Federal Home Loan (OTC:FMCC) Stock, Quote.Headers.trade-ideas

FREDDIE MAC

Federal Home Loan Mortgage Corp is a US based government-sponsored enterprise. The company invests in mortgage loans and mortgage-related securities. It operates in the following segments: Single-family, Multifamily. Its Single-family segment provides liquidity and support to the single-family mortgage market through a variety of activities that include the purchase, securitization, and guarantee of single-family loans originated by lenders. The company purchases multifamily loans for aggregation and then securitization through the issuance of multifamily K Certificates as well as issues and guarantees other securitization products. Majority of the revenue is earned from single family segment.

Down Payment Drag

REIT

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Real Estate

FMCC

MORT

iShares FTSE NAREIT Mortgage PLUS Capped Index Fund

Mortgage rates are falling, driving demand for refinancing and buying. The average 30-year fixed rate is now 6.09%, down from 7.19% last year.

Mortgage Rates Near 6%, Demand Increases For Refinancing, Purchases

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PFSI

UWMC

US-listed mortgage lenders are rising as regulators allow Freddie Mac to buy second mortgages, potentially reducing the cost of borrowing against home equity.

Mortgage Stocks Tick Up As Freddie Mac Is Allowed To Buy Second Mortgages

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Mortgage rates declined for a third consecutive week due to cooling inflation and an expected Fed rate cut.

Mortgage Rates Fall For Third Straight Week With Signs Of Lower Inflation, Fed Rates

Federal Home Loan Mortgage Corp

Mortgage rates continue to <a href="https://www.benzinga.com/news/24/09/40921345/mortgage-rates-drop-to-2-year-low-refinancing-hits-fastest-pace-since-2022-rocket-lendingtree-among">fall toward 6%</a> as the housing market absorbs the Federal Reserve&#8217;s 0.5% rate cut on Wednesday, raising demand for refinancing and buying, stated Freddie Mac.
The average rate for a 30-year fixed mortgage fell to 6.09% on Thursday, down from 6.2% a week ago and 7.19% a year earlier, according to Freddie Mac&#8217;s Primary Market Mortgage Survey.
The rate for a 15-year fixed mortgage declined to 5.15%, down from 5.27% a week ago and 6.54% a year earlier.
"Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers," said Sam Khater, Freddie Mac's chief economist.
Read Also:<a href="https://www.benzinga.com/top-stories/24/09/40923657/single-family-housing-starts-are-up-as-mortgage-rates-decline-fed-eyes-lower-rates"> Single-Family Housing Starts Are Up As Mortgage Rates Decline, Fed Eyes Lower Rates</a>
"While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity."
Exchange-traded funds that hold mortgage stocks are sensitive to mortgage rates because they primarily invest in mortgage-backed securities (MBS) or mortgage-related assets, which are directly impacted by changes in interest rates.
<ul>
<li>IShares Mortgage Real Estate ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/REM#BATS">REM</a>) rose 0.82%</li>
<li>VanEck Mortgage REIT Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MORT#NYSE">MORT</a>) went up 0.74%</li>
<li>IShares MBS ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBB#NASDAQ">MBB</a>) ticked up 0.06%</li>
</ul>
IShares Mortgage Real Estate ETF holds 15.2% of the REIT, Annaly Capital Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLY#NYSE">NLY</a>), while VanEck Mortgage REIT Income ETF holds 11.1%.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/40817001/mortgage-rates-fall-to-lowest-level-since-february-2023">Mortgage Rates Fall To Lowest Level Since February 2023</a></li>
</ul>
Photo: Shutterstock

Shares of U.S.-listed mortgage lenders have risen on the heels of U.S. regulators allowing the Federal Home Loan Mortgage Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>), aka Freddie Mac, to <a href="https://www.benzinga.com/real-estate/24/05/38647920/homebuyers-get-mixed-news-from-freddie-mac-and-the-federal-reserve">buy second mortgages</a>, a move that could lower the cost of borrowing against home equity.
The Federal Housing Finance Authority (FHFA) said Freddie Mac could buy up to $2.5 billion of second mortgages over an 18-month trial period, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-24/us-approves-freddie-mac-pilot-program-to-buy-second-mortgages?srnd=homepage-americas&amp;sref=TBDibEcD">reported</a>. FHFA will then decide whether the pilot program helps borrowers in rural and underserved communities obtain them, among other criteria.
Freddie Mac proposed backing second mortgages in April after the steep jump in home loan rates over the past two years. When rates were lower, a homeowner who wanted to borrow for renovations might have used a cash-out refinancing that allowed them to take out a new loan bigger than their prior mortgage.
Also Read: <a href="https://www.benzinga.com/top-stories/24/06/39464529/us-needs-1-5-million-more-homes-to-tame-record-prices">US Needs 1.5 Million More Homes To Tame Record Prices</a>
But cash-out refinancings are no longer practical for many borrowers because today&#8217;s higher interest rates would result in bigger, higher-rate loans.
Meanwhile, the steep rise in housing prices since 2020 has led to U.S. households having more than $32 trillion in equity. About $18 trillion of that is possibly available for equity extraction through private channels, according to Bloomberg.
Freddie Mac's proposal to back second mortgages has faced opposition from industry groups and politicians who argue the initiative could boost inflation and crowd out private lending, but other public comments on the proposal said it would help boost the scale of the market for home-equity lending.
Sandra Thompson, FHFA director, said capping the program at $2.5 billion would mitigate the risk of it boosting inflation. She also said requiring Freddie Mac to buy loans of $78,277 or less would ensure that it stays focused on borrowers who may be underserved, such as rural and low-income homeowners, rather than higher-income borrowers who may be better served by private lenders.
Price action: UWM Holdings Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UWMC#NYSE">UWMC</a>) gained 1.15% on Monday, while Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) improved 1.38% and PennyMac Financial Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFSI#NYSE">PFSI</a>) picked up 0.76%. Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>) ticked up 0.55%.
Read now: <a href="https://www.benzinga.com/real-estate/23/11/36028788/fannie-mae-and-freddie-mac-will-make-home-loans-over-1-million-in-some-regions">Fannie Mae And Freddie Mac Will Make Home Loans Over $1 Million In Some Regions</a>
Photo: Shutterstock

Mortgage rates have declined for the<a href="https://www.benzinga.com/real-estate/24/06/39401750/what-the-housing-market-could-look-like-if-donald-trump-wins-the-2024-presidential-election"> third consecutive week </a>following signs of cooling inflation and lower interest rates from the Federal Reserve, according to Freddie Mac (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>).
The 30-year fixed mortgage rate averaged 6.87% as of Thursday, down from last week&#8217;s average of 6.95%. A year ago, the rate registered an average of 6.67%, Freddie Mac&#8217;s Primary Mortgage Survey showed.
The 15-year fixed mortgage rate came in at an average of 6.13%, down from a 6.03% average posted a week earlier. The average rate was 6.03% a year ago.
"Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut," Sam Khater, Freddie Mac's chief economist, said in a statement.
Also Read: <a href="https://www.benzinga.com/top-stories/24/06/39341640/mortgage-rates-fall-for-second-straight-week-in-response-to-positive-economic-data">Mortgage Rates Fall For Second Straight Week In Response to Positive Economic Data</a>
"These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it's important to shop around for the best mortgage rate as they can vary widely between lenders."
A week ago, the average rate for the 15-year fixed mortgage was 6.95%, down from 6.99% a week earlier, according to the weekly survey. It stood at 6.69% a year earlier.
At that time, the average 30-year fixed mortgage rate was 6.95%, down from 6.99% average seven days ago. A year ago, it averaged 6.69%.
The 15-year rate averaged 6.17%, down from an average of 6.29% a week ago. It stood at an average of 6.1% seven days earlier.
Inflation<a href="https://www.benzinga.com/top-stories/24/06/39391685/fed-members-cool-on-raising-interest-rates-these-conditions-could-take-months-and-more-likely-quarte"> stands at 3.4%,</a> well below the Fed&#8217;s target of 2%, while the Fed rate is between 5.25% and 5.5%.
Now Read: <a href="https://www.benzinga.com/real-estate/24/06/39337282/u-s-home-prices-hit-record-high-as-mortgage-rates-start-to-decline">U.S. Home Prices Hit Record High As Mortgage Rates Start To Decline</a>

Mortgage rates dropped for a second consecutive week as <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">inflation continued to ease</a>.
The average 30-year fixed-rate mortgage was 6.95% for the week ending June 13, according to Freddie Mac&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>) latest Primary Mortgage Market Survey, Fox Business reported.
That is down from an average of 6.99% during the prior week, but up from 6.69% a year ago. 
For a 15-year mortgage, the average rate fell to 6.17% for the past week from 6.29% for the previous week, but modestly from an average rate of 6.10% registered a year earlier.
See Also: <a href="http://Will Mortgage Rates Pop Again? Homebuyers Combat An Affordability Crises">Will Mortgage Rates Pop Again? Homebuyers Combat An Affordability Crises</a>
The lower rates came after a positive inflation report that showed a slight easing in consumer prices. On an annual basis, prices rose 3.3% in May, down from a 3.4% rise in April. On a monthly basis, prices remained unchanged after rising 0.3% the prior month, according to <a href="https://www.foxbusiness.com/personal-finance/mortgage-rates-inflation-federal-reserve">Fox</a> Business.
Inflation continues to moderate towards the <a href="https://www.benzinga.com/markets/bonds/24/06/39317533/bond-etfs-unfazed-by-fed-decision-to-keep-rates-steady">2% target level</a> set by the Federal Reserve, but the central bank still intends to keep interest rates elevated until it is more confident that inflation will keep falling. 
On Wednesday, it announced it would maintain the federal funds rate range at 5.25% to 5.5%, where rates have held steady since last July.&nbsp;
&#8220;Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,&#8221; Freddie Mac&#8217;s Chief Economist Sam Khater told Fox Business.
&#8220;Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.&#8221;
Now Read: <a href="https://www.benzinga.com/money/types-of-conventional-mortgage-loans">Types of Conventional Mortgage Loans and How They Work</a>
Image: Shutterstock

Economics

Federal Reserve

Mortgage Rates Fall For Second Straight Week In Response to Positive Economic Data

Keefe, Bruyette &amp; Woods analyst Bose George upgrades Federal Home Loan (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>) from Underperform to Market Perform and raises the price target from $1 to $1.25.

