Fannie Mae earned a net income of $4 billion and increased its net worth to $90.5 billion in the third quarter. However, the government-sponsored-enterprise (GSE) saw net income decrease $440 million quarter-over-quarter, primarily because of decreases in fair value gains and benefit for credit losses.

During the quarter, Fannie Mae acquired about 231,000 single-family purchase loans, with about half being for first-time homebuyers. It also refinanced loans for about 50,000 households.

The GSE supported both workforce housing and affordable housing by financing 103,000 multifamily rental units during the quarter. Most of the units were affordable for households earning at or below 120% of the area’s median income. The prices of Fannie Mae homes rose by 0.9% on a national basis during the quarter.

Fannie Mae President and CEO Priscilla Almodovar said that despite ongoing challenges in housing affordability, the enterprise remains dedicated to being a consistent source of liquidity and stability for America’s housing finance system. She promised that they will continue to manage risks effectively and help to shape a housing market that serves more people. According to Almodovar, Fannie Mae provided $106 billion in liquidity in the quarter, helping 383,000 households to buy, refinance or rent homes.

“Fannie Mae had a strong third quarter, earning $4.0 billion in net income and marking our 27th quarter of consecutive, positive results,” Almodovar said. “This demonstrates our continued progress in transforming our business and strengthening our balance sheet, so that we fulfill our mission in any economic environment.”