• Research Note | May 10, 2022

    Racial & Ethnic Valuation Gaps in Home Purchase Appraisals - A Modeling Approach

    This Research Note builds on our previous Note published in September 2021 to report on a refined and expanded modeling approach that Freddie Mac adopted in the racial valuation gap context. Our first Note analyzed tract averages as little research existed on this important topic and we wanted to spark a discussion and receive feedback on our approach leading to subsequent work. This Note reflects much of the feedback we have received. More

    Exhibit 1: Ordinary least squares(OLS) results for the first research question
  • Research Brief | May 6, 2022

    Homebuyers in Coastal Florida Are Not Factoring Sea Level Rise Risk into Home Prices

    Our analysis showed that home prices in coastal Florida may not be taking into account the future risk of rising sea levels. More

    .5% price premium for homes at risk from sea level rise not within floodplains
  • Research Note | April 25, 2022

    Trends in Mortgage Refinancing Activity

    This Research Note covers recent developments in the U.S. mortgage market. We review trends in mortgage refinancing activity, including a detailed look at payment savings and equity extraction through cash-out refinances. We also examine recent trends in mortgage origination discount points and fees and close with a discussion of heterogeneity in the mortgage market. More

    U.S. single-family mortgage refinance originations (2021 U.S. dollars, billions)
  • Research Note | March 16, 2022

    Sea Level Rise and Impact on Home Prices in Coastal Florida

    In this Research Note, we assess whether primary homebuyers and residential market investors in coastal Florida consider the future risk of rising sea levels when making a home purchase decision and whether they pay less for homes they deem at risk. More

    Exhibit 1: Showing sales of homes within a quarter mile of coastline by year
  • Research Note | October 29, 2021

    Refinance Trends in the First Half of 2021

    In the first half of 2021, homeowners continued to take advantage of the low mortgage rates and increased home equity to refinance their properties, reducing their monthly payments and extracting equity through cash-out refinances. More

    Exhibit 1: Showing chart of single-family mortgage refinance originations (2020 U.S. dollars, billions)
  • Research Note | September 20, 2021

    Racial and Ethnic Valuation Gaps In Home Purchase Appraisals

    To follow up on several stories of potential appraisal bias in various news outlets, Freddie Mac kicked off a study of whether minorities are more likely to receive an appraisal value that is lower than the contract price during purchase transactions. More

    Exhibit 1: Appraisal gaps for minority tracts

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