News

Upgrades

Price Target

Analyst Ratings

Keefe, Bruyette & Woods Upgrades Federal Home Loan to Market Perform, Raises Price Target to $1.25

Questionable stock and options trades over the past several years by members of Congress have led to increased calls from the public and by several members of Congress to ban the buying and selling of stocks and options <a href="https://www.benzinga.com/government/23/07/33288522/paging-nancy-pelosi-ban-on-congressional-trading-could-be-coming">by elected officials.</a>
A new disclosure of a profit from a penny stock by a congressman might not sit well with the public.
What Happened: Rep. Kevin Hern (R-OK) was one of several members of the U.S. House of Representatives who were <a href="https://www.benzinga.com/government/23/10/35092315/who-will-be-the-next-speaker-of-the-house-heres-the-betting-odds-for-scalise-boebert-gaetz-taylor-gr">nominated or interested in</a> the Speaker of the House position after Kevin McCarthy was voted out of the role.
Hern was elected to the House in 2018 and served since then. The congressman has been a vocal supporter of former President Donald Trump and was one of the Republicans who attempted to overthrow the 2020 presidential election results.
The Oklahoma Republican representative is also an active stock trader, which may come from his business background. Hern has been the owner of several businesses and is <a href="https://tulsaworld.com/news/state-and-regional/govt-and-politics/first-district-congressman-kevin-hern-gets-out-of-the-hamburger-business/article_560cc79e-b3fa-11eb-a60a-2f184819cb03.html">a former franchisee </a>of McDonald's restaurants. A local paper once called Hern the McCongressman before he sold all of the McDonald's franchised restaurants he owned.
A recent stock transaction by Hern could draw attention — and it wasn't of McDonald's.
Data from Quiver Quant shows that Hern recently <a href="https://www.quiverquant.com/congresstrading/trade/House-H001082-744">sold </a>shares of mortgage company Freddie Mac (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>).
The disclosure shows Hern sold $100,000 to $250,000 worth of Freddie Mac shares on Nov. 6. Data showed Freddie Mac shares trading between 64 cents and 67 cents on the day of the sale.
Data from Quiver Quant showed Hern <a href="https://www.quiverquant.com/congresstrading/trade/House-H001082-611">bought </a>$100,000 to $250,000 worth of Freddie Mac shares earlier this year on Jan. 30, in a trade that was disclosed publicly on Feb. 14. Shares of Freddie Mac traded between 45 cents and 47 cents on the day of the purchase.
Based on the prices at the time of the two transactions, Hern profited 42.2% to 48.9% on the trade.
Related Link: <a href="https://www.benzinga.com/government/23/01/30260466/10-best-stock-traders-in-congress-in-2022-spoiler-nancy-pelosi-isnt-no-1">The 10 Best Stock Traders In Congress In 2022 </a>
Why It's Important: Hern is allowed to buy and sell stocks and options as a member of Congress as long as he publicly discloses the transactions in a timely fashion.
Hern previously violated the STOCK Act failing to disclose transactions he <a href="https://www.axios.com/2022/02/10/top-stock-trade-house-members-congress">made </a>in 2021.
While most members of Congress buy and sell stocks and options of large companies, Hern's latest transaction involves a well-known company, but one that trades off of the major exchanges and trades for less than $1.
Freddie Mac, also known as Federal Home Loan Mortgage Company, along with Fannie Mae was <a href="https://www.benzinga.com/general/education/14/10/4908268/financial-crisis-bailouts-what-did-they-actually-cost-taxpayers-1">put under the conservatorship</a> of the Federal Housing Finance Agency in 2008 as part of a rescue plan from the 2008 financial crisis.
Hern is a member of the House Committee on Ways and Means, which is the chief tax-writing committee of the House of Representatives.
While it is unknown if Hern had a reason for selling the shares, the transaction of an over-the-counter penny stock by a member of Congress could escalate talks to ban elected officials from buying and selling stocks and options.
Read Next: EXCLUSIVE: Austin Scott Got &#8216;Ratioed&#8217; On X, Loses Speaker Of The House Nomination, How Stock Trading Factored In
Photo: Shutterstock

Politics

Congressman Buys, Sells Penny Stock For Profit: Here's The Trade And For How Much

<a href="https://www.benzinga.com/news/23/10/35017658/downsizing-homeowners-hit-the-jackpot-amid-skyrocketing-property-values">As the housing market in the U.S. continues its remarkable ascent</a>, the landscape of home buying is seeing a significant shift in down payment trends.&nbsp;
What Happened:&nbsp;According to a <a href="https://www.realtor.com/news/trends/winning-the-bid-the-cities-where-homebuyers-are-making-the-largest-and-smallest-down-payments/">study </a>by Realtor.com,&nbsp;the overall percentage of down payments decreased in 2023 compared to the previous year.
However, particular areas, especially in California, are witnessing homebuyers making substantial down payments, often surpassing the $100,000 mark.
Analysis of data from the top 150 real estate markets up to September 2023 by Realtor.com shows that the average down payment was 13.8% of the home&#39;s price, slightly lower than 14.7% in the same period in 2022.
This suggests a growing challenge in meeting the 20% down payment, commonly seen as a benchmark to avoid private <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> insurance (PMI).
According to the <a href="https://myhome.freddiemac.com/blog/homeownership/20190913-private-mortgage-insurance">report </a>by&nbsp;Freddie Mac (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>),&nbsp;typically PMI expenses amount to approximately $30 to $70 per month for every $100,000 borrowed.&nbsp;
In examining the top 15 priciest markets, it&#39;s evident that California cities are at the forefront with the highest median down payments.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/05/32254077/a-family-left-the-u-s-and-bought-a-400-year-old-apartment-in-portugal-for-just-534-000" target="_blank">A Family Left The U.S. And Bought A 400-Year-Old Apartment In Portugal For Just $534,000</a>
Here are 15 real estate markets determined by the median cost of a standard down payment on a home. Although the national average for down payments is 13.8% of the home price, these figures will differ in each market.
<ol>
<li>1. San Jose-Sunnyvale-Santa Clara, California:&nbsp;$235,183</li>
<li>2. San Francisco-Oakland-Berkeley, California:&nbsp;$202,575</li>
<li>3. Santa Maria-Santa Barbara, California:&nbsp;$160,750</li>
<li>4. Los Angeles-Long Beach-Anaheim, California:&nbsp;$152,275</li>
<li>5. Santa Rosa-Petaluma, California:&nbsp;$147,550</li>
<li>6. Oxnard-Thousand Oaks-Ventura, California:&nbsp;$142,800</li>
<li>7. Seattle-Tacoma-Bellevue, Washington:&nbsp;$123,630</li>
<li>8. San Diego-Chula Vista-Carlsbad, California:&nbsp;$119,917</li>
<li>9. Boston-Cambridge-Newton, Massachusetts-New Hampshire:&nbsp;$108,658</li>
<li>10. Fort Collins, Colorado:&nbsp;$105,533</li>
<li>11. Sacramento-Roseville-Folsom, California:&nbsp;$104,159</li>
<li>12. Naples-Marco Island, Florida:&nbsp;$98,357</li>
<li>13. New York-Newark-Jersey City,&nbsp;New York-New Jersey-Pennsylvania:&nbsp;$97,319</li>
<li>14. Portland-Vancouver-Hillsboro, Oregon-Washington:&nbsp;$82,667</li>
<li>15. Bridgeport-Stamford-Norwalk,&nbsp;Connecticut:&nbsp;$82,667</li>
</ol>
In contrast, areas like Killeen, Texas, are seeing much lower median down payments, attributed to the prevalence of 0% down mortgages provided by the U.S. Department of Veterans Affairs and no down payment loans from the U.S. Department of Agriculture, the report said.&nbsp;
Companies like&nbsp;Redfin Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rdfn#NASDAQ">RDFN</a>)&nbsp;and&nbsp;Zillow Group, Inc.&nbsp;have been at the forefront of the real estate market, offering innovative solutions and platforms for buyers and sellers.
In comparison,&nbsp;Anywhere Real Estate Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hous#NYSE">HOUS</a>)&nbsp;and&nbsp;RE/MAX Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rmax#NYSE">RMAX</a>)&nbsp;have leveraged their vast networks and established brand names to maintain a significant market share.&nbsp;
Investors looking to gain exposure to the real estate sector can consider ETFs such as&nbsp;iShares U.S. Real Estate ETF&nbsp;
and&nbsp;Real Estate Select Sector SPDR Fund.
These ETFs provide a diversified exposure to the industry, capturing the performance of both traditional and tech-driven real estate companies.
Now Read:&nbsp;<a href="https://www.benzinga.com/top-stories/22/08/28661838/heres-why-housing-prices-could-fall-by-20-in-183-cities-across-u-s" target="_blank">Here&#39;s Why Housing Prices Could Fall By 20% In 183 Cities Across US, Including Boise, Charlotte And Austin</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Penny Stocks

