Attachment D - Quartiles Q4 2025.xlsx
XLSX spreadsheet 24 KB Posted
- Attached to
- Mortgage Prepayment Reports
- Solicitation number
- FHF-26-Q-0046
- Issued by
-
Federal Housing Finance Agency
About this file
This is a data appendix containing 30-year mortgage prepayment statistics organized by interest rate coupons and performance quartiles for the fourth quarter of 2025. The document presents Conditional Prepayment Rate (CPR) data comparing Fannie Mae and Freddie Mac mortgage pools across four quartiles at coupon rates ranging from 1.5% to 7.0%. For each coupon and quartile combination, the file includes performance metrics such as Weighted Average Loan Age (WALA), Weighted Average Coupon (WAC), Average Loan Size (ALS), and FICO scores for both entities, alongside calculated differences between the two mortgage enterprises.
The data is structured to support comparative analysis of mortgage prepayment behavior, with CPR values typically increasing across lower quartiles (faster prepayment) and declining in Quartile 4 (slower prepayment). Loan characteristics remain relatively consistent between Fannie Mae and Freddie Mac across most metrics, with FICO scores generally ranging from 730-776 and average loan sizes between $292,000 and $459,000. The footnotes indicate that statistics are based on TBA-eligible pools issued within the most recent six origination years, exclude specified pools with UPBs under $10 billion, and utilize beginning-of-quarter balances with end-of-quarter weighted-average calculations. This attachment serves as supporting documentation for the Mortgage Prepayment Reports solicitation (FHF-26-Q-0046) issued by the Federal Housing Finance Agency.
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Other files
| File | Type | Posted |
|---|---|---|
| Questions and Answers.pdf | ||
| Attachment B - Terms and Conditions.pdf | ||
| Attachment A - Statement of Work.pdf | ||
| Attachment D - 30-year Prepayment Line and Bar Charts 1-month CPR.xlsx | XLSX spreadsheet | |
| Attachment D - 30-year Prepayment Line and Bar Charts Fastest Quartile Based on 3-month CPR.xlsx | XLSX spreadsheet | |
| Request for Quotation.pdf | ||
| Attachment B - Terms and Conditions.pdf | ||
| Attachment C - Pricing Worksheet.xlsx | XLSX spreadsheet | |
| Attachment D - Issuance Q4 2025.xlsx | XLSX spreadsheet | |
| Attachment D - Vintage Comparison Q4 2025.xlsx | XLSX spreadsheet | |
| Attachment D - WAC_to_Coupon_Comparison.xlsx | XLSX spreadsheet |
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Text version
30-Year Quartiles 30-Year 3-month CPR, Per Quartile
| 30-year, 1.5 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | 30-year, 2.5 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | ||||||||
| Fannie Mae | 4.2 | 3.1 | 2.9 | 2.2 | Fannie Mae | 7.2 | 5.1 | 4.8 | 3.1 | ||||||||
| Freddie Mac | 4.1 | 3.4 | 3.2 | 2.7 | Freddie Mac | 7.1 | 5.2 | 4.8 | 3.1 | ||||||||
