Fannie Mae reported net income of $4.2 billion for the third quarter of 2026, a slight increase from the $4.0 billion earned in the second quarter of 2026. The company reported net revenues of $7.7 billion for the quarter, up from $7.6 billion in the prior quarter. This increase in net income was driven by a shift from fair value losses to gains, although it was partially offset by an increased provision for credit losses.
As of September 30, 2026, Fannie Mae’s net worth reached $119.6 billion, representing a 3% increase from the previous quarter and a 13% increase compared to the same period in the prior year. The company’s illustrative return on average required Common Equity Tier 1 (CET1) capital increased to 11.1% in the third quarter, up from 10.8% in the second quarter of 2026.
In terms of business activity, Fannie Mae provided $103 billion in liquidity to the mortgage market during the third quarter. This liquidity supported approximately 194,000 home purchases, 66,000 refinancings, and 96,000 rental units. The company helped nearly 103,000 first-time homebuyers purchase a home, representing 53% of single-family purchase acquisitions. Additionally, 47% of single-family loans acquired went to low- and middle-income borrowers earning no more than 100% of the area median income.
Regarding credit performance, the single-family serious delinquency rate increased to 0.62% as of September 30, 2026, compared to 0.58% at the prior quarter end. The multifamily serious delinquency rate also increased to 0.62% as of September 30, 2026, up from 0.60% at the prior quarter end.
The company recorded a provision for credit losses of $1.1 billion in the third quarter, compared to $485 million in the second quarter of 2026. This increase was attributed to higher actual and projected interest rates, newly acquired loans, and newly delinquent loans in the single-family segment, as well as weakening credit metrics and a decline in near-term property value forecasts in the multifamily segment.
