Priscilla, morning. you, good and Thank
$XXX a in billion $X.X second this quarter, to the increase year. million As Priscilla reported quarter we mentioned, income compared net of first the in
$X.X for benefit a this $XXX provision Our actual We This projected primarily offset reduction was of loans. new revenues increases values was The thanks healthy acquired prices, guaranty release an XX-day single-family multifamily and due driven property reserves increase declines the offset strong in reserves. the compared delinquencies. fee in in in a and saw by by single-family due home to reserves, to reserves we to partially losses continued forecasted recorded multifamily The quarter. and was actual income. that at quarter partially credit million billion, to increase near-term in single-family in of newly impact loan first second remained in benefit quarter $XXX million single-family by a primarily on
In a activity XX% our low, second this activity. was with prior $XX the business, This our billion seasonal we acquired single-family increase the market and acquisition of purchase quarter. Despite remained consistent in overall single-family reflecting to increase, competition. quarter, volumes low compared loans increased
The credit second average XXX. profile the a in Not environment, ratio healthy single-family were our score acquisitions XX% surprisingly, interest weighted these given original quarter a of the of loans. and XX% rate credit with weighted purchased average acquisitions loan-to-value of remained of
credit mark-to-market loan-to-value with single-family of weighted credit the and the profile of ratio XXX. at average XX% of Further, average our book strong, origination score a remained weighted
low compared historically serious in the points rate single-family XX XX Our as delinquency points at to remained of levels basis XX basis quarter. prior near June
book, credit in the loans our performance could which serious may rate. an single-family in impact our guaranty single-family economy to slowing lead delinquency A increase of
principal We credit Securities, the second risk Avenue in quarter a credit of our credit Turning the balance transfer time between to transactions. X insurance single-family Connecticut transactions at transferring CAS, the and risk programs of or the executed paid transfer. portion
these deals transactions. the protection, premiums We reducing provided credit also certain CAS expenses single-family transactions. lifetime associated and $XXX terminated CAS notes minimal X QX, million with that all quarter we outstanding in risk paid our repurchased credit transfer on In during
over $XX This the decline this half low billion $X In multifamily our in loans increased multifamily $XX market to of business, volumes XXXX to competition. XX through billion overall XXXX. bringing year approximately acquired this reflects we June multifamily first our in quarter, multifamily approximately and compared acquisitions of billion
and declined overall coverage property multifamily the Index, average to XX% that a According Price mentioned the decline. continue nearly June weighted to quarter. Our of debt XX% from Commercial had ratio July values July to XXXX. the multifamily ratio a In average property XX% peak March the from levels of in last loan-to-value to This seen quarter, decline in now values XXXX second to data Xx. we Assets MSCI Property XXXX book service from are the back multifamily weighted XXXX Real and is original compared to last XXXX
our may reduce multifamily typically the loans Higher elevated rates interest maturity ability balloon on they payment borrowers when multifamily book. to refinance We continue of to a monitor the their impacts of to due. have rates prior
market are expected could additional low, elevated, pressure remain maturities near-term put our to the multifamily on which maturities be market. While
and Roughly X.X% in expected in of mature to X.X% our XXXX. multifamily XXXX mature approximately book is expected is to
multifamily Our delinquency rate points XX in serious quarter. basis remained the second at
the expect We to anticipate adjustable delinquent. a our multifamily serious rate million seriously due of will become near rate conventional $XXX term approximately of in delinquency portfolio loans increase to that we
Outlook.
later from Our economists the rate this Federal year. expect currently Reserve X cuts
not housing do a activity. However, in they ramp-up forecast
price household market For of many see decline occur, income range of home in appreciation need combination rates will slowing or the this of bring homebuyers. they to growth, a affordability mortgage continued to to a further think within some
in points last prices Our home is will XXXX, projection. X.X% quarter's current up X.X percentage from rise forecast that
originations XXXX from $X.X purchases originations mortgage up XXXX, single-family approximately expect single-family this mortgage XX% to trillion $X.X We grow with to trillion making in of in year.
multifamily billion to market expected our be in $XXX $XXX volumes with a for billion volumes down between $XXX billion to are billion but XXXX XXX in -- significantly XXXX. from $XXX XXXX, now origination baseline of multifamily from estimated
vacancy with will remain term, multifamily sales and over short which subdued rates, interest high additional values result and new We believe supply multifamily in the that activity the completions term. could continued in elevated property declines rates, higher-than-average near
will term, expected longer however, due ongoing to and market fundamentals, demographic sales positive expect growth. the we job trends valuations multifamily housing and in stemming improvements from Over improve
in and We dealing new levels many X.X% averages as remain debt. historical consumer higher a renters to X% result with in below expect to the elevated growth completions construction rent of range of XXXX
differ where business. Our fanniemae.com expectations you today's expectations. insights to financial with additional supplement invite many and materially results today. our joining for based a on Thank provides our could you into our actual find visit that from I you'll filing are current assumptions us