| Difference | 0.1 | -0.3 | -0.3 | -0.5 | Difference | 0.1 | -0.1 | 0.0 | 0.0 | ||||||||
| Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE |
| WALA | 61 | 60 | 60 | 59 | 62 | 60 | 58 | 61 | WALA | 54 | 54 | 54 | 53 | 59 | 58 | 60 | 58 |
| WAC | 2.51 | 2.53 | 2.50 | 2.53 | 2.52 | 2.53 | 2.48 | 2.53 | WAC | 3.30 | 3.30 | 3.29 | 3.30 | 3.35 | 3.33 | 3.32 | 3.30 |
| ALS | 355 | 358 | 373 | 371 | 376 | 379 | 381 | 374 | ALS | 319 | 322 | 356 | 370 | 346 | 358 | 323 | 317 |
| FICO | 774 | 773 | 775 | 772 | 776 | 772 | 774 | 773 | FICO | 747 | 746 | 749 | 746 | 756 | 754 | 754 | 752 |
| 30-year, 2.0 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | 30-year, 3.0 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | ||||||||
| Fannie Mae | 5.4 | 3.9 | 3.8 | 3.0 | Fannie Mae | 9.6 | 5.9 | 5.2 | 2.5 | ||||||||
| Freddie Mac | 5.2 | 4.0 | 3.8 | 3.0 | Freddie Mac | 9.7 | 5.4 | 4.9 | 2.1 | ||||||||
| Difference | 0.2 | -0.1 | 0.0 | 0.0 | Difference | -0.1 | 0.5 | 0.3 | 0.4 | ||||||||
| Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE |
| WALA | 59 | 58 | 59 | 55 | 57 | 57 | 55 | 58 | WALA | 56 | 57 | 55 | 51 | 55 | 49 | 51 | 51 |
| WAC | 2.90 | 2.91 | 2.89 | 2.88 | 2.85 | 2.88 | 2.86 | 2.91 | WAC | 3.79 | 3.80 | 3.83 | 3.79 | 3.78 | 3.80 | 3.77 | 3.78 |
| ALS | 326 | 331 | 360 | 373 | 368 | 371 | 353 | 359 | ALS | 304 | 296 | 359 | 363 | 348 | 380 | 335 | 314 |
| FICO | 766 | 764 | 768 | 763 | 766 | 764 | 766 | 767 | FICO | 730 | 733 | 748 | 741 | 743 | 750 | 746 | 742 |
| 30-year, 3.5 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | 30-year, 4.5 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | ||||||||
| Fannie Mae | 9.8 | 6.3 | 5.4 | 2.6 | Fannie Mae | 10.5 | 7.0 | 5.7 | 2.1 | ||||||||
| Freddie Mac | 9.9 | 6.1 | 5.3 | 2.6 | Freddie Mac | 11.1 | 7.3 | 6.1 | 2.2 | ||||||||
| Difference | -0.1 | 0.2 | 0.1 | 0.0 | Difference | -0.6 | -0.3 | -0.4 | -0.1 | ||||||||
| Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE |
| WALA | 47 | 47 | 45 | 45 | 45 | 44 | 42 | 43 | WALA | 39 | 41 | 38 | 39 | 34 | 32 | 23 | 27 |
| WAC | 4.26 | 4.23 | 4.22 | 4.22 | 4.18 | 4.31 | 4.23 | 4.28 | WAC | 5.39 | 5.33 | 5.38 | 5.41 | 5.37 | 5.45 | 5.42 | 5.41 |
| ALS | 359 | 352 | 394 | 392 | 391 | 393 | 349 | 344 | ALS | 362 | 365 | 407 | 409 | 400 | 417 | 355 | 357 |
| FICO | 733 | 733 | 745 | 747 | 755 | 756 | 748 | 742 | FICO | 755 | 751 | 755 | 756 | 758 | 762 | 760 | 758 |
| 30-year, 4.0 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | 30-year, 5.0 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | ||||||||
| Fannie Mae | 9.6 | 6.7 | 5.5 | 2.2 | Fannie Mae | 13.8 | 9.4 | 6.9 | 1.7 | ||||||||
| Freddie Mac | 10.0 | 5.7 | 5.1 | 2.1 | Freddie Mac | 13.4 | 8.7 | 7.3 | 1.6 | ||||||||
| Difference | -0.4 | 1.0 | 0.4 | 0.1 | Difference | 0.4 | 0.7 | -0.4 | 0.1 | ||||||||
| Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE |
