conventional guaranty book remained largely unchanged, at 47.0 basis points, from quarter to quarter.
On the multifamily side, business volume increased from $15.1 billion in Q2 to $16.4 billion at the end of the third quarter, with the multifamily guaranty book of business rising by 2% to $464.7 billion and the serious delinquency rate increasing from 0.37% to 0.54% on a quarterly basis.
