城市研究所-美国住房金融：概览月度图表，2023年3月（英）-36页_1mb

报告摘要

Summary of Housing Finance Policy Center Chartbook Analysis (March 2023)

Purpose:
The Housing Finance Policy Center at the Urban Institute produces analyses to promote sound public policy, efficient markets, and equitable access to economic opportunity in housing finance. The March 2023 chartbook serves as a monthly data source for policymakers, academics, and others, synthesizing key market indicators.

Key Findings:

Mortgage origination volumes dropped sharply in 2022, reflecting higher interest rates and reduced affordability, with a 50% decline from 2021. GSE-originated loans saw a lower share due to reduced refinance activity.
Refinance rates reached historic lows, with Freddie Mac's refi share at 12.1%, while cash-out refinances increased amid equity extraction needs, though absolute volumes decreased.
Credit availability tightened, with higher FICO scores for purchase loans but rising DTIs and LTVs, indicating reduced lender tolerance for risk across channels.
Delinquency rates declined slightly in 2022-2023, nearing pre-pandemic levels, with GSEs showing the lowest forbearance rates.
Housing affordability worsened, with median mortgage payment requiring 32.9% of median income at 20% down payment, though home prices and supply constraints remained tight.
Agency MBS holdings decreased across banks, and GSE portfolio wind-down accelerated as they met regulatory caps, impacting secondary market liquidity.

Data Highlights:

Total single-family housing market value increased to $46.3 trillion in 2022, with agency MBS comprising 65.6% of outstanding debt.
The Housing Credit Availability Index (HCAI) indicated tightened lending standards, with risk shifting toward higher-product loans.
Forebearance and delinquency rates were lowest among GSEs, with emerging concerns over bank stability noted due to MBS holdings.

Expert Insights:
Staff and non-resident fellows analyze trends in financial stability, racial disparities in homeownership, and policy implications of GSE capital requirements. Related works suggest collaboration between FHA and GSEs could enhance credit access, particularly for low- and moderate-income borrowers.

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