Freddie Mac

Valverde, who has a wide range of experience in capital markets and housing finance, will join the government-sponsored enterprise's single-family unit.

Recent rate movements have failed to result in significant purchase growth, but refinances are providing lenders some lift.

The pool, collectively, has a cap rate of 8.57%, with an in-trust loan-to-value (LTV) at the cutoff date of 102.3%, and an appraisal LTV of 61.5%.

But those in opposition are still giving the agency props for how it carried out the new product approval process for the first time.

The move allows Freddie Mac to start purchasing certain second lien mortgages, but establishes limits on how much volume it can do.

Markets appeared to welcome signs of future rate relief, with the latest Freddie Mac average falling for the fifth time in six weeks.

The 30-year average rate got closer to 7% as central bank officials dashed near-term hopes of a cut, according to Freddie Mac.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

But the decline may be close to its floor, as wide spreads compared to 10-year Treasury yields hinder how far averages could fall.

Recent economic data pushed investors toward Treasurys over the past week, driving 10-year yields to as low as 4.1%.