| WALA | 44 | 43 | 41 | 41 | 39 | 42 | 27 | 32 | WALA | 30 | 27 | 32 | 29 | 22 | 26 | 17 | 18 |
| WAC | 4.81 | 4.81 | 4.83 | 4.92 | 4.87 | 4.86 | 4.86 | 4.89 | WAC | 5.95 | 5.96 | 5.92 | 5.93 | 5.94 | 5.93 | 5.96 | 5.96 |
| ALS | 365 | 367 | 409 | 417 | 398 | 412 | 349 | 350 | ALS | 391 | 385 | 410 | 444 | 395 | 421 | 333 | 341 |
| FICO | 744 | 746 | 752 | 759 | 758 | 755 | 754 | 755 | FICO | 762 | 761 | 755 | 760 | 763 | 762 | 762 | 761 |
| 30-year, 5.5 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | 30-year, 6.5 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | ||||||||
| Fannie Mae | 26.7 | 18.9 | 11.0 | 2.7 | Fannie Mae | 58.5 | 46.9 | 33.9 | 10.7 | ||||||||
| Freddie Mac | 26.3 | 18.8 | 12.5 | 3.3 | Freddie Mac | 58.3 | 48.7 | 34.4 | 11.7 | ||||||||
| Difference | 0.4 | 0.1 | -1.5 | -0.6 | Difference | 0.2 | -1.8 | -0.5 | -1.0 | ||||||||
| Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE |
| WALA | 19 | 18 | 24 | 24 | 21 | 19 | 15 | 15 | WALA | 22 | 19 | 20 | 22 | 26 | 21 | 15 | 16 |
| WAC | 6.52 | 6.50 | 6.48 | 6.48 | 6.44 | 6.44 | 6.48 | 6.47 | WAC | 7.43 | 7.40 | 7.37 | 7.39 | 7.35 | 7.38 | 7.35 | 7.33 |
| ALS | 459 | 459 | 443 | 444 | 364 | 396 | 313 | 304 | ALS | 425 | 433 | 425 | 424 | 335 | 339 | 292 | 302 |
| FICO | 768 | 768 | 765 | 765 | 759 | 762 | 760 | 760 | FICO | 755 | 754 | 750 | 749 | 744 | 744 | 739 | 740 |
| 30-year, 6.0 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | 30-year, 7.0 | Quartile 1 | Quartile 2 | Quartile 3 | Quartile 4 | ||||||||
| Fannie Mae | 43.7 | 32.9 | 20.2 | 5.6 | Fannie Mae | 62.7 | 51.9 | 35.5 | 14.8 | ||||||||
| Freddie Mac | 44.6 | 33.6 | 20.4 | 5.7 | Freddie Mac | 61.8 | 51.5 | 40.0 | 14.1 | ||||||||
| Difference | -0.9 | -0.7 | -0.2 | -0.1 | Difference | 0.9 | 0.4 | -4.5 | 0.7 | ||||||||
| Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | Attributes | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE |
| WALA | 18 | 18 | 24 | 22 | 15 | 13 | 13 | 13 | WALA | 22 | 23 | 17 | 18 | 17 | 18 | 12 | 16 |
| WAC | 6.96 | 6.95 | 6.92 | 6.92 | 6.92 | 6.90 | 6.89 | 6.89 | WAC | 7.86 | 7.89 | 7.73 | 7.76 | 7.73 | 7.80 | 7.69 | 7.78 |
| ALS | 456 | 461 | 424 | 426 | 363 | 384 | 300 | 300 | ALS | 396 | 392 | 395 | 392 | 359 | 354 | 333 | 287 |
| FICO | 765 | 765 | 759 | 759 | 759 | 761 | 755 | 756 | FICO | 741 | 740 | 738 | 736 | 736 | 732 | 731 | 729 |
* FHFA omits the average prepayment speeds of pools with the age less than 3m and coupon cohorts with a combined UPB less than $10b.
* Qualifying Cohorts are defined as cohorts of TBA-eligible pools, excluding Specified Pools, issued during the most recent six origination years, including the current origination year.
* The weighted-average statistics that are published in this table use beginning-of-quarter balances and end-of-quarter WAC, WALA, and FICO. ALS statistics represent a simple average of all loans in the cohort.
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