Freddie Mac reported second-quarter 2026 net income of $3.8 billion, up 61% from $2.4 billion a year earlier and up 8% from the first quarter’s $3.6 billion, according to an earnings exhibit the company filed with the Securities and Exchange Commission on July 30. Net revenues totaled $6.0 billion, up 1% year over year, while net worth climbed to $78 billion from $73.9 billion at the end of the first quarter.
“Freddie Mac delivered strong second quarter financial results, reflecting business strength and disciplined execution,” said William J. Pulte, chair of Freddie Mac’s board. CEO Kenny Smith said the company “helped nearly 439,000 households buy, refinance or rent a home, including 97,000 first-time homebuyers” during the quarter.
The earnings gain was driven partly by a $880 million credit benefit, a reversal from the $783 million credit provision the company booked in the second quarter of 2025. Freddie Mac attributed the swing largely to an updated house-price scenario methodology used in its reserve modeling. Net interest income rose 13% year over year to $6.0 billion, while non-interest results swung to a $19 million loss from $617 million in income a year earlier, reflecting net investment losses this quarter versus net gains in the prior-year period.
Freddie Mac’s single-family business, its largest segment, posted net income of $3.3 billion, up 57% year over year, on net revenues of $5.1 billion. The company financed 306,000 single-family mortgages in the quarter, including new business activity of $110 billion, up from $94 billion a year earlier, as refinance activity nearly doubled to 106,000 borrowers from 58,000. First-time homebuyers made up 52% of purchase loans, and 54% of eligible loans met affordable-housing criteria. The single-family serious delinquency rate edged up to 0.60% from 0.59% at the end of 2025.
Multifamily net income rose 90% year over year to $561 million on net revenues of $891 million, up 14%. The segment financed 133,000 rental units and issued $23 billion in securitizations, with 91% of eligible units meeting affordable-housing criteria. The multifamily delinquency rate rose to 0.51% from 0.44% at year-end, a gap the earnings exhibit did not further explain.
Freddie Mac remains under federal conservatorship, and its capital position continues to be measured against regulatory targets tied to that status. The company’s senior preferred stock liquidation preference held by the U.S. Treasury stood at $146.6 billion and is set to rise to $150.4 billion on Sept. 30, 2026. Cumulative Treasury draws remain unchanged at $71.6 billion, and Freddie Mac was not required to pay a dividend to Treasury in June 2026 as it continues building capital. Treasury’s remaining funding commitment to the company stands at $140.2 billion.
The results add to a stronger-than-expected earnings season for the two government-sponsored mortgage giants: Fannie Mae reported Q2 net income of $4.0 billion, up 20% year over year, on rising purchase mortgage volume, in results filed the same week. Both companies continue to operate under conservatorship more than 17 years after the 2008 financial crisis, with investors and policymakers watching for any signal on a possible path toward recapitalization and release.
The GSEs’ results come as 30-year mortgage rates remain elevated. Freddie Mac’s own weekly Primary Mortgage Market Survey has shown rates climbing toward the highest levels of 2026 in recent weeks, a dynamic that has weighed on refinance volume even as purchase-mortgage activity has strengthened at both Freddie Mac and Fannie Mae.
What it means: Freddie Mac’s improved profitability and rising net worth are verified facts from its SEC filing. The credit-reserve release driving part of the earnings beat reflects a methodology change in the company’s own house-price assumptions, not necessarily a durable shift in credit performance β a distinction the company’s own disclosures make but do not fully explain. Whether the results move Freddie Mac closer to an exit from conservatorship remains a matter of regulatory and political judgment beyond what this quarter’s numbers can determine.
