Fannie and Freddie: Single Family Serious Delinquency Rates Decreased in May
Industry Update
July 1, 2025
Source: Calculated Risk
Freddie Mac reported that the Single-Family serious delinquency rate in May was 0.55%, down from 0.57% April. Freddie’s rate is up year-over-year from 0.49% in May 2024, however, this is below the pre-pandemic level of 0.60%.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic.
Fannie Mae reported that the Single-Family serious delinquency rate in May was 0.53%, down from 0.55% in April. The serious delinquency rate is up year-over-year from 0.48% in May 2024, however, this is below the pre-pandemic lows of 0.65%.
The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59% following the housing bubble and peaked at 3.32% in August 2020 during the pandemic.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. Mortgages in forbearance are being counted as delinquent in this monthly report but are not reported to the credit bureaus.
For Fannie, by vintage, for loans made in 2004 or earlier (1% of portfolio), 1.37% are seriously delinquent (down from 1.39% the previous month).
For loans made in 2005 through 2008 (1% of portfolio), 1.94% are seriously delinquent (down from 1.98%).
For recent loans, originated in 2009 through 2023 (98% of portfolio), 0.49% are seriously delinquent (down from 0.50%). So, Fannie is still working through a handful of poor performing loans from the bubble years.
For full report, please click the source link above.