Small Cap

HOUS

RDFN

RMAX

Here Are The 15 Cities Where Homebuyers Are Dropping The Heftiest Down Payments

Back in 2008, there was no topic more polarizing&nbsp;than the Treasury Department&#39;s financial bailouts of then-failing <a href="https://www.benzinga.com/topic/us-bank-bailouts">American companies.</a>
Supporters of the bailouts argued they were necessary to prevent economic collapse, while opponents argued it was not taxpayers&#39; responsibility to provide aid.
Fifteen years later, it&#39;s worth running through where the bailout money went and how much of it has been returned.
<h3>Fannie And Freddie</h3>
Together, these two government-sponsored mortgage aggregators received more than $187 billion in taxpayer money to stay afloat. In exchange, Federal National Mortgage Association (OTCBB: <a href="http://www.benzinga.com/stock/fnma">FNMA</a>) and Federal Home Loan Mortgage Corp (OTCBB: <a href="http://www.benzinga.com/stock/fmcc">FMCC</a>) were placed under government conservatorship, and are in the process of being &quot;<a href="https://www.cbo.gov/publication/56496">recapitalized</a>.&quot;
Related Link:&nbsp;<a href="https://www.benzinga.com/government/23/03/31438062/hefty-credit-suisse-bailout-costs-13-500-per-person-in-switzerland">Hefty Credit Suisse Bailout Costs $13,500 Per Person In Switzerland</a>
Fortunately for taxpayers, Fannie and Freddie&#39;s businesses have been steadily improving since the worst of the crisis, and a large portion of both entities&#39; profits has come back to the Treasury.
Result: $109&nbsp;billion profit
<h3>AIG</h3>
During the financial crisis, American International Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aig#NYSE">AIG</a>) provided insurance to owners of sub-prime mortgage-backed securities. When it became clear that the company would have no means of paying the claims on these insurance policies on its own, the Treasury provided AIG with about $68 billion in taxpayer dollars in exchange for a near-<a href="http://online.wsj.com/articles/SB122156561931242905">80 percent equity stake</a> in the company via warrants.
Since AIG&#39;s core insurance business was never the cause of its problems, the company began to recover as soon as the economy stabilized.
By the end of 2012, the Treasury had sold all of its shares of AIG stock.
Result: $5 billion profit
<h3>General Motors And Chrysler</h3>
When the U.S. auto industry was in danger of disappearing into oblivion in 2008, the Treasury stepped in with bailouts for General Motors Company (NYSE: <a class="ticker" href="/stock/gm#NYSE">GM</a>) and Chrysler to the tune of $50.7 billion and $10.7 billion respectively.
In the case of GM, the government received a near-60 percent stake in the restructured company. The Treasury sold the last of its GM shares in late 2013.
Most of Chrysler&#39;s bailout money, meanwhile, was paid back by the end of 2011, when the government sold its final 6 percent stake in the company<a href="http://money.cnn.com/2011/07/21/autos/chrysler_government_exit/"> to Italian automaker Fiat</a>.
Result: $12.7 billion loss
<h3>Big Banks</h3>
The majority of the remaining 900-plus recipients of bailout funds were banks.
The largest bailout recipients were Bank of America Corp (NYSE: <a class="ticker" href="/stock/bac#NYSE">BAC</a>) and Citigroup Inc (NYSE: <a class="ticker" href="/stock/c#NYSE">C</a>), which each received $45 billion in disbursements from the Treasury. The Treasury eventually netted $4.5 billion in profit from Bank of America and $13.4 billion in profit from Citigroup in dividends and proceeds.
These types of profits were typical for the Treasury when it came to the bank bailouts, despite the fact that several smaller banks, such as CIT Group ($2.3 billion bailout), declared bankruptcy and <a href="http://online.wsj.com/articles/SB10001424052748703455804575057803874107176">never repaid</a> their debts.
From the bailouts of Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, and GMAC (now Ally Financial) alone, taxpayers netted a profit.
Result: $23 billion in profit
<h3>The Grand Total</h3>
When all was said and done, the U.S. Treasury coughed up <a href="http://projects.propublica.org/bailout/list/index">$635&nbsp;billion in bailout funds</a>.
Result: $109&nbsp;billion profit
Now Read:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/03/31483237/billions-at-risk-as-catastrophic-flaws-found-in-dogecoin-and-280-crypto-networks">Billions At Risk As Catastrophic Flaws Found In Dogecoin, 280+ Crypto Networks</a>
Some elements of this story were previously reported by Benzinga and it has been updated.

Education

General

FNMA

15 Years Later, How Much Did The 2008 Financial Crisis Bailouts Actually Cost American Taxpayers?

Leaders in finance and government recently convened at the annual World Economic Forum (WEF) in Davos, Switzerland, to discuss tough issues (i.e., post-pandemic fragmentation and multipolarity).
Benzinga attended the event and interviewed Corey Then, Vice President of Global Policy at Circle.
Then began his career in law, where one of his first cases involved the headline-grabbing defense of former CEO of Freddie Mac, or Federal Home Loan Mortgage Corporation (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>).
&quot;This was a big case in that it was on the front page of the newspapers and Warren Buffett was a witness,&quot; Then tells Benzinga.
After that, Then joined the White House.
&quot;There, I was in the Counsel&rsquo;s Office and Presidential Personnel. After that, I ran the economics team for a period of time and served the last four years of the Obama Administration,&quot; he says. He eventually left politics for traditional finance, working with Edward D. Jones &amp; Co. on various fintech initiatives.
&quot;This led me to Circle,&quot; Then adds. Read on for the full Q&amp;A (the below text was edited for clarity and concision).
<h3>BZ: What do you focus on in your role?</h3>
Then: I am part of the global policy team, and a contemporary of mine leads UK and EU efforts. My main focus, however, is the U.S. &mdash; the biggest market economy in the world. If we win with the U.S., much of the world may follow. I&rsquo;ve done some work in Singapore and Japan, too, given that we&rsquo;re a global company with our USDC in about 190 different countries just five years after launch.
<h3>How do you help push Circle&rsquo;s vision?</h3>
We&#39;re part of the strategy, global policy, and communications team. Between the three of those, there are blurred lines. You can&rsquo;t do one without the other, especially in this type of emerging industry. This reminds me of working at the White House where we had to break down silos to make sure everybody was on the same page.
All that the external world sees is your collective product. They don&rsquo;t see how the sausage was made, so to speak. Policies are important in our company strategy; public policy is extraordinarily important to our ability to grow, and our ability to serve our current customers and the customers that we&#39;d like to have going forward.
<h3>What challenges do you often face?</h3>
The broader crypto sphere has been going through a very challenging time. Circle is not entirely insulated. If the industry sneezes, we could catch a cold. However, we&#39;ve been focused on utility value as opposed to speculative value since our inception.
We enjoy that we have customers from around the world using USDC for real-world use cases. There&rsquo;s over $45 billion in circulation and growing. When money flows out of an emerging industry due to bad behaviors and business models, or interest rates rise and there is no longer as much easy money, you end up with the stuff that&rsquo;s emerging stronger.
<h3>It&rsquo;s crazy how quickly some of the frauds in crypto unravel, right?</h3>
I just watched a documentary on Bernie Madoff and he was able to forge documents for 40 years. He had a Ponzi scheme worth billions, and nobody caught him for 40 years because his old paper analog stuff was seemingly trustworthy. On the <a href="https://www.benzinga.com/money/best-blockchain-penny-stocks/">blockchain</a>, there&#39;s nowhere to hide.
<h3>What are your thoughts on the whole East and West tug of war, as well as the desire to reduce reliance on the U.S. dollar and the stablecoin debate?</h3>
There are about 115 countries looking at central bank digital currencies or CBDCs. This would be the Federal Reserve, Bank of Canada, or Bank of England issuing a cryptographic token. This suggests to us that they understand there&#39;s value in the technology and distributed ledger blockchains. There&rsquo;s value in the ability for money to move faster and more cheaply.
Those 115 countries represent 95% of the world&#39;s GDP. We don&rsquo;t think it&rsquo;s the right move, however. The analogy is as follows: The FAA sets very rigorous standards for jet engines, and they don&#39;t try to manufacture their own jet engine. Instead, they allow Boeing Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>), Lockheed Martin Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lmt#NYSE">LMT</a>), and others, to compete and make the best jet engine within those parameters. It&rsquo;s the same when it comes to money, we think. It sort of flies in the face of the history of the Fed to issue a cryptographic token.
The Fed banks other banks. The Fed doesn&rsquo;t bank retail users. Consequently, their issuing of a cryptographic token would be a fundamental shift in what they actually set out to do. Second, they would have to make big technology bets the government is likely not in the best place to make, much less be in a position to make upgrades. The third is the privacy component. Tokens can be tracked and these organizations can see precisely how you are spending your money. In America, that would be incompatible with our ethos as a country.
China, on the other hand, launched its own CBDC which has struggled to get adoption. Though they gave out a lot of free digital yuan, the velocity of money is not there, and that probably has a lot to do with privacy fears; the Chinese government already surveils people and gives them social credit scores. This seems like another way of engaging in control.
<h3>On the other side of that, I&rsquo;ve heard the argument that you can have a more targeted or effective monetary policy.</h3>
You could implement negative interest rates, or have money disappear at a certain date if it is not used. This could speed up consumption. However, is that a good thing? It seems that a private <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> solution to transferring money on the Internet may be a better solution.
<h3>Want to talk about some use cases or case studies you are proud of?</h3>
Nearly $8 trillion worth of transactions have settled on-chain using USDC, and that&rsquo;s not anything to sniff at. It&rsquo;s real money used for a variety of things such as businesses paying suppliers and Treasury management. We&rsquo;re particularly effective at cross-border payments.
<h3>Care to elaborate?</h3>
Today, we rely on this system of correspondent banking where a bank in the US, if it wants to send money to Europe, it is slow and expensive. It may take a week, at times, for settlement. Using personal wallets, you can send money instantaneously at a very low cost. That&rsquo;s a very big use case. Remittances are a big market; about $650 billion annually and growing. There is a big addressable market for people who are in the least good position to wait in line two hours after they get their check for the week at these money service businesses charging 6% and leaving you with lengthy delays. Using USDC, you cut costs and time.
<h3>What about programmable money?</h3>
In addition to being faster and cheaper, being able to program money into smart contracts allows for a lot of if-and-then statements where you can cut the middlemen out of today&rsquo;s financial system and cost. For instance, if you&rsquo;re buying a home, typically there&rsquo;s an escrow agent that gets paid because there is uncertainty as to whether the deal will close. In the future, you may program money to say: &ldquo;If a tokenized title arrives in my account on X day, then Y funds must move.&rdquo; It would a trustless automatic transaction that was set up in advance through a smart contract.
<h3>And, with legislation, you could see adoption hyperdrive, right?</h3>
We need some legislation in the US. We&rsquo;ve talked to retailers who are interested in accepting USDC. More and more of them are, actually, doing that on their own. With some appropriate legislation, we can rationalize and create more clarity, particularly around redemptions. In the end, we&rsquo;re pushing payment system optionality. We partner with Mastercard Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ma#NYSE">MA</a>) and Visa Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/v#NYSE">V</a>). When you use a credit card, there&rsquo;s a charge, and we&rsquo;re looking forward to a future where costs can come down for consumers.
<h3>Can you talk to me about the Twitter relationship?</h3>
This is in regard to micropayments which are usually too expensive to effectuate today. When you get a like on Twitter, because you&#39;re a content creator, it would be nice to pay you. With today&rsquo;s systems, however, that&rsquo;s expensive. In working with Stripe, which has a partnership with Twitter, creators get paid USDC micropayments. It&rsquo;s an incentive.
<h3>How do you differentiate Circle from competitors?</h3>
We like to emphasize payments stablecoin. Stablecoin isn&#39;t the greatest term in the world. We sort of inherited it, and it was sort of besmirched by the likes of Terra Luna, which was stable in name only. I think we&#39;re a singular company at this point.
There are some offshore entities that don&#39;t subject themselves to U.S. regulations. As a result, it is an uneven playing field because you have regulation dodgers and regulation followers. We&#39;re obviously in the latter camp.
<h3>What are some ways crypto could be used to administer more effective stimulus?</h3>
During the pandemic, there was a moment when people were getting stimulus checks. You had to go through a whole process to make sure that you were sending checks to the right address, and so on and so forth. Hundreds of billions of dollars of fraud likely occurred. With <a href="https://www.benzinga.com/money/best-blockchain-penny-stocks/">blockchain</a>, you may be able to track the funds closely.
<h3>Do you have an example of how this tracking helps?</h3>
We just entered into a partnership with the UNHCR or United Nations High Commissioner for Refugees, the big humanitarian aid part of the UN. The UNHCR is sending USDC to Ukrainian migrants moving because of the war. You can see where that money ends up going. We&rsquo;ve also worked with the US government to get aid to workers in Venezuela who were not being paid during the pandemic. We sent USDC directly to those people. A lot of that money stayed on-chain, circulating. That indicates to us that money was used for payments.
<h3>I can&rsquo;t think of a better time to engage in conversations such as this. We&rsquo;re in Davos, of all places, during the World Economic Forum. Any last comments?</h3>
The WEF&rsquo;s theme &mdash; cooperation in a fragmented world &mdash; and the examples&nbsp;I just provided are very salient. In the end, we desire to make payment systems better. The US dollar is indispensable.

