Freddie Mac’s total mortgage portfolio grew at an annualized rate of 6.5% in December to hit $3.67 trillion, reversing the sluggish 0.9% annual pace of growth in November, according to a monthly volume summary released this week.
Annualized portfolio growth averaged 3.6% monthly from May to October, for comparison. Total portfolio growth was 2.5% in 2025, lower than the 2.8% in total portfolio growth the previous year.
Annual mortgage production of about $467 billion pushed Freddie’s guaranteed portfolio up 2.2% to $3.54 trillion as of the end of 2025, a slower rate of growth than the 2.4% mark posted in 2024.
The government-sponsored enterprise (GSE) said its single-family delinquency rate was flat year over year in December at 0.59%, a slight uptick from 0.58% in November, reflecting strong credit quality and credit performance across its guaranteed book of single-family mortgages.
Freddie Mac also recently released annual totals for its multifamily lending business.
Multifamily delinquency rates fell from 0.48% in November to 0.44% in December, while total multifamily mortgage production topped $77 billion in 2025, a sharp increase of 17% from 2024.
That included a “record investment” of $1.2 billion in low-income housing tax credits (LIHTC) after the Federal Housing Finance Agency (FHFA) that regulates Freddie Mac and its GSE sibling, Fannie Mae, doubled the GSEs’ cap on LIHTC equity investments.
“Our focus in 2025 was on bringing liquidity to the multifamily market to increase the supply of affordable rental housing in communities across the country,” said Kevin Palmer, who leads multifamily operations for Freddie Mac, in a press release containing the data.
Freddie’s multifamily production in 2025 also included $1.1 billion in workforce housing preservation loans and $2.4 billion in forward conversions, which it said in the same press release are not subject to the FHFA’s multifamily loan cap.
“In 2025, Freddie Mac Multifamily financed the creation, preservation or rehabilitation of more than 59,000 units of affordable housing through programs focused on workforce housing preservation, forward commitments and forward conversions,” the company said, noting that it supported around 577,000 affordable rental units across the U.S. last year.
With 93% of all units financed in 2025 affordable to residents earning 120% or less than the area median income (AMI), Freddie Mac said it surpassed its multifamily affordable housing goals for 2025, unchanged in GSE affordable housing goals for 2026 through 2028.
Two-thirds of Freddie Mac’s multifamily production volume in 2025 qualified as “mission-driven affordable housing,” the company said, exceeding the 50% goal. Close to 70% of goal-eligible units financed were affordable to low-income residents earning less than 80% of AMI, while about 17% were affordable to very low-income residents earning 50% or less than the AMI, “surpassing both goals.”
