FHA’s MMIF Capital Reserves Rise in Fiscal Year 2024
The Federal Housing Administration (FHA) today released its annual report to Congress that shows the agency’s capital reserve ratio of its Mutual Mortgage Insurance Fund (MMI Fund) ended the fiscal year (Sept. 30, 2024) at 11.47%, a 0.96 percentage point increase from the previous year. This is well above the congressionally mandated 2% capital ratio.
The total capital in the MMI Fund stands at $173 billion, a $27.5 billion increase from fiscal year 2023. Additionally, FHA’s serious delinquency rate — the percentage of mortgages in its portfolio that are 90 or more days delinquent — was 4.15% as of Sept. 30, 2024, consistent with rates prior to the onset of the COVID-19 pandemic.
In a news release, the Department of Housing and Urban Development (HUD) said that FHA facilitated access to mortgage credit for more than 790,000 home buyers and home owners, including more than 26,000 seniors who obtained a Home Equity Conversion Mortgage (HECM) during the fiscal year.
The MMI Fund report notes that more than 82% of FHA purchase mortgage insurance endorsements in fiscal year 2024 went to first-time home buyers. Over the past four years, approximately 2.3 million borrowers with FHA-insured home purchase mortgages were first-time home buyers. This is eight out of every 10 FHA borrowers.
According to the most recent data available from calendar year 2023, the percentage of FHA’s volume of mortgages made to Black borrowers, 16.7%, was almost two and a half times the rate of the rest of the market, and for Hispanic borrowers, at 22.85%, it was almost double that rate.
Finally, according to calendar year 2023 data, close to half of all rural home buyers obtained mortgages insured by FHA.
Latest from NAHBNow
Economics
Feb 13, 2026
Existing Home Sales in January Plunged to Lowest Level Since 2024Existing home sales in January fell to lowest level since August 2024 as tight inventory continued to push home prices higher and winter weather weighed on sales activity.
Economics
Feb 12, 2026
The Biggest Challenges Expected by Home Builders in 2026According to the latest NAHB/Wells Fargo Housing Market Index, 84% of home builders felt the most significant challenge builders faced in 2025 was high interest rates and 65% anticipate interest rates will remain a problem in 2026.
Latest Economic News
Economics
Feb 13, 2026
Inflation Eased in JanuaryInflation eased to an eight-month low in January, confirming a continued downward trend. Though most Consumer Price Index (CPI) components have resolved shutdown-related distortions from last fall, the shelter index will remain affected through April due to the imputation method used for housing costs. The shelter index is likely to show larger increases in the coming months.
Economics
Feb 12, 2026
Existing Home Sales Retreat Amid Low InventoryExisting home sales fell in January to a more than two-year low after December’s strong rebound, as tight inventory continued to push home prices higher and winter storms weighed on activity. Despite mortgage rates trending lower and wage growth outpacing price gains, limited resale supply kept many buyers on the sidelines.
Economics
Feb 12, 2026
Residential Building Worker Wages Slow in 2025 Amid Cooling Housing ActivityWage growth for residential building workers moderated notably in 2025, reflecting a broader cooling in housing activity and construction labor demand. According to the latest data from the U.S. Bureau of Labor Statistics (BLS), both nominal and real wages remained modest during the fourth quarter, signaling a shift from the rapid post-pandemic expansion to a slower-growth phase.