Interview

Davos 2023: Former Obama Appointee Discusses How Circle Defragments The Global Economy

Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two and a half years. But there was no question some big-name stocks performed better than others since the pandemic bottom.
New Residential&#39;s Bumpy Ride: One company that has been an impressive investment in the past two and a half years has been <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> REIT New Residential Investment, now known as Rithm Capital Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ritm#NYSE">RITM</a>).
Related Link: <a href="https://www.benzinga.com/general/education/22/12/30190463/if-you-invested-1-000-in-costco-cost-stock-at-its-covid-19-pandemic-low-heres-how-much-youd-hav">If You Invested $1,000 In Costco (COST) Stock At Its COVID-19 Pandemic Low, Here&#39;s How Much You&#39;d Have Now</a> 
New Residential and other mortgage REITs were crushed in March 2020 as the pandemic created incredibly difficult financial conditions for the companies.
Recession fears tanked the value of New Residential&rsquo;s <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a>-backed securities (MBS). The company was ultimately forced to sell assets in unfavorable market conditions to shore up its balance sheet. It was also forced into a dividend cut.
Before the crisis, New Residential focused on originating <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a>s that didn&rsquo;t qualify to be purchased by Federal National Mortgage Association (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTC">FNMA</a>) or Federal Home Loan Mortgage Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>). The lack of liquidity in the mortgage market during the COVID-19 crisis prompted New Residential to completely shift its business model to focus on mortgages that met Fannie Mae and Freddie Mac&rsquo;s purchase qualifications.
At the beginning of 2020, New Residential shares were trading at $16.16. By the beginning of March, the stock was down to $15.68 as news of the coronavirus spreading in China prompted concerns about a U.S. pandemic.
When the market crashed during the U.S. COVID-19 outbreak, New Residential shares dropped as low as $2.91 on April 3, 2020, during the height of the pandemic fears.
When the market bounced off pandemic lows, New Residential began to rebound as well. The stock reached $9.42 per share in June before the recovery rally fizzled out.
New Residential Mortgage regained the momentum of the broader market in the second half of 2020. The stock was back up above $10 by the end of the year.
New Residential In 2023, Beyond: As mortgage market conditions improved in 2021, New Residential started acquiring smaller lenders and expanding its market share.
New Residential stock hit its 2021 highs of $11.81 in November before pulling to finish off the year. The stock dipped back to as low as $6.86 in September 2022 after New Residential internalized its management and rebranded as Rithm Capital in June 2022. Today, shares are hovering around $8.44.
Related Link: <a href="https://www.benzinga.com/real-estate/reit/22/12/30134261/if-you-invested-1-000-in-invesco-mortgage-capital-ivr-stock-at-its-covid-19-pandemic-low-heres-h">If You Invested $1,000 In Invesco Mortgage Capital (IVR) Stock At Its COVID-19 Pandemic Low, Here&#39;s How Much You&#39;d Have Now</a>
Still, investors who bought New Residential on the day it hit its 2020 pandemic low and held on have generated a positive return on their investment. In fact, $1,000 in New Residential stock bought on Apr. 3, 2020, would be worth about $3,394 today, assuming reinvested dividends.
Looking ahead, analysts are expecting Rithm&#39;s stock to continue to recover in the next 12 months. The average price target among the 11 analysts covering the stock is $12, suggesting 41.8% upside from current levels.
Photo: Shutterstock

RITM

If You Invested $1,000 In Rithm Capital (RITM) Stock At Its COVID-19 Pandemic Low, Here's How Much You'd Have Now

&quot;Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked,&quot; said Sam Khater, Freddie Mac&#39;s Chief Economist. &quot;While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact.&quot;
Khater added, &quot;Over the last fifty years, Freddie Mac has closely monitored the trajectory of mortgage rates. This week we are launching enhancements to our Primary Mortgage Market Survey methodology that will increase its accuracy and reliability. This new approach will incorporate more detailed data and monitor real-time mortgage rates more closely.&quot;
Freddie Mac recently&nbsp;<a href="https://www.freddiemac.com/research/insight/20221103-freddie-macs-newly-enhanced-mortgage-rate-survey" target="_blank">announced</a>&nbsp;a number of PMMS&reg;&nbsp;enhancements to improve the collection, quality and diversity of data used. Instead of surveying lenders, the weekly results are now based on thousands of applications from across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Additionally, the PMMS&reg;&nbsp;will no longer publish fees/points or adjustable rates. The newly recast PMMS&reg;&nbsp;was put in place this week.
News Facts
<ul>
<li><a href="http://www.freddiemac.com/pmms/pmms_archives.html" target="_blank">30-year fixed-rate mortgage</a>&nbsp;averaged&nbsp;6.61 percent&nbsp;as of November 17, 2022, down from last week when it averaged&nbsp;7.08 percent. A year ago at this time, the 30-year FRM averaged&nbsp;3.10 percent.</li>
<li><a href="http://www.freddiemac.com/pmms/pmms_archives.html" target="_blank">15-year fixed-rate mortgage</a>&nbsp;averaged&nbsp;5.98 percent, down from last week when it averaged&nbsp;6.38 percent. A year ago at this time, the 15-year FRM averaged&nbsp;2.39 percent.</li>
</ul>
The PMMS&reg;&nbsp;is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put&nbsp;20 percent&nbsp;down and have excellent credit. For more information, view our&nbsp;<a href="https://www.freddiemac.com/pmms/pmms_faqs" target="_blank">Frequently Asked Questions</a>.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we&#39;ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at&nbsp;<a href="http://www.freddiemac.com/" target="_blank">FreddieMac.com</a>, Twitter&nbsp;<a href="http://www.twitter.com/FreddieMac" target="_blank">@FreddieMac</a>&nbsp;and Freddie Mac&#39;s blog&nbsp;<a href="http://www.freddiemac.com/blog" target="_blank">FreddieMac.com/blog</a>.

Econ #s

Mortgage Rates Tumble; Freddie Mac Released The Results Of Its Primary Mortgage Market Survey, Showing The 30-Year Fixed-Rate Mortgage Averaged 6.61%

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
<h3>What Happened</h3>
On this day in 2008, U.S. President George W. Bush signed the $700-billion Troubled Asset Relief Program bailout into law.
<h3>Where The Market Was</h3>
The Dow closed at 10,325.38 and the S&amp;P 500 traded at 1,099.23.
What Else Was Going On In The World
In 2008, the largest U.S. bank, Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>), reported fourth-quarter losses of $9.83 billion due to the collapse of the subprime mortgage market. Illinois Gov.&nbsp;Rod Blagojevich was arrested on charges of corruption, conspiracy to commit mail and wire fraud and solicitation of bribery. A gallon of gasoline cost $3.39.
<h3>Big Bank Bailout</h3>
At the time, the fear in Washington was that the bursting of the subprime mortgage bubble would result in the collapse of the U.S. banking system. The TARP program set aside $700 billion in capital that banks could use to keep the financial system liquid.
At the time, TARP did nothing to ease <a href="https://www.begintoinvest.com/october-3/">market fears</a>. From Oct. 2 to Oct. 10, 2008, the S&amp;P 500 crashed 19.3%.
Only about $441 billion of the $700 billion was&nbsp;deployed.
Despite harsh criticism from fiscal conservatives at the time, the TARP bailouts were ultimately a <a href="https://projects.propublica.org/bailout/">huge success</a>. In addition to preventing the collapse of the U.S. economy, the TARP bailouts and separate crisis bailouts of Federal National Mortgage Association (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTC">FNMA</a>) and Federal Home Loan Mortgage Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>) have generated a net profit of $110&nbsp;billion for U.S. taxpayers.
Related Links:
<a href="https://www.benzinga.com/general/education/18/10/12432402/this-day-in-market-history-buffetts-3b-ge-bet">This Day In Market History: Buffett&#39;s $3B GE Bet</a>
<a href="https://www.benzinga.com/general/politics/18/07/12066743/trumps-bailout-for-farmers-caught-in-the-trade-war-what-you-need-to-">Trump&#39;s Bailout For Farmers Caught In The Trade War: What You Need To Know</a>

