Fannie Mae is making the most of those low interest rates, as evident by the lender’s just released Q2 numbers. Between April-June 2021, Fannie Mae posted a net income of $7.2 billion. That’s up from $5 billion in the first quarter of the year.
Compared to Q2 of 2020, revenues jumped 42.9 percent while net earnings soared 181.0 percent!
According to the company’s report, refinances made up 65 percent—$243.8 billion—of Fannie Mae’s $373.3 billion in single-family acquisitions in Q2. Looking at the year thus far, refinances make up 70 percent—$545 billion—of the company’s single-family acquisitions.
With evictions on everyone’s mind (including the White House), it was also noted that 2.08 percent of Fannie Mae’s single-family loans are seriously delinquent, which Housing Wire notes is a decrease of fifty basis points from the first quarter of 2021.