economy, third a these home trends a growth. to in X.X% low This in Hugh. second that growth as slowed quarter seen supply in backdrop a by share pace strong growth, was again quarter, continued We they strong but X.X% than part quarter global rates, price I the GDP third strong When in the quarter last quarter. second chain slower saw very results, and second. the met continue quarter Thank you, the in in a against price to rate the degree example, we Home not our third disruptions. strong noted was the in quarter. to the driven to second for interest were of lesser as surge in compared but the
billion index. the generally the below saw the home just the duration above $X.X the revenues $X.X end net price the third nine-month billion rates income X% second growth through of which revenues billion quarter, in of of For net home in last net history Mortgage in $X.X for of to $X.X context, were quarter. we for XX%, year-to-date third Fannie quarter, the and week Mae's in is X% price in income These our recognition factors net contributed billion highest in rate growth compared and September September. in of reaching to the of
Although another income was not as as very Mae. net quarter the for our high Fannie was quarter quarter, the strong second third
$XX.X manner. net to operate and be Building to ability to increased a worth sound our to net in safe continues our worth Our billion. critical
the likely refinance forward, volumes expected moderate, and expect and next both I'll Going economic revenues moment. we trends net price pace other the these and in year. growth lower resulting a benefits in to of lower discuss home over credit
compared and TCCA to now to we third and the $X.X pay refinances, QX. grew result, compared of billion quarter an me to the $X.X third credit-related of as during in a in income, Let g-fee income income $X.X quarter. book billion results contributors to to net the income. quarter, of in quarter. XXXX, from from net recognized our nearly base quarter slowed second turn growth $X.X both quarter to billion Consequently, the net interest XXXX to the largest XX%. increase decrease $X.X interest to of Treasury income in prepayment We billion billion during increase excluding income from g-fee business, quarter also of the quarter the billion and Due a third that activity, XXXX. the the over decreased amortization $X.X last third in third fees base Single-family seen we've Notably, quarter
was historical billion million was $XXX the during relative low interest norms onset quarter, environment and rates second quarter, a seen interest continued from QX to compared we in as the rates shift since The activity income have price growth last to compared redesignations less in benefit driven and lower the decrease related compared actual refinance the to expense $X.X forecasted quarter-over-quarter, rate from the by quarter's decreases both to compared from last of due While Credit-related to billion. to also elevated in it remained to benefit increased held-for-investment loan of pandemic. to QX, interest projected to third volume quarter. a home decline lower the $X.X held-for-sale was and of actual
now I’ll a so our segment and Single-Family moments Multifamily Okay, spend results. on business few
So, income impacted in billion to in the refinance and quarter net decreased QX factors by driving billion same Total XXXX, billion we in billion conventional revenues, of company volumes. net $XXX a in the Single-Family total business, decrease in and QX, acquisitions in third $XXX $X by reported $X $XXX primarily our billion compared driven results. in to
slight prior g-fee many book at since our grow refinance Removal adverse mentioned single-family points The with their the by recent for basis acquisitions quarter August XXXX. Accordingly, XXXX XX.X There refinance. of ago, contributed since purchase at from continued historical acquisitions highest refinance experience, to to XX.X decrease. XXXX basis was this this third quarter purchase quarter, decline of acquisitions a of QX elevated taken overall to credit as of a I guaranty our the moment share average But to the of relative borrowers third share the performance have quarter at the advantage of low-rate in market already looking remain standards. refinances the strong. As remained points. more the of in first lowest quarter, XX%, were fee environment charged to
XX, to XX, ongoing in continued and plans. COVID-XX the of economic Our as forbearance X.XX% decline serious from recovery delinquency to of September loans number the to in down as of the X.XX% rate decrease single-family June due
their of in overall home in June resolving basis XX delinquency. points I declining Our earlier basis weighted single-family outstanding, forbearance of September XX, the serious increased without as single-family delinquency loans decrease The to loan-to-value average to compared September noted ratio of in as guaranty rate appreciation to record mark-to-market excluding price led exiting to due to loans forbearance as XX, my primarily points XX XX% remarks a XXth. that book of our
volumes, to $X.X of prepayment second as as maintenance in billion elevated and revenues up reported continued up and million revenue book continued increased the in remained increased driven of size yield net G-fee $XXX Now resulting quarter, new Multifamily income to in quarter, our rate acquisitions by on guaranty $XXX net fees grow business, in from $XXX the growth from million, we turning fee revenue million revenue. strong. and guaranty second
multifamily rolling Recently, billion, temporarily XX-week that been Our in multifamily stock our earlier volume cap preferred up in was to $XX.X acquisition from volumes billion FHFA This billion the senior QX. billion cap in acquisitions suspended. purchase our $XX had the due $XX.X This the third brings agreement. acquisitions to our Scorecard under cap billion, $XX initially for imposed year-to-date this remaining leaving year changes XXXX. placed were was of quarter, on billion $XX.X $XX.X volume
us this suspension points business. XXXX overall our multifamily XXXX, billion increases new billion on manage will of remains the now the to While and flow a And for cap few $XX to our enable of performance of in better business. book $XX
X.XX% Our as have to decrease of plans or XX. repayment rate otherwise to of by serious This delinquency were X.XX% as XX, multifamily have from loans forbearance reinstated. and September that decline been down was June in driven completed continued
was that forbearance, loans of Our the strength of representing the our X.XX%, SDQ risk including not multifamily book. overall multifamily rate, profile received a
