Fannie Mae reported net income of $4.0 billion for the second quarter of 2026, up 8% from $3.7 billion in the first quarter and up 20% from $3.317 billion a year earlier, as single-family purchase mortgage acquisitions climbed and multifamily credit quality improved, according to the company’s second-quarter earnings release filed with the Securities and Exchange Commission.
Single-family conventional acquisition volume rose to $111.2 billion in the quarter, up from $98.7 billion in the first quarter. Purchase-money acquisitions accounted for the growth, increasing $17.9 billion, while refinance acquisitions declined $5.4 billion — a split that points to homebuyers, rather than existing owners refinancing, driving Fannie Mae’s growth this quarter. Multifamily new business volume, by contrast, fell to $14.2 billion from $17.1 billion in the first quarter, a decline of $2.9 billion.
Altogether, Fannie Mae said it provided $125 billion in market liquidity during the quarter, supporting an estimated 417,000 home purchases, refinancings and rental units nationwide. “The strength of our core guaranty business and financial discipline enabled us to deliver another quarter of solid earnings and real impact,” said Peter Akwaboah, Fannie Mae’s acting chief executive and chief operating officer. Chief Financial Officer Chryssa Halley said the results “highlight our large, stable revenue base and continued expense and capital discipline.”
Credit performance was mixed but broadly stable. The single-family serious delinquency rate held at 0.58%, unchanged from the first quarter, while the multifamily serious delinquency rate improved to 0.60% from 0.78%. Fannie Mae’s net worth grew to $116.5 billion as of June 30, up $3.8 billion from the prior quarter. Its total guaranty book of business held steady at $4.1 trillion, made up of a $3.6 trillion single-family book and a $544.6 billion multifamily book that grew $2.1 billion during the quarter.
The earnings arrive as Fannie Mae has separately forecast a largely flat 2026 for home sales and a pullback in new-home activity, a more cautious outlook on the broader housing market than the quarter’s acquisition growth alone might suggest. Fannie Mae did not issue new forward guidance alongside the earnings release, noting in its filing that actual results could differ materially from any forward-looking statements.
What it means: The net income, acquisition volume and delinquency figures come directly from Fannie Mae’s SEC filing and are independently verifiable financial results, not estimates. The shift toward purchase-driven volume and away from refinancing is consistent with elevated mortgage rates that have persisted through much of 2026, which tend to suppress refinancing while purchase demand continues at a reduced but steady pace. The improvement in multifamily delinquencies, even as multifamily new business slowed, suggests existing multifamily credit is performing better even as new deal volume cools — two distinct trends within the same book of business.
What to watch: Whether single-family purchase volume continues climbing into the second half of the year even as mortgage rates remain elevated, and whether multifamily new business volume rebounds from its second-quarter dip.
