Credit performance shows stability, though one sector lags
Fannie Mae’s guaranty book of business edged higher in July, while serious delinquency rates for single-family mortgages held steady, according to the company’s latest monthly report.
The guaranty book of business increased at a compound annualized rate of 0.3% to $4.13 trillion as of July 31. New business acquisitions reached $35.4 billion, down slightly from June’s $37.1 billion. Despite July’s modest uptick, year-to-date figures showed a 0.5% decline, reflecting weaker activity earlier in 2025.
The serious delinquency rate for conventional single-family loans remained flat at 0.53%, continuing a streak of stability since March. By contrast, the multifamily serious delinquency rate ticked up three basis points to 0.64%. Within single-family loans, older vintages performed worse: mortgages originated in 2005–2008 had a delinquency rate of 1.90%, compared with 0.48% for loans issued from 2009 onward.
The company’s retained mortgage portfolio expanded to $87.6 billion, up from $84.8 billion in June. Purchases totaled $17.0 billion in July, while sales and liquidations were $13.3 billion and $885 million, respectively. The portfolio remains well below the $225 billion cap set under Fannie Mae’s senior preferred stock purchase agreement with the US Treasury.
Fannie Mae’s corporate liquidity portfolio stood at $137.4 billion, little changed from June, while total debt outstanding ended the month at $131.2 billion. Market value sensitivity to a 50-basis-point rate shock widened slightly, with the company estimating a $38 million adverse impact, compared with $34 million the prior month.
As of July 31, Fannie Mae’s maximum exposure to Freddie Mac collateral included in outstanding resecuritizations was $190.7 billion.
The full details of the July figures are available on Fannie Mae’s website.
The company has been under conservatorship of the Federal Housing Finance Agency since September 2008, a status that continues to shape its risk management and financial operations.
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