Fannie Mae’s December 2025 Monthly Summary pointed to measured growth and largely steady credit conditions, with the government-sponsored enterprise (GSE) continuing to modestly expand its mortgage guarantees while delinquency levels remained near historic lows at year-end.
The company said its Guaranty Book of Business — representing outstanding mortgage-backed securities (MBS) and other credit guarantees — expanded at a 1.1% annualized pace in December. The increase suggests ongoing participation in the housing finance market despite elevated mortgage rates and a slowdown in home sales activity.
Credit quality remained broadly stable across portfolios. The single-family serious delinquency rate rose marginally by one basis point to 0.58%, while multifamily performance improved slightly, with the serious delinquency rate declining by one basis point to 0.74%. The divergence highlights differing stress dynamics between owner-occupied and rental housing segments.
As of December 31, 2025, Fannie Mae reported $184.3 billion in maximum exposure to Freddie Mac-backed collateral through its re-securitization activities, reflecting continued management of legacy and commingled securities within the secondary market.
Supporting tables in the report detail year-to-date expansion in the guaranty book and shifts in the retained mortgage portfolio throughout 2025, including changes tied to loan purchases, dispositions, and liquidations. Additional data on liquidity portfolio holdings and debt issuance offer further insight into balance sheet strategy amid shifting market conditions.
Investors, servicers, and other market participants closely track these monthly disclosures for indications of emerging credit trends and balance sheet movements that may influence mortgage pricing, spreads, and broader securitization market liquidity.
