Attachment D - Vintage Comparison Q4 2025.xlsx
XLSX spreadsheet 19 KB Posted
- Attached to
- Mortgage Prepayment Reports
- Solicitation number
- FHF-26-Q-0046
- Issued by
-
Federal Housing Finance Agency
About this file
This is an attachment containing quarterly mortgage performance comparison data for Q4 2025, presenting weighted average metrics across loan vintages for mortgages guaranteed by Fannie Mae (FNM) and Freddie Mac (FRE). The spreadsheet tracks detailed loan characteristics including weighted average coupon rates, weighted average maturity in months, loan age, unpaid principal balance in billions of dollars, and three-month conditional prepayment rates across December, November, and October for each vintage year from 2020 through 2025. Data is organized by coupon rate tiers ranging from 1.5 percent to 7 percent, with corresponding loan origination years and performance metrics. Notable observations include higher unpaid principal balances concentrated in the 5.5 to 7 percent coupon tiers with 2024-2025 vintages, prepayment rates generally increasing with coupon rates, and relatively consistent metrics between Fannie Mae and Freddie Mac products within each vintage cohort. This data serves as supporting documentation for the FHFA's solicitation FHF-26-Q-0046 for quarterly mortgage prepayment reports comparing loan origination and prepayment performance between the two government-sponsored enterprises.
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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 | |
| Attachment D - Quartiles Q4 2025.xlsx | XLSX spreadsheet | |
| Request for Quotation.pdf | ||
| Attachment B - Terms and Conditions.pdf | ||
| Attachment C - Pricing Worksheet.xlsx | XLSX spreadsheet | |
| Attachment D - WAC_to_Coupon_Comparison.xlsx | XLSX spreadsheet | |
| Attachment D - Issuance Q4 2025.xlsx | XLSX spreadsheet |
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Sheet
| Weighted Average | Weighted Average | Weighted Average | Unpaid Principal | Three Month Conditional Prepayment Rates (percent) | ||||||||||||
| Coupon (percent) | Maturity (months) | Loan Age (months) | Balance ($ billions) | December | November | October | ||||||||||
| Coupon | Year | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | FNM | FRE | |
| 1 | 1.5 | 2020 | 2.53 | 2.54 | 288 | 289 | 62 | 61 | 7.7 | 9.7 | 3.80 | 4.00 | 4.10 | 4.10 | 4.60 | 4.30 |
| 2 | 2021 | 2.48 | 2.51 | 294 | 295 | 57 | 57 | 8.5 | 14 | 4.40 | 4.10 | 4.30 | 4.30 | 5.00 | 4.70 | |
| 3 | 2 | 2020 | 2.92 | 2.94 | 285 | 286 | 64 | 63 | 47.7 | 40.4 | 5.40 | 5.20 | 5.60 | 5.30 | 6.00 | 5.80 |
| 4 | 2021 | 2.87 | 2.88 | 299 | 299 | 54 | 54 | 83.7 | 79.9 | 5.30 | 5.10 | 5.40 | 5.20 | 5.70 | 5.70 | |
| 5 | 2022 | 2.94 | 2.96 | 307 | 307 | 46 | 47 | 8.7 | 9.2 | 5.50 | 5.30 | 5.70 | 5.30 | 5.70 | 5.80 | |
| 6 | 2.5 | 2020 | 3.39 | 3.38 | 283 | 283 | 66 | 66 | 30.1 | 20.2 | 6.90 | 6.80 | 7.00 | 6.80 | 7.70 | 7.50 |
| 7 | 2021 | 3.27 | 3.26 | 300 | 302 | 53 | 51 | 41.2 | 38 | 7.30 | 7.30 | 7.40 | 7.30 | 7.90 | 7.70 | |
| 8 | 2022 | 3.31 | 3.36 | 307 | 308 | 47 | 46 | 14.1 | 12.9 | 6.90 | 6.70 | 7.10 | 6.70 | 7.60 | 7.00 | |
