The government stepped up fixed-rate agency issuance last month, while activity soared 60 percent during all of last year.
Fixed-rate issuance at Fannie Mae, Freddie Mac and Ginnie Mae was $1.655 trillion last year, according to data published by eMBS. During 2008, volume was $1.062 trillion at the three government-controlled organizations.
Issuance at Fannie accounted for $0.765 trillion, rising from $0.493 trillion during 2008. Freddie’s issuances rose to $0.459 trillion from $0.313 trillion, while Ginnie issuance climbed to $0.431 trillion from $0.257 trillion.
Fourth-quarter fixed-rate issuance was $308.6 billion, tumbling from $433.7 billion the prior quarter but higher than $203.4 billion a year earlier.
Fannie issuances fell to $117.4 billion from the third-quarter’s $189.9 billion, while volume at Freddie was down to $85.5 billion from $120.2 billion and Ginnie issuances dropped to $105.7 billion from $123.5 billion.
During just December, fixed-rate volume at Fannie — which is also known as the Federal National Mortgage Association — rose to $45.6 billion from $35.4 billion the prior month. Issuance was also higher than $36.1 billion the prior year.
Over at the Federal Home Loan Mortgage Corp. — or Freddie — fixed-rate issuance rose to $34.7 billion from November’s $25.4 billion and December 2008’s $14.7 billion.
The Government National Mortgage Association — or Ginnie — saw December volume rise to $38.5 billion from $32.2 billion a month earlier and $22.7 billion a year earlier.
