How to Read FHFA's Annual Housing Report — Fannie Mae and Freddie Mac Housing Goals, Duty to Serve and Loan Mix

As of 9 November 2026, 00:55 KST (retrieved by this page at that time); latest listed on the agency page at retrieval: the Annual Housing Report - 2026 (covers activities 1/2025 - 12/2025) of the Federal Housing Finance Agency (FHFA), which now styles itself U.S. Federal Housing. Report page: October 30, 2026; PDF cover: Release Date: October 2026. Primary source: https://www.fhfa.gov/document/d/ahr/annual-housing-report-2026^[1][2]

Comparison basis: goal results are percentages of each Enterprise's qualifying purchases, rounded to one decimal; dollar amounts are as printed, with the allocation table rounded to the nearest million. The 2024 values are observed values from the Annual Housing Report 2025 (covering 2024), reached from the same report page. Benchmark levels changed between the two years, so a rise in performance does not by itself mean a goal was easier or harder to meet. Market levels come from public HMDA data and exclude FHA, VA and RHS loans.^[1][3]

In three lines

1. FHFA's yearly report to Congress scores Fannie Mae and Freddie Mac on housing goals, Duty to Serve, affordable housing payments and loan mix.
2. For 2025, Fannie Mae met every goal; Freddie Mac missed one, the minority census tracts subgoal, at 11.7% against 11.9% (Table 2).
3. The two bought $725.0 billion of single-family loans (Table B1a) and paid two housing funds text $366M / Table 7 $367M.^[1]

Two thresholds. Each single-family goal has a benchmark set in advance by rule and a market level measured afterwards from Home Mortgage Disclosure Act (HMDA) data. An Enterprise meets a goal if its performance meets or exceeds at least one of them. "The benchmark level serves as a prospective goal that the Enterprises can plan for, while the market level calculation serves as a retrospective look at the year."^[1]

What the market level covers. It is the share of conventional, conforming home loans on owner-occupied properties that qualified for the goal. "Therefore, the market level figures exclude loans insured or guaranteed by the federal government, such as the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), and U.S. Department of Agriculture Rural Housing Service (RHS)." "Typically, public HMDA data is released in the second quarter of the following calendar year." Final determinations for 2025 were made in August and September 2026.^[1]

Multifamily goals have no market level. "FHFA does not perform a retrospective market share analysis because there is no comprehensive multifamily market data comparable to single-family HMDA data." For 2025 both Enterprises met all three multifamily goals (Tables 3 and 4).^[1]

Missed goals and housing plans. "For 2025, Fannie Mae met all the single-family and multifamily housing goals, and Freddie Mac met all the goals, except for the single-family minority census tracts home purchase subgoal." "While this subgoal was feasible, however, Freddie Mac missed it by a small margin (0.2 percent)." "For those reasons, the Agency did not require Freddie Mac to submit a housing plan." A year earlier the 2025 report said: "However, because Fannie Mae missed this goal by a narrow margin (0.1 percent), the Agency will not require Fannie Mae to submit a formal Housing Plan under 12 CFR 1282.22."^[1][3]

Duty to Serve. FHFA rates each Enterprise in manufactured housing, affordable housing preservation and rural housing. For 2025, Fannie Mae received High Satisfactory, High Satisfactory and Low Satisfactory, and Freddie Mac High Satisfactory in all three; 2025 was the first year of the 2025-2027 plans.^[1]

Missed by how much, against what. Freddie Mac's 11.7% fell short of both the 12% benchmark and the 11.9% market level; 11.9 minus 11.7 is 0.2 (this page's calculation): Freddie Mac was 0.2 percentage points below the market level, matching the report's 0.2 percent. In 2024 Fannie Mae's 5.9% against a 6.0% market level gives the 0.1 percent in the 2025 report.^[1][3]

The determination letters. Appendix A reproduces FHFA's 2025 final determination letters as page images: to Fannie Mae dated August 21, 2026, and to Freddie Mac dated September 25, 2026. The Freddie Mac letter's table shows 11.7% against a 12% benchmark and an 11.9% market share for the minority census tracts subgoal, marked as a goal not met. Because the letters are images, this page describes them and does not quote them.^[1]

