Securitized Agency Delinquency Rate Dips to 0.51% in March

Securitized agency delinquency rate falls in March as payment delinquencies drop, signaling ongoing strength for agency loan performance.

April 24, 2026

Jordan B.

Securitized agency delinquency rate declined to 0.51% in March 2026.
Freddie Mac saw a rise in maturity delinquencies, though payment delinquencies decreased.
Ginnie Mae/FHA/HUD delinquency rate declined sharply, driven by lower severe delinquencies and higher originations.
Agency loan performance remains strong despite shifts in composition.

Key Takeaways

Ongoing Agency Performance

Trepp reports that securitized agency loan performance stayed resilient in March 2026, with the overall delinquency rate dropping to 0.51%. The decline reflects continued stability in borrower payment behavior, particularly among Ginnie Mae/FHA/HUD and Freddie Mac Small Balance Loan (SBL) portfolios.

Line chart showing agency delinquency rates by issuer from April 2025 to March 2026, with overall delinquency declining to 0.51%, driven by a sharp drop in Ginnie Mae/FHA/HUD while Fannie Mae and Freddie Mac remain relatively stable.

Changes in reported rates were shaped largely by program-level differences, rather than broad distress in the market. Payment delinquencies fell, while maturity-related delinquencies rose within some platforms.

Issuer-Level Divergence

Fannie Mae delinquencies edged up slightly but remained within a historically narrow range. Freddie Mac reported a modest increase in delinquency, tracking back to late 2025 levels due to how it retains matured balances.

Ginnie Mae/FHA/HUD, by contrast, saw a significant delinquency rate reduction, driven by fewer severe delinquencies and a notable increase in total originations over the past year.

Table showing top 5 US MSAs by total agency loan balance as of March 2026, including Fannie Mae, Freddie Mac, and HUD exposure, with New York leading at $83.4B and varying delinquency rates across markets.

Composition Shifts: Payment vs. Maturity Delinquencies

Agency delinquency composition shifted in March, with payment-related delinquencies declining and maturity-related defaults rising—especially in Freddie Mac programs, where such delinquencies now make up 31% of the total. For Freddie Mac SBL, maturity defaults accounted for roughly 63% of delinquencies, marking ongoing maturation of loans in the sector.

In the Freddie Mac K-Series, however, payment delinquencies increased, while maturity-related defaults decreased. Fannie Mae’s securitizations, which remove matured loans from the trust, continue to report only payment-driven delinquency. This structural distinction means delinquency metrics are not directly comparable across platforms.

Ginnie Mae Progress

Ginnie Mae/FHA/HUD delinquency dropped to 0.65% in March from 0.75% in February. Severe (90-plus day) delinquencies fell sharply, even as total balances expanded 16% over the year, with originations up by nearly 30% and nonperforming balances down by approximately 32%. At the same time, tighter securitized lending spreads have pointed to a gradual reopening of credit, with improved pricing allowing leverage to inch higher across select lender groups.

Shorter-term delinquencies stayed low. The decline in nonperforming rates paired with higher originations signals robust performance within the Ginnie Mae segment.

Bottom Line

The overall agency delinquency environment remains healthy. Freddie Mac’s increase in maturity defaults reflects program structure rather than deteriorating asset quality, and trends across Fannie Mae and Ginnie Mae continue to show improvement. Securitized agency programs remain stable as new originations rise and serious delinquencies fall.