Bush Signs $700B TARP Bailout 14 Years Ago Today

While July gave markets around the world a breather, August reestablished 2022&rsquo;s choppy financial conditions.
The SPDR S&amp;P 500 ETF Trust (NYSEARCA: SPY) declined by 4.08% in August, its fifth month of decline in 2022. The Fidelity NASDAQ Composite Index ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oneq#NASDAQ">ONEQ</a>) and the SPDR Dow Jones Industrial Average ETF (NYSEARCA: DIA) mirrored this downward trend, showing monthly decreases of 4.59% and 3.96%, respectively, in August.
Given the possibility &mdash; some think <a href="https://tradingeconomics.com/united-states/interest-rate">probability</a> &mdash; that the Federal Reserve will hike rates yet again in September, and the fact that global economies are <a href="https://blogs.imf.org/2022/07/26/global-economic-growth-slows-amid-gloomy-and-more-uncertain-outlook/#:~:text=Inflation%20this%20year%20is%20anticipated,projected%20to%20remain%20elevated%20longer.">experiencing</a> growing inflationary pressures, investor sentiment appears to have altered course in August when compared to July. While some warn that the U.S. may be heading into a <a href="https://www.bnnbloomberg.ca/long-moderate-and-painful-what-next-us-recession-may-look-like-1.1787303">prolonged</a> recession, others report that recent macroeconomic data &mdash; like a 3.7% <a href="https://www.marketwatch.com/economy-politics/calendar">unemployment</a> rate &mdash; do not support this argument.
Even as ambiguity surrounds the market&rsquo;s future movements, OTC Markets Group Inc.&rsquo;s (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/otcm#OTCQX">OTCM</a>) regulated markets experienced a slight increase in total monthly volume in August, recording $39.3 billion in trades for the month compared to $37.3 billion in July. Additionally, two Ethereum-based securities found themselves in improved positions on the OTCQX Best Market&rsquo;s Most Active list.&nbsp;
Finally, a number of new securities have emerged on the OTCQX Best Market and OTCQB Venture Market, which could potentially be of interest to investors despite the relatively bearish sentiment experienced throughout the month and year so far. Both the OTCQX Best Market and the OTCQB Venture Market maintained a significant international presence in August, with over half of the top most-traded securities across both markets being composed of international operators.
<h3>A Dive Into The OTCQX Best Market&rsquo;s Most-Active List</h3>
The OTCQX Best Market recorded $7 billion in trades in August, a figure that has been relatively unchanged since July.&nbsp;
Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>) rose to the top of OTCQX Best Market&rsquo;s most-active list, while steadfast performers Roche Holding AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) and Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) slotted in as the second and third most-traded securities.&nbsp;
Additionally, OTCQX&rsquo;s top 10 most-active securities experienced a slight reshuffle in August, welcoming Imperial Brands PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/imbby#OTCQX">IMBBY</a>), a multinational tobacco company, and Computer Services Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/csvi#OTCQX">CSVI</a>). The two displace Danone S.A. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>) and Zurich Insurance Group Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/zurvy#OTCQX">ZURVY</a>), two usuals in the OTCQX&rsquo;s Top 10 Most Active list.
Despite poor market conditions around the globe, the OTCQX Best Market has managed to maintain its hold on a number of industries, as demonstrated by the constituents of its Most Active list. Below are some of the companies on the list along with their relevant specialties:&nbsp;
<ul>
<li>Infineon Technologies AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ifnny#OTCQX">IFNNY</a>): Semiconductor solutions.</li>
<li>BASF SE (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/basfy#OTCQX">BASFY</a>) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bffaf#OTCQX">BFFAF</a>): Chemical manufacturing.&nbsp;</li>
<li>Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>): Digital currency investment product</li>
<li>Trulieve Cannabis Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTCQX">TCNNF</a>): Cannabis sales and cultivation.</li>
<li>Heineken N.V. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/heiny#OTCQX">HEINY</a>): Alcohol manufacturing and distribution.</li>
</ul>
Of the 30 securities on the Most Active list, 22 were international operators. Some of these were new faces like the United Kingdom&rsquo;s Imperial Brands and Canada&rsquo;s Reconnaissance Energy Africa Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/recaf#OTCQX">RECAF</a>), while some regulars like Germany&rsquo;s Adidas AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) and the United Kingdom&rsquo;s Anglo American PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ngloy#OTCQX">NGLOY</a>) were also present.
Other notable volume movers:
<ul>
<li>Grayscale Ethereum Classic Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/etcg#OTCQX">ETCG</a>) claimed the 23rd spot on the OTCQX&rsquo;s Most Active list, experiencing a 112% increase in trading volume.</li>
</ul>
<h3>The OTCQB Venture Market Experiences A Reshuffle In August</h3>
The OTCQB Venture Market recorded $601 million in trades in August, an increase from July&rsquo;s $463 million figure.
Like the OTCQX Best Market, the OTCQB Venture Market&rsquo;s Top 10 Most Active list saw two new entries. Specifically, American Lithium Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/liacf#OTCQB">LIACF</a>) and Todos Medical Ltd. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/tomdf#OTCQB">TOMDF</a>) made their way into the top 10.
Similar to July, the OTCQB Venture Market witnessed a number of novelties in August. In addition to two new companies on the Top 10 Most Active list, the second, third and fourth most-active securities also changed. Computer memory subsystems specialist Netlist Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nlst#OTCQB">NLST</a>), mortgage financiers Federal Home Loan Mortgage Corp. (Freddie Mac) (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTCQB">FMCC</a>), and Federal National Mortgage Association (Fannie Mae) (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTCQB">FNMA</a>) made way for Stemtech Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/stek#OTCQB">STEK</a>), Northwest Biotherapeutics Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nwbo#OTCQB">NWBO</a>) and American Battery Technology Co. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/abml#OTCQB">ABML</a>).&nbsp;
Thirteen international securities landed a spot on the OTCQB Venture Market&rsquo;s Most Active list. Of these, four are Australian, six are Canadian, one is Israeli, one is South African and one is from Hong Kong.&nbsp;
Other notable movers:&nbsp;
<ul>
<li>Snowline Gold Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/snwgf#OTCQB">SNWGF</a>) climbed to 12th place on the Most Active list and recorded an $8.6 million rise in trading volume compared to last month.</li>
<li>Hugoton Royalty Trust (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/hgtxu#OTCQB">HGTXU</a>) climbed to 13th place in the Most Active list and recorded an $8.5 million rise in trading volume compared to last month.</li>
<li>DSG Global Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/dsgt#OTCQB">DSGT</a>) climbed to 17th place on the Most Active list and recorded a $5.5 million rise in trading volume compared to last month.</li>
</ul>
The OTCQX And OTCQB Top 10
Below are the top 10 most actively traded securities on the OTCQX Best Market and OTCQB Venture Market in August.&nbsp;
OTCQX Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
August Dollar Volume
</td>
</tr>
<tr>
<td>
Grayscale Ethereum Trust (ETH)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ETHE/quote">ETHE</a>
</td>
<td>
$1,114,134,926
</td>
</tr>
<tr>
<td>
Roche Holding Ltd.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/RHHBY/quote">RHHBY</a>
</td>
<td>
$935,026,316
</td>
</tr>
<tr>
<td>
Grayscale Bitcoin Trust (BTC)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/GBTC/quote">GBTC</a>
</td>
<td>
$921,411,988
</td>
</tr>
<tr>
<td>
adidas AG
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ADDYY/quote">ADDYY</a>
</td>
<td>
$302,833,956
</td>
</tr>
<tr>
<td>
Computer Services Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/CSVI/quote">CSVI</a>
</td>
<td>
$292,875,479
</td>
</tr>
<tr>
<td>
BNP Paribas
</td>
<td>
<a href="http://www.otcmarkets.com/stock/BNPQY/quote">BNPQY</a>
</td>
<td>
$291,431,930
</td>
</tr>
<tr>
<td>
Anglo American plc
</td>
<td>
<a href="https://www.otcmarkets.com/stock/NGLOY/quote">NGLOY</a>
</td>
<td>
$195,164,216
</td>
</tr>
<tr>
<td>
Infineon Technologies AG&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/IFNNY/quote">IFNNY</a>
</td>
<td>
$168,045,608
</td>
</tr>
<tr>
<td>
Imperial Brands PLC
</td>
<td>
<a href="http://www.otcmarkets.com/stock/IMBBY/quote">IMBBY</a>
</td>
<td>
$167,522,020
</td>
</tr>
<tr>
<td>
BASF SE
</td>
<td>
<a href="https://www.otcmarkets.com/stock/BASFY/quote">BASFY</a>
</td>
<td>
$153,897,600
</td>
</tr>
</tbody>
</table>
OTCQB Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
August Dollar Volume
</td>
</tr>
<tr>
<td>
CytoDyn Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/CYDY/quote">CYDY</a>
</td>
<td>
$64,363,191
</td>
</tr>
<tr>
<td>
Stemtech Corp.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/STEK/quote">STEK</a>
</td>
<td>
$49,237,636
</td>
</tr>
<tr>
<td>
Northwest Biotherapeutics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NWBO/quote">NWBO</a>
</td>
<td>
$25,610,301
</td>
</tr>
<tr>
<td>
American Battery Technology Co.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ABML/quote">ABML</a>
</td>
<td>
$21,298,838
</td>
</tr>
<tr>
<td>
Netlist Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NLST/quote">NLST</a>
</td>
<td>
$17,770,131
</td>
</tr>
<tr>
<td>
Fannie Mae&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/FNMA/quote">FNMA</a>
</td>
<td>
$17,430,475
</td>
</tr>
<tr>
<td>
Lake Resources N.L.&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LLKKF/quote">LLKKF</a>
</td>
<td>
$14,688,357
</td>
</tr>
<tr>
<td>
American Lithium Corp.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LIACF/quote">LIACF</a>
</td>
<td>
$14,031,588
</td>
</tr>
<tr>
<td>
Freddie Mac&nbsp;
</td>
<td>
<a href="https://www.otcmarkets.com/stock/FMCC/quote">FMCC</a>
</td>
<td>
$13,769,993
</td>
</tr>
<tr>
<td>
Todos Medical Ltd.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/TOMDF/quote">TOMDF</a>
</td>
<td>
$13,610,935
</td>
</tr>
</tbody>
</table>
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
Featured photo by Annie Spratt on <a href="https://unsplash.com/photos/hWJsOnaWTqs">Unsplash</a>

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A Quick Look At The OTC Markets' Most-Active Securities In August - Here's What You Need to Know

Mortgage rates are at their highest point since the Great Recession as housing affordability continues to decline, according to Freddie Mac (OTCMKTS: FMCC) <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/mortgage-rates-maintain-their-ascent?_ga=2.223695192.297436042.1662670124-1966878786.1662670124">data</a>.
The 30-year fixed increased from 5.66% to 5.89%. The long-term rate hasn&#39;t been this high since November 2008, shortly after the Great Recession was triggered by the collapse of the housing market.
In 2021, the 30-year fixed was 2.88%. The typical rate on 15-year fixed&nbsp;mortgages increased from 4.98% to 5.16% last week. The rate at this time last year was 2.19%.
See Also:&nbsp;<a href="https://www.benzinga.com/news/22/09/28724350/housing-prices-jumped-just-0-1-last-month-but-it-could-be-a-sign-for-the-next-big-price-hike-heres-w">Housing Prices Jumped Just 0.1% Last Month, But It Could Be A Sign For The Next Big Price Hike: Here&#39;s Why</a>
Rates decreased in July and the first few days of August as recession fears mounted. Rates reversed higher after hawkish remarks made by Fed Chairman Jerome Powell at the central bank&#39;s conference in Jackson Hole last month; investors&#39; attention was once again drawn to the Fed&#39;s efforts to bring inflation down which is floating around 40-year highs.
<img alt="" src="https://www.benzinga.com/files/u176590/mortgage_chart.png" style="height:727px; width:962px" />
<h3>Potential Buyers Lose Interest</h3>
&ldquo;Home-touring activity took a nosedive, and the share of sellers dropping their price remained near a record high,&rdquo; wrote Redfin Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rdfn#NASDAQ">RDFN</a>) in a Thursday press release.
Sales of existing homes in the U.S. have fallen for six straight months, according to the <a href="https://www.nar.realtor/newsroom/pending-home-sales-slipped-1-0-in-july">National Association of Realtors</a>.
Fewer people searched for &ldquo;homes for sale&rdquo; on Google. In fact, searches during the week ending Sept. 3 were down 25% from a year earlier.
<ul>
<li>Touring activity as of Sept. 4 was down 38% from the start of the year at Redfin, compared to a 3% increase at the same time last year.</li>
<li>Mortgage purchase applications were down 1% week over week, seasonally adjusted, and were down 23% from a year earlier during the week ending Sept. 2</li>
</ul>
<h3>Lenders Affected</h3>
Mortgage lender Home Point Financial, a subsidiary of Home Point Capital Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hmpt#NASDAQ">HMPT</a>) announced plans to lay off 526 staff members beginning Nov. 1, due to decreased demand in homes
Mortgage originator Rocket Companies Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rkt#NYSE">RKT</a>) spent $61 million in the second quarter in voluntary buyouts to 8% of Rocket&rsquo;s operations team and other groups in its Amrock title and valuation business. Rocket issued a second, smaller voluntary buyout to an undisclosed number of employees across its multiple businesses in August.
Re/Max Holdings Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rmax#NYSE">RMAX</a>) said early in July that is planned to cut 17%, or 120 staff members affecting the company&rsquo;s technology workers, including operators of the &ldquo;book&rdquo; platform, its customer relationship management software for brokers and agents.
<h3>Industry Consolidates</h3>
Two direct-to-consumer lenders AmeriSave Wholesale Mortgage Solutions, and Suburban Mortgage Inc. abruptly shut down in late August.
First Guaranty Mortgage Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fgbi#NASDAQ">FGBI</a>) and Sprout Mortgage, in addition real estate fintech Reali announced plans to close its door on Sept. 2.
With consolidation in the industry, and less wholesale lenders to contend with, companies like UWM Holdings Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uwmc#NYSE">UWMC</a>) may benefit as there are a finite number of mortgages to originate.
UWMC could gain market share with each shop that closes its doors.
Image: Pixabay