Goal names differ between editions. The 4% subgoal appears as the Low-Income Areas Home Purchase Subgoal in Tables 1 and 2 of the 2026 report, with a 9.3% market level, and as the Low-Income Census Tracts Purchase Subgoal in the 2025 report, with 9.9%. The 2026 report's text, and the 2025 determination letters reproduced in its Appendix A, call it the low-income census tracts subgoal. This page lists both names and does not treat them as different goals.^[1][3]

Which year the allocation payments represent. The 2026 report says: "Table 7 displays the payments made by each Enterprise from 2016 through 2026 (representing allocations set aside during calendar years 2016 through 2025)." The 2025 report said: "Table 12 displays the payments made by each Enterprise from 2016 through 2025 (representing allocations set aside during calendar years 2015 through 2024)." The 2026 report also says payments began in 2016 based on 2015 business volume: "Those suspensions were lifted on December 11, 2014, when FHFA directed each Enterprise to set aside amounts for allocation to the affordable housing funds, commencing with payments in 2016, based on business volume in 2015." The two Annual Housing Reports describe the set-aside year range differently. FHFA's 2025 Annual Report to Congress says: "In 2025, the Enterprises made $333 million in affordable housing allocation payments for purchases in 2024, and in February 2026 they contributed $367 million for purchases in 2025."^[1][3]

$366 million or $367 million. "The Enterprises disbursed $366 million in February 2026, sending $238 million to the HTF and $128 million to the CMF." Table 7 shows $172 million and $195 million for 2026, which add to $367 million. "Total allocations for each Enterprise are rounded to the nearest million." Rounding may explain the difference, but the cause is not established. The overview's sentence "In 2025, the Enterprises sent $238 million to the Housing Trust Fund and $128 million to the Capital Magnet Fund." refers to the same February 2026 payment.^[1]

Two acquisition totals. The report gives approximately $335.6 billion for Fannie Mae and $388.6 billion for Freddie Mac, citing their own filings; they add to $724.2 billion (this page's calculation). Appendix B gives $725.0 billion excluding second liens and reverse mortgages. "While Tables 8 through 12 report on owner-occupied single-family purchases, tables contained in this Appendix report on both owner-occupied and investor-owned single-family purchases." The figures come from different sources and scopes, so this page does not treat the gap as a conflict.^[1]

Two credit scores. Appendix B and C tables use Classic FICO: "Credit scores referred to in these tables are Classic FICO scores." Appendix D, built from the National Mortgage Database, says: "Credit scores in these tables are based on the average borrower’s VantageScore 3.0 credit score, also at the time of origination." Score bands from the two appendices are not comparable.^[1]

Rural loans: text and table. "Fannie Mae purchased 6,688 single-family loans in high-needs rural regions, just short of its target of 6,900 loans." Table 5 lists 6,866 loans, 99% of target. 6,866 / 6,900 is about 99.5% and 6,688 / 6,900 about 96.9% (this page's calculations); how the report's printed 99% was rounded, and which count is final, are not established.^[1]

Table C2 percentages. In Table C2 (higher-priced loans by combined LTV), Fannie Mae's totals column prints 39.4%, 16.5%, 16.3%, 12.0% and 0.0% beside counts of 3,073, 7,665, 3,203, 3,174 and 2,341 out of 19,456. The counts give 15.8%, 39.4%, 16.5%, 16.3% and 12.0% (this page's calculation), so the printed percentages line up with the next row's counts. Table C2a, for fixed-rate loans only, prints 15.8% for the first row. Why Table C2 differs is not established.^[1]

The last column of Table D2a. In the 2026 report, Table D2a (refinance mortgages) labels its last column Percent First Time Homebuyer, while the appendix text says the table shows percent cash-out refinancing; the 2025 report's Table D2a labels the same column Percent Cashout Refinance. This page reads the column as cash-out refinancing, as the text describes.^[1][3]

Dates kept apart. Activity year: January 1 to December 31, 2025. Final goal determinations: August and September 2026. Public Use Database for 2025: posted September 2026. Report page date: October 30, 2026; cover: October 2026. The previous edition (covering 2024) is dated October 30, 2025 on the same page.^[1][2][3]

Next release. The report page lists past editions but gives no date for the next one, so it is not established.^[2]