Federal National Mortgage Association (FNMA) Q3 2026 earnings summary

Executive summary

• Q3 net income was $4.177B, up 5% QoQ and 8% YoY; net revenues were $7.651B and net worth reached $119.6B, up $3.1B QoQ.

• Q3 mortgage-market liquidity provided was $103B; YTD liquidity totaled $344B, supporting ~1.2 million households, including more than 295,000 first-time homebuyers.

• Higher revenues and fair-value gains supported earnings, partly offset by larger credit-loss provisions; the $4.1T guaranty book remained the main source of fee income.

Financial highlights

• Q3 net interest income rose $375M YoY to $7.6B, including a $249M increase in portfolio income; guaranty fees were $6.04B, or 78.9% of net revenues.

• Credit-loss provision was $1.140B versus $485M in Q2 and $338M in Q3 2025; other gains, net were $724M, primarily reflecting fair-value gains.

• Total comprehensive income was $3.140B; other comprehensive loss was $1.037B, primarily from unrealized losses on available-for-sale securities.

• 9M net income was $11.9B, up $1.0B YoY; net revenues were $22.5B versus $21.6B, while non-interest expense fell $825M to $6.4B.

• Total assets were $4.318T, down $14B QoQ; net worth rose $14.1B YoY.

Outlook and guidance

• Higher mortgage rates are expected to pressure single-family acquisitions if refinance volumes remain low; elevated rates and competition weigh on multifamily new business.

• 2026 national home-price growth is forecast at 2.7%, following estimated 9M growth of 3.8%; regional timing and rates may vary.

• U.S. single-family mortgage originations are forecast at $2.09T in 2026 versus $1.99T in 2025; refinance originations are forecast at $655B versus $578B.

• FHFA capped 2026 multifamily loan purchases at $88B, with specified workforce-housing loans exempt from the cap.