Commodities

Topics

FGBI

HMPT

Housing Activity 'Took A Nosedive' As Mortgage Rates Hit 15-Year Highs - A Chart That Says It All

July gave world markets a breather from 2022&rsquo;s poor financial conditions.
The SPDR S&amp;P 500 ETF Trust (NYSEARCA: SPY) increased 9.21% in July, its highest monthly price ascension since November 2020. The Fidelity NASDAQ Composite Index ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oneq#NASDAQ">ONEQ</a>) and the SPDR Dow Jones Industrial Average ETF (NYSEARCA: DIA) displayed similar optimism, showing monthly increases of 12.51% and 6.78%, respectively, in July.
The market has reacted favorably to some recent developments, including The Federal Reserve&rsquo;s decision to maintain rather than increase interest rates as well as the release of this <a href="https://www.bls.gov/">report</a>, which reveals that 528,000 jobs have been added to the economy. Some expert traders, however, remain skeptical of July&rsquo;s bullish movement, noting the similarity of this rally to the one experienced in 2008. The latter was followed by a second wave of downward movement that stretched over months.
As ambiguity simmers surrounding market sentiment, OTC Markets Group Inc.&rsquo;s (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/otcm#OTCQX">OTCM</a>) regulated markets experienced a slight decrease in total monthly volume, recording $37.3 billion in July compared to $45.2 billion in June.
Despite the decrease, a number of new securities have emerged onto the OTCQX Best Market and OTCQB Venture Market, possibly demonstrating the ability to attract interest in a wide range of industries. Both the OTCQX Best Market and the OTCQB Venture Market maintained a significant international presence, with over half of the top most-traded securities across both markets composed of international operators.
<h3>A Dive Into The OTCQX Best Market&rsquo;s Most-Active List</h3>
The OTCQX Best Market recorded $7 billion in trading volume in July, a decrease from June&rsquo;s $9 billion.
Weathering the storm of decreasing volume are the OTCQX Best Market&rsquo;s steadfast volume performers Roche Holding AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>), Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>) and Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>). In July, Roche Holding reaped the most trading volume as opposed to Grayscale Bitcoin Trust, which took that spot in June.
Additionally, OTCQX&rsquo;s top 10 most-active securities experienced a slight reshuffle in July, welcoming BASF SE (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/basfy#OTCQX">BASFY</a>) and Zurich Insurance Group Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/zurvy#OTCQX">ZURVY</a>) in place of Experian plc (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/expgy#OTCQX">EXPGY</a>) and Tesco PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tscdy#OTCQX">TSCDY</a>).
Despite decreasing month-on-month volume figures, the OTCQX Best Market has managed to maintain its hold on a number of industries, as demonstrated by the constituents of its Most Active list. Below are some of the companies and their relevant specialties:&nbsp;
<ul>
<li>Danone S.A. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>): Healthcare.</li>
<li>Infineon Technologies AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ifnny#OTCQX">IFNNY</a>): Semiconductor solutions.</li>
<li>BASF SE (OTCQX: BASFY; BFFAF): Chemical manufacturing.&nbsp;</li>
<li>Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>): Cryptocurrency mining.</li>
<li>Trulieve Cannabis Corp. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tcnnf#OTCQX">TCNNF</a>): Cannabis sales and cultivation.</li>
<li>Heineken N.V. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/heiny#OTCQX">HEINY</a>): Alcohol manufacturing and distribution.</li>
</ul>
Similar to June, 23 of the 30 Most Active constituents on the OTCQX Best Market were international operators. Some of these included new faces like Switzerland&rsquo;s Zurich Insurance Group and Germany&#39;s BASF SE, but regulars like Germany&rsquo;s Adidas AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) and the United Kingdom&rsquo;s Anglo American PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ngloy#OTCQX">NGLOY</a>) were also present.
Other notable movers:
<ul>
<li>Ayr Wellness Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ayrwf#OTCQX">AYRWF</a>) claimed the No. 30 spot on the OTCQX&rsquo;s list of most-traded securities, experiencing a 150% change in trading volume from last month.</li>
</ul>
<h3>The OTCQB Venture Market Experiences A Reshuffle In July</h3>
The OTCQB Venture Market recorded $463 million in trading volume in July, a decline from June&rsquo;s $603 million figure.
July introduced several new entities to the OTCQB&rsquo;s Top 10 Most Active list. Stem-cell specialist Stemtech Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/stek#OTCQB">STEK</a>) and mining operator Brazil Minerals Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/bmix#OTCQB">BMIX</a>) were among the new additions.
Similar to June, the OTCQB Venture Market witnessed a number of novelties in July. In addition to three new companies, all three of the most-traded securities in the market changed. June&rsquo;s OTCQB Most Active leaders Freddie Mac (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTCQB">FMCC</a>) and Lake Resources (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/llkkf#OTCQB">LLKKF</a>) made way for biotech operator CytoDyn Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/cydy#OTCQB">CYDY</a>) and computer memory subsystems specialist Netlist Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nlst#OTCQB">NLST</a>).
Thirteen international securities landed a spot on the OTCQB Venture Market&rsquo;s Most Active list. Of these 13, three are Australian, eight are Canadian, one is British and one is from Hong Kong.
Other notable movers:
<ul>
<li>Snowline Gold Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/snwgf#OTCQB">SNWGF</a>) climbed to 15th place in the Most Active list and recorded a $3.8 million rise in trading volume compared to last month.&nbsp;</li>
<li>88 Energy Ltd. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/eeenf#OTCQB">EEENF</a>) climbed to 13th place in the Most Active list and recorded a $3.5 million rise in trading volume compared to last month.</li>
</ul>
The OTCQX And OTCQB Top 10
Below are the top 10 most actively traded securities on the OTCQX Best Market and OTCQB Venture Market in July.&nbsp;
OTCQX Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
July Dollar Volume
</td>
</tr>
<tr>
<td>
Roche Holding Ltd.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/RHHBY/quote">RHHBY</a>
</td>
<td>
$1,174,038,337
</td>
</tr>
<tr>
<td>
Grayscale Bitcoin Trust (BTC)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/GBTC/quote">GBTC</a>
</td>
<td>
$1,171,194,870
</td>
</tr>
<tr>
<td>
Grayscale Ethereum Trust (ETH)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ETHE/quote">ETHE</a>
</td>
<td>
$824,696,740
</td>
</tr>
<tr>
<td>
adidas AG
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ADDYY/quote">ADDYY</a>
</td>
<td>
$242,545,358
</td>
</tr>
<tr>
<td>
Danone
</td>
<td>
<a href="https://www.otcmarkets.com/stock/DANOY/quote">DANOY</a>
</td>
<td>
$236,789,470
</td>
</tr>
<tr>
<td>
BNP Paribas
</td>
<td>
<a href="http://www.otcmarkets.com/stock/BNPQY/quote">BNPQY</a>
</td>
<td>
$221,832,673
</td>
</tr>
<tr>
<td>
Infineon Technologies AG&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/IFNNY/quote">IFNNY</a>
</td>
<td>
$155,256,947
</td>
</tr>
<tr>
<td>
BASF SE
</td>
<td>
<a href="https://www.otcmarkets.com/stock/BASFY/quote">BASFY</a>
</td>
<td>
$133,635,750
</td>
</tr>
<tr>
<td>
Anglo American plc
</td>
<td>
<a href="https://www.otcmarkets.com/stock/NGLOY/quote">NGLOY</a>
</td>
<td>
$129,304,530
</td>
</tr>
<tr>
<td>
Zurich Insurance Group Ltd.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/ZURVY/quote">ZURVY</a>
</td>
<td>
$125,075,924
</td>
</tr>
</tbody>
</table>
OTCQB Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
July Dollar Volume
</td>
</tr>
<tr>
<td>
CytoDyn Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/CYDY/quote">CYDY</a>
</td>
<td>
$37,078,914
</td>
</tr>
<tr>
<td>
Netlist Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NLST/quote">NLST</a>
</td>
<td>
$34,113,360
</td>
</tr>
<tr>
<td>
Freddie Mac&nbsp;
</td>
<td>
<a href="https://www.otcmarkets.com/stock/FMCC/quote">FMCC</a>
</td>
<td>
$30,241,752
</td>
</tr>
<tr>
<td>
Fannie Mae&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/FNMA/quote">FNMA</a>
</td>
<td>
$27,396,005
</td>
</tr>
<tr>
<td>
Northwest Biotherapeutics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NWBO/quote">NWBO</a>
</td>
<td>
$22,674,446
</td>
</tr>
<tr>
<td>
American Battery Technology Co.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ABML/quote">ABML</a>
</td>
<td>
$16,153,987
</td>
</tr>
<tr>
<td>
Humbl Inc.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/HMBL/quote">HMBL</a>
</td>
<td>
$14,817,569
</td>
</tr>
<tr>
<td>
Stemtech Corp.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/STEK/quote">STEK</a>
</td>
<td>
$12,940,312
</td>
</tr>
<tr>
<td>
Lake Resources N.L.&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LLKKF/quote">LLKKF</a>
</td>
<td>
$11,131,503
</td>
</tr>
<tr>
<td>
Brazil Minerals Inc.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/BMIX/quote">BMIX</a>
</td>
<td>
$7,447,947
</td>
</tr>
</tbody>
</table>
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
Featured photo by Annie Spratt on <a href="https://unsplash.com/photos/hWJsOnaWTqs">Unsplash</a>

