Fannie Mae’s winning streak continued into the third quarter of the year, according to a Wednesday earnings report.
The government-sponsored enterprise’s net income increased 8 percent year over year to $4.2 billion, while its net revenue rose 5 percent to $ 7.7 billion. The gains were smaller on a quarter-over-quarter basis, with the net income and revenue edging up 5 percent and 1 percent, respectively.
This is Fannie Mae’s 35th consecutive profitable quarter, with the enterprise increasing its net worth 13 percent year over year to $119.6 billion. Fannie Mae provided $103 billion in mortgage-market liquidity during the quarter, supporting approximately 207,000 home purchases, 61,000 refinances and 133,000 rental units.
Bill Pulte | Credit: FHFA
“Fannie Mae landed another strong performance this quarter,” Federal Housing Finance Agency Director Bill Pulte said in a press statement. “Our continued focus on running an efficient business and reducing mortgage costs is delivering for American homeowners and renters — half the single-family loans we acquired went to low-and middle-income borrowers.”
In the third quarter, Fannie Mae backed mortgages for 103,000 first-time homebuyers, accounting for 53 percent of single-family purchase acquisitions. Forty-seven percent of single-family acquisitions and 77 percent of multifamily units Fannie Mae financed were affordable to households earning less than 100 percent of the area median income (AMI).
The enterprise’s foreclosure-prevention programs also helped more than 21,000 homeowners remain in their homes — the same figure as the previous quarter.
Single-family conventional acquisition volume decreased from $111.2 billion in Q3 2025 to $88.3 billion in Q3 2026. Meanwhile, Fannie’s multifamily acquisition volume increased from $14.2 billion to $14.5 billion.
Credit performance in Fannie Mae’s single-family business was similar to the previous quarter. The serious delinquency rate edged up from 0.58 percent to 0.62 percent, while the weighted-average credit score at origination for loans in its conventional guaranty book remained at 753.
Fannie Mae increased the amount it set aside for potential credit losses 105 percent year over year to $694 million, as it anticipates continued mortgage rate volatility. The average 30-year fixed-rate mortgage breached 7 percent on Sept. 24 and reached 7.49 percent about a week later, before falling back into the 7.3 percent range.
Fannie Mae leaders said they’re focused on risk management and embracing innovative financing and technology solutions, like the decision to accept the VantageScore 4.0 model, which factors in rent and utility payments. In September, Fannie and Freddie expanded their acceptance of the scoring model to include all lenders, earning praise from the National Association of Realtors.
“We are focused on deepening our relationship with lenders by making it easier to do business with Fannie Mae and creating a better borrower experience,” Jake Williamson, EVP and head of single-family, said in a prepared statement. “Pairing practical innovations, like credit score modernization, with sound risk management is key to our strategy.”