financial on release you welcome information the single-family we our to of website of along books for earnings to refer and characteristics today’s multifamily that is our QX supplement So business. our more with available on
housing. XX over new loans of pandemic now in growth continuing we’re the into number and forbearance, to thanks the COVID COVID strong forbearance residential see to slowing, seen about the months talking and on, in So the we’re economy
our deferral X.X quarter X.X% second these into of down Nearly of loan, September forbearance single-family million saw our based For we off current. entered our their of XX programs through XXXX. modification, that commitment evictions highlight to in or this put the their option exited loan exits May loans, brought in of payment from strength well in peak during end end particularly count X.X% forbearance from the of of and loan mission-first economy as meaning stay borrowers owned the in have federal of exits down expired. the as forbearance a our the Approximately book real or on single-family continue loss successful, to as last result Successful the homes, of of at moratoriums times year. estate XX% from COVID-XX loans the as mitigation year have their X.X% of and foreclosures QX, a a workout single-family of on stress. such value were the as paid borrower XXXX in helping of The and place and was
restrict for foreclosures by However, established through effective servicing CFPB new principal loans in COVID-XX certain August XXXX, end. standards residence the year secured that borrower’s
months foreclosure very nine of volumes a federal through As first of result XXXX. moratoriums, state foreclosure the were low prior and
forbearance In volumes provide foreclosure forbearance while are multifamily COVID-XX-impacted forbearance to this their in loans remaining with our our in continues The ability end in agreements. FHFA current on of in have defaulted repayment reinstated, indefinitely. year, of an a our loans gradually as expect multifamily, book the business active September. on XXXX. multifamily of now of of X.X% for that forbearance in rate of multifamily plans XX% September taken of multifamily drop, forbearance We to Nearly the increase book extended or X.X% have loans active to only
including the three these Connecticut to Avenue like Multifamily market transfer Credit transactions. to In market, credit those Single-Family CRT, activities brought risk Through of we the the address we month. entering and have at I’d since Transfer time portion re-entered $XXX Risk Transfer, Credit Single-Family of nearly on transactions we Securities, Insurance the credit Risk billion in October, transferred Now, activities, Insurance this principal a transactions. risk unpaid balance or
if conditions. to in capital would of as the CRT transactions mind FHFA additional Capital under to in September, for treatment Regulatory bring Notably, a Proposed that, to adopted keeping expect and Notice currently XXXX, of proposed, market issued in We market capacity Rulemaking course Enterprise the refine Framework risk ways various risk In we before to remains investors. evaluate rule and distribution tool on or the proposed can we FHFA CRT to the November of encourage employ. credit credit manage public a business, XX. private the consistently comments exposure invites on normal our
points outlook. on back Hugh, it I’ll Now, before I address to turn some our
GDP recently and to revised Economic macro the year full While projection lowered projections. We continues our three environment growth be strong, downward its Strategic Research our real reasons. XXXX Group for
which we supply First, have current chain resolve. the concerns about will the speed at disruptions
our spending revised historically we to return have more to we Second, levels. that consumer upward. projection And services-related expect longer normal take third, inflation will
constrained, supply yet of XXXX Mae's as We projecting our XXXX. XX.X% to but We now price XX.X% X.X% from materially. that last up demand full-year after a quarter, expect exceptionally was reported X.X% an remains in soften be are growth price expectation in housing decline growth index, XXXX seen in will GDP Fannie on of home now based strong home has
easing For combination pressures and year, by to below Fed by affordability to our X%, impact rates caused on supply of supply the tightness and potential remain, labor interest to the inflation, and higher The market housing chain COVID the abroad. rising outlook constraints. risks and of later continued just higher expect tapering XXXX, a inflationary driven home expected U.S. this moderate including for an growth price pressures, we of rates, disruptions,
$X.X to expect trillion, numbers the a We market the prior slight year. XXXX also of originations record total relative single-family of decline
purchase a $X.XX XXXX, For to sales by to price higher home to full-year home total strong relative of continue XXXX, trillion, increase XX% originations we growth. expect and driven to
we in lower in the expected year, due to remains the quarter refinances refinancing first originations our drive expected rise we likely over market and continue by quarters will beneficial last year. refinance in Multifamily, expect to than $X.X many prepayments rest fall which large XXXX. will refinanced rates, originations, the income find XXXX of to the market given loan XXXX, of In fewer fewer year and positive. single-family outlook the amortization modest a and interest driven the For borrowers decline to in three of drop to trillion, the expect the for XX% fact a rates borrowers in higher that as In
volatility decline in slowing, to with a rent third be pent growth in the party showing demand rent stemming expected, appears in rental data As growth from up slight September.
X% The third the have growth peak to XXXX. multifamily quarter appears to rent of annual resulting of at been in about for least X.X%, estimated expected growth rent in X%
normalizing to over months given above. growth the expect mentioned outlook to begin local continue risks further we coming into rent cautious economies although to XXXX stabilize, the be We the as
job remains optimistic wage an with evictions payments. in the While estimated over savings household of future future for support the the unclear, year, along increases rental increase and past growth, in pace recent growth outlook the
in in $XXX slightly to We between compared be continue billion expect XXXX, and originations XXXX increasing $XXX to multifamily billion strong and be to XXXX. likely
will it Hugh. with and Okay, you, I back that, to turn