AYRWF

BMIX

CYDY

EEENF

EXPGY

LLKKF

TSCDY

OTC Markets' Most Active Securities Sees A Shake-up In July

The month of July saw $37.3 billion in trading volume for stocks that trade on the OTCQK and OTCQB. While some of the stocks that trade over-the-counter are considered&nbsp;<a href="https://www.benzinga.com/best-penny-stocks">penny stocks</a> based on their share price, they are also some of the largest companies in the world and represent a diverse list of sectors.
The total in July was down from $45.2 million in June, as <a href="https://www.benzinga.com/markets/cryptocurrency/22/07/27971151/these-were-the-most-traded-otc-stocks-in-june-where-do-danone-adidas-and-grayscale-bitcoin">reported </a>by Benzinga.
Here were the top 10 traded stocks in July on the OTC by trading volume:
1. Roche Holdings&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTC">RHHBY</a>)
Volume: $1.17 billion
June Rank: #2
52-Week Price Range: $37.88 to $53.86
Current Price: $41.23
What the Company Does: One of the largest biotechnology companies in the world, Roche operates across several lines of the healthcare industry including pharmaceutical products, oncology therapies, diagnostics and oncology products. The Swiss company has a market capitalization of more than&nbsp;$250 billion.
2. Grayscale Bitcoin Trust (OTC: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTC">GBTC</a>)
Volume: $1.17 billion
June Rank: #1
52-Week Price Range: $11.92 to $55.05
Current Price: $14.21
What the Company Does: Launched in 2013, the Grayscale Bitcoin Trust offers investors a way to gain exposure to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) without the challenges of buying and storing the cryptocurrency.
3. Grayscale Ethereum Trust (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTC">ETHE</a>)
Volume: $824.7 million
June Rank: #3
52-Week Price Range: $6.85 to $47.40
Current Price: $12.14
What the Company Does: Launched in 2017, the Grayscale Ethereum Trust was one of the first securities that were solely invested in the price of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Investors get exposure to Ethereum as a security and pay a premium to not have to worry about buying and keeping the cryptocurrency safe on their own.
4. Adidas AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTC">ADDYY</a>)
Volume: $242.5 million
June Rank: #6
52-Week Price Range: $76.70 to $199.44
Current Price: $87.61
What the Company Does: Competing with Nike Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nke#NYSE">NKE</a>) and Under Armour (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ua#NYSE">UA</a>)(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uaa#NYSE">UAA</a>), Adidas is one of the largest apparel and footwear companies in the world. The company has grown its exposure to new audiences recently with its Kanye West partnership for the Yeezy brand and a partnership with NFT collections Bored Ape Yacht Club and PUNKS Comics. Adidas moved up two places in the top 10&nbsp;in July and saw its share price rise.
5. Danone (OTC: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTC">DANOY</a>)
Volume: $236.8 million
June Rank: #4
52-Week Price Range: $10.21 to $15.38
Current Price: $10.99
What the Company Does: Danone is well known as one of the largest dairy and infant nutrition companies in the world. The company&rsquo;s three operating segments are dairy and plant-based products, specialized nutrition and bottled water.
Related Link: <a href="https://www.benzinga.com/money/how-to-buy-otc-stocks">How To Buy OTC Stocks</a>
6. BNP Paribas (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTC">BNPQY</a>)
Volume: $221.8 million
June Rank: #5
52-Week Price Range: $20.36 to $38.48
Current Price: $25.08
What the Company Does: BNP Paribas is one of the largest banks in France and has operations in around 80 countries around the world.
7. Infineon Technologies (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ifnny#OTC">IFNNY</a>)
Volume: $155.3 million
June Rank: #7
52-Week Price Range: $21.49 to $49.99
Current Price: $28.42
What the Company Does: European chipmaker Infineon Technologies was spun off of Siemens AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/siegy#OTC">SIEGY</a>) in 2000. The company produces automotive semiconductors used for safety and powertrain segments of the auto industry. The stock held steady in seventh place and saw its share price rise in July.
8. BASF SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/basfy#OTC">BASFY</a>)
Volume: $133.6 million
June Rank: Not in top 10
52-Week Price Range: $9.99 to $20.50
Current Price: $11.30
What the Company Does: One of two newcomers to the top 10&nbsp;volume leaders in July, BASF is the world&rsquo;s largest chemical company. The company is a large player in specialty chemicals and agricultural crop protection.
9. Anglo American PLC (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ngloy#OTC">NGLOY</a>)
Volume: $129.3 million
June Rank: #9
52-Week Price Range: $14.76 to $27.80
Current Price: $17.54
What the Company Does: Anglo American is one of the largest mining companies operating commodities such as copper, coal, iron ore and platinum. The company is one of the largest platinum miners in the world and also among the largest palladium miners. Anglo also owns 85% of De Beers, one of the largest diamond suppliers in the world.
10. Zurich Insurance Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/zurvy#OTC">ZURVY</a>)
Volume: $125.1 million
June Rank: Not in top 10
52-Week Price Range: $41.20 to $49.95
Current Price: $43.84
What the Company Does: Insurance company Zurich operates with three main segments of general insurance, life insurance and Farmers Management Services.
For the OTCQB, these were the five stocks with the most volume in July:
CytoDyn Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cydy#OTC">CYDY</a>): $37.1 million
Netlist, Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nlst#OTC">NLST</a>): $34.1 million
Freddie Mac (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>): $30.2 million
Fannie Mae (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTC">FNMA</a>) $27.4 million
Northwest Biotherapeutics, Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nwbo#OTC">NWBO</a>): $22.7 billion
Photo:&nbsp;<a href="https://www.shutterstock.com/g/aleksandrsmuiznieks">Aleksandrs Muiznieks</a>&nbsp;via Shutterstock
&nbsp;

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These 2 Under-The-Radar Stocks Traded More Than $1B Each Last Month

For the first time since April, purchase mortgage rates dropped below the 5% level, reflecting the Federal Reserve&rsquo;s monetary policy that has led the U.S economy to a &ldquo;technical recession.&rdquo;
Bond yields increase and prices decline when demand declines. Mortgage rates typically increase along with the 10-year Treasury yield. Bonds are viewed as a secure investment during a recession, and prices rise and yields&nbsp;fall as a result of increased demand, which often drives down <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates.
What Happened:&nbsp;<a href="https://www.freddiemac.com/pmms">According to Freddie Mac</a>&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>),&nbsp;the 30-year fixed-rate mortgage averaged 4.99% in the week ending Aug.&nbsp;4 as compared to 5.3% the previous week.
Also read:&nbsp;<a href="https://www.benzinga.com/general/22/08/28354580/s-p-500-nasdaq-digest-flurry-of-earnings-as-jobs-report-looms-large">S&amp;P 500, Nasdaq Digest Flurry Of Earnings As Jobs Report Looms Large</a>
&ldquo;Mortgage rates remained <a href="https://www.benzinga.com/money/most-volatile-stocks/">volatile</a> due to the tug of war between inflationary pressures and a clear slowdown in economic growth,&rdquo; said Sam Khater, Freddie Mac&rsquo;s chief economist.
&ldquo;The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment,&rdquo; he added.
To create weekly national averages, Freddie Mac averages rates from about 80 lenders across the nation.&nbsp;
The Fed raised interest rates by 75 bps in its July meeting, marking its fourth rate hike this year as it attempts to control inflation. The second quarter saw a 0.9% fall in the gross domestic product (GDP), marking the second consecutive decline &mdash; the standard definition of a recession.
Some economists and President Joe Biden refute recession talks, citing a strong labor market.
What It Matters:&nbsp;As mortgage rates have decreased, consumers are now applying for loans.
<a href="https://www.investing.com/economic-calendar/mortgage-market-index-1427">The U.S Mortgage Market Index</a>, which tracks the amount of mortgage loan applications, rose 1.15% for the week ending July 29, after dropping for four straight weeks to its lowest point in more than 20 years.
Freddie Mac&rsquo;s survey shows the 15-year fixed-rate purchase mortgage averaged 4.26% with an average of 0.6 point, down from last week&rsquo;s 4.58%. The 15-year fixed-rate mortgage averaged 2.10% a year ago.

So, Are We In A Recession? Mortgage Rates Drop Below 5% For First Time Since Spring

