Fannie and Freddie to Expand Support for Rental Housing
The Federal Housing Finance Agency (FHFA) announced today that the 2025 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $73 billion for each Enterprise, for a combined total of $146 billion to support the multifamily market. The 2025 caps represent more than a 4% increase from 2024.
Just like in 2024, when the cap for each Enterprise was $70 billion, multifamily loans that finance workforce housing will be excluded from the 2025 limits.
Over the past year, since workforce housing was first exempted from the caps, both Enterprises have seen encouraging growth in this critical market segment. In addition, FHFA will continue to require that at least 5% of the Enterprises’ multifamily businesses be mission-driven.
FHFA will continue to monitor the multifamily mortgage market and maintains the ability to raise the caps further if necessary to support liquidity in the market. However, to prevent market disruption, if FHFA determines that the actual size of the 2025 market is smaller than was initially projected, FHFA will not lower the caps.
Latest from NAHBNow
Economics
Mar 16, 2026
Builder Sentiment Inches Higher but Affordability Concerns PersistBuilder sentiment inched up in March even as builders continue to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor.
Advocacy
Mar 14, 2026
Trump’s Executive Orders on Housing Would Ease Affordability CrisisPresident Trump on March 13 issued two executive orders on housing to remove regulatory barriers and provide better access to mortgage credit that will help ease the nation’s housing affordability crisis.
Latest Economic News
Economics
Mar 16, 2026
Builder Sentiment Inches Higher but Affordability Concerns PersistBuilder sentiment inched up in March even as builders continue to express affordability concerns stemming from elevated construction costs and shortages of buildable lots and labor.
Economics
Mar 16, 2026
Small Gains for New Single-Family Home SizeNew single-family home size had been falling since 2015 in response to declining affordability conditions. An exception occurred in 2021, when new home size increased as interest rates reached historic lows. However, as mortgage interest rates increased in 2022 and 2023 and affordability worsened, demand shifted back toward smaller homes.
Economics
Mar 13, 2026
Flat Conditions for Open Construction JobsThe number of open positions in construction in January was flat year-over-year, per the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). The current level of open jobs is down measurably from three years ago due to declines in construction activity, particularly in housing.