| 9 | 3 | 2020 | 3.86 | 3.85 | 281 | 280 | 68 | 69 | 6.6 | 3.8 | 9.70 | 10.30 | 9.80 | 10.30 | 10.10 | 10.70 |
| 10 | 2021 | 3.83 | 3.74 | 302 | 302 | 52 | 52 | 2.4 | 2.1 | 14.20 | 13.70 | 14.40 | 13.80 | 14.60 | 14.90 | |
| 11 | 2022 | 3.77 | 3.73 | 308 | 309 | 46 | 46 | 10.8 | 9.6 | 7.80 | 7.90 | 7.80 | 8.30 | 8.30 | 8.80 | |
| 12 | 3.5 | 2020 | 4.36 | 4.39 | 281 | 281 | 69 | 69 | 0.7 | 0.4 | 13.70 | 15.10 | 13.00 | 16.60 | 14.30 | 16.00 |
| 13 | 2022 | 4.24 | 4.20 | 309 | 310 | 44 | 44 | 9.6 | 7.9 | 9.20 | 9.30 | 9.20 | 9.40 | 9.50 | 9.50 | |
| 14 | 4 | 2022 | 4.82 | 4.80 | 310 | 311 | 43 | 42 | 10.6 | 10.1 | 9.70 | 10.00 | 9.90 | 10.20 | 10.20 | 10.40 |
| 15 | 4.5 | 2022 | 5.36 | 5.30 | 311 | 311 | 40 | 41 | 10.6 | 9.9 | 10.90 | 11.60 | 11.20 | 11.70 | 11.80 | 12.10 |
| 16 | 2023 | 5.45 | 5.48 | 319 | 319 | 31 | 32 | 2.4 | 1.9 | 10.70 | 10.50 | 10.20 | 10.60 | 10.70 | 11.00 | |
| 17 | 2024 | 5.51 | 5.52 | 337 | 338 | 15 | 16 | 2.9 | 2 | 7.60 | 8.80 | 7.40 | 8.90 | 8.10 | 9.20 | |
| 18 | 5 | 2022 | 5.84 | 5.81 | 312 | 311 | 40 | 41 | 6.7 | 6.5 | 14.30 | 13.50 | 13.60 | 13.40 | 14.40 | 13.90 |
| 19 | 2023 | 5.95 | 5.97 | 317 | 319 | 32 | 30 | 8.9 | 7.8 | 14.70 | 13.60 | 13.90 | 13.50 | 13.50 | 13.30 | |
| 20 | 2024 | 6.01 | 6.01 | 336 | 334 | 16 | 17 | 9 | 9.3 | 13.00 | 13.60 | 12.60 | 13.10 | 11.70 | 12.10 | |
| 21 | 2025 | 6.01 | 5.98 | 346 | 346 | 8 | 8 | 4.4 | 3.7 | 10.40 | 10.00 | 10.90 | 10.20 | 9.60 | 9.60 | |
| 22 | 5.5 | 2022 | 6.39 | 6.40 | 312 | 314 | 38 | 37 | 3.7 | 3.1 | 21.10 | 20.30 | 19.80 | 20.10 | 18.60 | 19.70 |
| 23 | 2023 | 6.46 | 6.46 | 320 | 320 | 29 | 30 | 11 | 11.3 | 24.00 | 23.60 | 22.40 | 22.20 | 19.60 | 19.70 | |
| 24 | 2024 | 6.53 | 6.52 | 334 | 334 | 17 | 18 | 14.5 | 15.9 | 28.40 | 27.40 | 27.10 | 25.70 | 22.90 | 21.30 | |
| 25 | 2025 | 6.52 | 6.49 | 345 | 345 | 9 | 9 | 14.1 | 14.5 | 25.00 | 24.40 | 24.10 | 23.50 | 20.00 | 19.40 | |
| 26 | 6 | 2022 | 6.93 | 6.91 | 313 | 313 | 37 | 37 | 1.6 | 1.4 | 36.70 | 34.50 | 33.70 | 33.10 | 29.10 | 28.10 |
| 27 | 2023 | 6.94 | 6.93 | 323 | 324 | 27 | 27 | 8.7 | 9 | 40.90 | 42.30 | 38.20 | 39.60 | 33.30 | 33.70 | |
| 28 | 2024 | 6.98 | 6.97 | 334 | 334 | 18 | 18 | 14.1 | 14.7 | 45.90 | 47.10 | 43.90 | 44.90 | 37.60 | 37.80 | |
| 29 | 2025 | 6.91 | 6.90 | 345 | 345 | 9 | 9 | 15.7 | 19.1 | 39.10 | 40.00 | 37.50 | 38.10 | 32.80 | 32.80 | |
| 30 | 6.5 | 2023 | 7.43 | 7.44 | 325 | 325 | 25 | 25 | 5.9 | 5.5 | 59.40 | 58.60 | 56.70 | 55.10 | 49.50 | 48.30 |
| 31 | 2024 | 7.44 | 7.44 | 331 | 335 | 20 | 18 | 5.3 | 5.9 | 60.20 | 60.00 | 57.80 | 58.10 | 50.90 | 51.80 | |
| 32 | 2025 | 7.29 | 7.29 | 345 | 344 | 9 | 10 | 3.9 | 4.7 | 51.80 | 54.80 | 50.00 | 54.10 | 46.40 | 50.40 | |
| 33 | 7 | 2023 | 7.91 | 7.91 | 325 | 326 | 25 | 25 | 1.5 | 1.6 | 65.80 | 62.00 | 63.10 | 57.60 | 55.50 | 52.10 |
| 34 | 2024 | 7.77 | 7.91 | 335 | 330 | 16 | 19 | 0.8 | 0.7 | 62.30 | 62.60 | 58.60 | 58.80 | 57.70 | 56.50 | |
| 35 | 2025 | 7.61 | 7.68 | 344 | 343 | 9 | 9 | 1.6 | 1.2 | 56.20 | 58.90 | 54.20 | 58.50 | 49.90 | 56.80 |
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