Fannie Mae issued $50.9 billion in mortgage-backed securities in May, helping drive growth in the mortgage purchaser’s guarantees at an annualized rate of 18.7 percent for the month.

Total Fannie Mae MBS and other guarantees totaled $2.19 trillion at the end of May, an annual growth rate of 11.3 percent for the year, the company said. That compares with a 7.2 percent rate of growth in 2006.

The company’s mortgage portfolio also saw strong growth in May, to $718.3 billion. The 13.8 percent annualized rate of growth for the month compares with 2 percent for the year-to-date and .4 percent in 2006.

Growth in Fannie Mae’s mortgage portfolio was capped under a May 2006 consent order. The company estimates that its mortgage portfolio for purposes of the consent order totaled $713 billion at the end of the month.

Growth in the overall mortgage market has slowed to levels not seen in a decade, Fannie Mae reported. The 5.6 percent annualized rate of growth in total residential debt outstanding for the quarter was the slowest since 1997. Seasonal factors were “exacerbated by a deteriorating housing market,” the company said.

Adjustable-rate mortgages made up just 18.1 percent of conventional mortgage applications in May, the lowest share since July 2003, the company reported. The decline was attributed to borrowers refinancing out of ARM loans into fixed-rate mortgages.

The serious delinquency rate on single-family loans in the portfolio in April remained unchanged from the previous month at .62 percent — two basis points lower than a year ago.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The Connect Expo: Explore the Latest Business ToolsCHECK IT OUT×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription