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Thursday, February 15, 2024 7:56:56 AM
Fannie Mae Reports Net Income of $17.4 Billion for 2023 and
$3.9 Billion for Fourth Quarter 2023
• $17.4 billion annual net income and $3.9 billion fourth quarter 2023 net income,
with net worth reaching $77.7 billion as of December 31, 2023
“The fourth quarter capped another
successful year. Fannie Mae reported
$3.9 billion in net income, marking our
twenty-fourth consecutive quarter of
positive earnings. In 2023, we delivered
$17.4 billion in earnings and continued to
rebuild our capital and further strengthen
our financial stability. It was a challenging
year for housing, with higher mortgage
rates, limited homes for sale, and high
home prices weighing on affordability.
Against this backdrop, we provided $369
billion in liquidity, helping 1.5 million
households buy, refinance, or rent a
home. As we close on our 85th year
supporting America’s housing system, we
remain committed to effectively
managing risks and being a reliable
source of mortgage credit for America’s
homeowners and renters.”
Priscilla Almodovar
Chief Executive Officer
• Net income increased $4.5 billion in 2023 compared with 2022, primarily driven
by a $7.9 billion shift to a benefit for credit losses in 2023 from provision for credit
losses in 2022
• $369 billion in liquidity provided in 2023, which enabled the financing of
approximately 1.5 million home purchases, refinancings, and rental units
• Acquired approximately 805,000 single-family purchase loans, of which more
than 45% were for first-time homebuyers, and approximately 179,000 single-
family refinance loans during 2023
• Financed approximately 482,000 units of multifamily rental housing in 2023; a
significant majority were affordable to households earning at or below 120% of
area median income, providing support for both workforce and affordable housing
• Home prices grew 7.1% on a national basis in 2023 according to the Fannie Mae
Home Price Index
• The U.S. weekly average 30-year fixed-rate mortgage rate increased from 6.42%
as of the end of 2022 to 6.61% as of the end of 2023
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