Reflecting the expected conditions of a bear market, many of the world&rsquo;s indices saw a decrease in price throughout June.
The SPDR S&amp;P 500 ETF Trust (NYSEARCA: SPY), for example, declined 8.26% in June, a very similar decline to the one seen in April. The SPY&rsquo;s maximum decline since its peak in January is 24%, falling within the standard definition of a bear market.&nbsp;
The Fidelity NASDAQ Composite Index ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oneq#NASDAQ">ONEQ</a>) and the SPDR Dow Jones Industrial Average ETF (NYSEARCA: DIA) displayed similar weakness, showing declines of 8.7% and 6.78%, respectively, in June.
Despite the decline in market indices and exchange-traded funds (ETFs), OTC Markets Group Inc.&rsquo;s (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/otcm#OTCQX">OTCM</a>) regulated markets experienced a slight increase in total monthly dollar volume, recording $45.2 billion in June compared to $44.5 billion in May. Additionally, the operator saw former cryptocurrency and mortgage financiers return to the helm of the Most Actively Traded Securities list on two of its regulated markets.&nbsp;
Both the OTCQX Best Market and the OTCQB Venture Market maintained a significant international presence, with over half of the top most-traded securities across both markets composed of international operators.
<h3>Crypto Reclaims The Helm Of The OTCQX Best Market Most-Active Securities&nbsp;</h3>
The OTCQX Best Market recorded $9 billion in trading volume in June, a decrease from May&rsquo;s $11 billion.&nbsp;
Despite the decrease in volume, former leaders have begun to reclaim their place among the Most Active Securities list. Grayscale Bitcoin Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gbtc#OTCQX">GBTC</a>), for example, has reclaimed its spot as the most-traded security on the OTCQX Best Market, followed by May&rsquo;s leader Roche Holding AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/rhhby#OTCQX">RHHBY</a>) and Grayscale Ethereum Trust (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ethe#OTCQX">ETHE</a>).&nbsp;
Additionally, the OTCQX&rsquo;s top 10 most-active securities experienced a slight reshuffle in June, welcoming&nbsp;
Experian PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/expgy#OTCQX">EXPGY</a>) and Tesco PLC (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/tscdy#OTCQX">TSCDY</a>) in place of AXA SA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/axahy#OTCQX">AXAHY</a>) and Sprott Physical Uranium Trust Fund (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/sruuf#OTCQX">SRUUF</a>).
International operators, once again, maintained a strong presence on OTCQX, comprising 23 of the top 30 securities, down from 24 in May. France&rsquo;s BNP Paribas SA (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/bnpqy#OTCQX">BNPQY</a>) and Germany&rsquo;s Infineon Technologies AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/ifnny#OTCQX">IFNNY</a>) and adidas AG (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/addyy#OTCQX">ADDYY</a>) were again on the OTCQX top 10 most-active securities, while Mexico&rsquo;s Wal-Mart De Mexico S.A.B. de C.V. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/wmmvy#OTCQX">WMMVY</a>) and Australia&rsquo;s Fortescue Metals Group Ltd. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/fsugy#OTCQX">FSUGY</a>) made it among June&rsquo;s top 30 most-active securities.
Other notable movers:
&nbsp;
<ul>
<li>Danone (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/danoy#OTCQX">DANOY</a>) claimed fourth place on the OTCQX&rsquo;s list of most-traded securities, experiencing a 160% change in trading volume from last month.</li>
</ul>
&nbsp;
<h3>The OTCQB Venture Market Welcomes Back Mortgage Financiers</h3>
The OTCQB Venture Market recorded $603 million in trading volume in June, a decline from May&rsquo;s $896 million figure.
June introduced two new entities to the OTCQB&rsquo;s Top 10 Most-Traded Securities list. Biotech operator CytoDyn Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/cydy#OTCQB">CYDY</a>) and aerospace and defense company Applied Energetics Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/aerg#OTCQB">AERG</a>) represent the new faces on the list.
Similar to May, the OTCQB Venture Market witnessed a number of novelties in June. In addition to two new companies, all three of the top most-traded securities in the market changed. Mortgage financiers Fannie Mae (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTCQB">FNMA</a>) and Freddie Mac (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTCQB">FMCC</a>) reclaimed their positions as the first- and third-most traded securities and Lake Resources (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/llkkf#OTCQB">LLKKF</a>) claimed its spot as the second most-traded security.
All three former &ldquo;Most Active Top 3s&rdquo; &ndash; Northwest Biotherapeutics Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nwbo#OTCQB">NWBO</a>), Sysorex Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/sysx#OTCQB">SYSX</a>) and Netlist Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/nlst#OTCQB">NLST</a>) &ndash; remain on the OTCQB&rsquo;s Venture Market Top 10 Most Active Securities list, potentially hinting at sustained investor interest.
Twelve international securities landed a spot among the top 30 most-traded securities. Of these 12 securities, eight are Canadian, two are Australian, one is English, and one is from Hong Kong.&nbsp;
Other notable movers:&nbsp;
<ul>
<li>Wiki Soft Corp. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/wsft#OTCQB">WSFT</a>) climbed to 12th place in the most-active group and recorded a $6.6 million rise in trading volume compared to last month.&nbsp;</li>
</ul>
&nbsp;
<ul>
<li>Sharing Economy International Inc. (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/seii#OTCQB">SEII</a>) experienced a $3.7 million increase in trading volume compared to May, climbing to 19th place on the OTCQB&rsquo;s Top 30.&nbsp;</li>
</ul>
&nbsp;
The OTCQX And OTCQB Top 10
Below are the top 10 most actively traded securities on the OTCQX Best Market and OTCQB Venture Market in June.&nbsp;
OTCQX Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
June Dollar Volume
</td>
</tr>
<tr>
<td>
Grayscale Bitcoin Trust (BTC)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/GBTC/quote">GBTC</a>
</td>
<td>
$2,598,254,251
</td>
</tr>
<tr>
<td>
Roche Holding Ltd.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/RHHBY/quote">RHHBY</a>
</td>
<td>
$1,382,600,575
</td>
</tr>
<tr>
<td>
Grayscale Ethereum Trust (ETH)
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ETHE/quote">ETHE</a>
</td>
<td>
$976,746,377
</td>
</tr>
<tr>
<td>
Danone
</td>
<td>
<a href="https://www.otcmarkets.com/stock/DANOY/quote">DANOY</a>
</td>
<td>
$313,801,324
</td>
</tr>
<tr>
<td>
BNP Paribas
</td>
<td>
<a href="http://www.otcmarkets.com/stock/BNPQY/quote">BNPQY</a>
</td>
<td>
$298,306,543
</td>
</tr>
<tr>
<td>
adidas AG
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ADDYY/quote">ADDYY</a>
</td>
<td>
$287,277,517
</td>
</tr>
<tr>
<td>
Infineon Technologies AG&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/IFNNY/quote">IFNNY</a>
</td>
<td>
$165,504,013
</td>
</tr>
<tr>
<td>
Experian plc
</td>
<td>
<a href="http://www.otcmarkets.com/stock/EXPGY/quote">EXPGY</a>
</td>
<td>
$164,324,697
</td>
</tr>
<tr>
<td>
Anglo American plc
</td>
<td>
<a href="https://www.otcmarkets.com/stock/NGLOY/quote">NGLOY</a>
</td>
<td>
$141,723,690
</td>
</tr>
<tr>
<td>
Tesco PLC
</td>
<td>
<a href="http://www.otcmarkets.com/stock/TSCDY/quote">TSCDY</a>
</td>
<td>
$135,566,090
</td>
</tr>
</tbody>
</table>
OTCQB Top 10:&nbsp;
<table>
<tbody>
<tr>
<td>
Company Name
</td>
<td>
Symbol
</td>
<td>
June Dollar Volume
</td>
</tr>
<tr>
<td>
Fannie Mae&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/FNMA/quote">FNMA</a>
</td>
<td>
$45,002,762
</td>
</tr>
<tr>
<td>
Lake Resources N.L.&nbsp;
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LLKKF/quote">LLKKF</a>
</td>
<td>
$40,313,559
</td>
</tr>
<tr>
<td>
Freddie Mac&nbsp;
</td>
<td>
<a href="https://www.otcmarkets.com/stock/FMCC/quote">FMCC</a>
</td>
<td>
$27,312,021
</td>
</tr>
<tr>
<td>
Netlist Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NLST/quote">NLST</a>
</td>
<td>
$26,970,708
</td>
</tr>
<tr>
<td>
American Battery Technology Co.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/ABML/quote">ABML</a>
</td>
<td>
$25,756,627
</td>
</tr>
<tr>
<td>
Northwest Biotherapeutics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/NWBO/quote">NWBO</a>
</td>
<td>
$24,033,013
</td>
</tr>
<tr>
<td>
Sysorex Inc.
</td>
<td>
<a href="https://www.otcmarkets.com/stock/SYSX/quote">SYSX</a>
</td>
<td>
$18,453,146
</td>
</tr>
<tr>
<td>
CytoDyn Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/CYDY/quote">CYDY</a>
</td>
<td>
$12,583,808
</td>
</tr>
<tr>
<td>
American Lithium Corp.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/LIACF/quote">LIACF</a>
</td>
<td>
$10,964,858
</td>
</tr>
<tr>
<td>
Applied Energetics Inc.
</td>
<td>
<a href="http://www.otcmarkets.com/stock/AERG/quote">AERG</a>
</td>
<td>
$8,948,024
</td>
</tr>
</tbody>
</table>
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Mortgage Financiers & Crypto Securities Reclaim Their Spots As Most Actively Traded Securities On OTC Markets In June

The renewed rise in mortgage rates, a major mortgage-backed securities deal featuring non-qualified mortgages and a cooling in rental housing prices dominated this week&#39;s housing and mortgage market news.
On The Mortgage Front: Freddie Mac (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>) reported the 30-year fixed-rate mortgage averaged 5.51% as of July 14, up from last week when it averaged 5.30%. The 15-year fixed-rate mortgage averaged 4.67%, up from last week when it averaged 4.45%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.35%, up from last week when it averaged 4.19%.
&ldquo;Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,&rdquo; said Sam Khater, Freddie Mac&rsquo;s chief economist. &ldquo;With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.&rdquo;
While mortgage rates were rising, home loan applications dropped. The Mortgage Bankers Association&rsquo;s (MBA) Market Composite Index, a measure of mortgage loan application volume, was down by 1.7% for the week ending July 8 compared to the previous week. The seasonally adjusted Purchase Index was down by 4% and the Refinance Index was up by 2%,&nbsp;although the latter was also 80% lower than the same week one year ago.
&ldquo;Purchase applications for both conventional and government loans continue to be weaker due to the combination of much higher mortgage rates and the worsening economic outlook,&rdquo; said Joel Kan, MBA&rsquo;s associate vice president of economic and industry forecasting. &ldquo;After reaching a record $460,000 in March 2022, the average purchase loan size was $415,000 last week, pulled lower by the potential moderation of home-price growth and weaker purchase activity at the upper end of the market.
&ldquo;Refinance applications increased slightly last week,&rdquo; Kan added, &ldquo;driven by an uptick in conventional and FHA refinances &mdash;&nbsp;the overall refinance index remained 5% below the average level reported in June.&rdquo;
See Also: <a href="https://www.benzinga.com/news/22/07/27987012/cmbs-delinquency-rate-up-for-first-time-in-six-months">CMBS Delinquency Rate Rises For First Time In 6 Months: What You Need To Know</a>
On The Homebuying Front: Fannie Mae (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTC">FNMA</a>) reported single-family home prices during the second quarter shot up 19.4% year-over-year, although they were also down slightly from the previous quarter&#39;s upwardly revised 20.5%. On a quarterly basis, home prices rose a seasonally adjusted 4.3% during the second quarter.
&quot;Home prices maintained a near-historic pace of appreciation in the second quarter, as low levels of housing inventory continued to support price growth,&quot; said Doug Duncan, Fannie Mae senior vice president and chief economist. &quot;At the end of 2021 and extending into 2022, we believe many homebuyers pulled forward their purchase plans to avoid expected increases in mortgage rates, contributing to demand for homes and strong price appreciation.
&ldquo;Given the sharp rise in mortgage rates since that time and the resulting negative impact on affordability to potential homebuyers,&rdquo; Duncan added, &ldquo;we expect purchase demand to cool in the quarters ahead, and for home price appreciation to moderate as a result.&rdquo;
On The Non-QM Front: The market for non-qualified mortgages (Non-QM) has been shaken recently with problems impacting two of its major players: the bankruptcy filing by First Guaranty Mortgage Corporation last month and the shuttering of Sprout Mortgage last week.
But, to further torture that too often quoted quip from Mark Twain, &quot;reports of Non-QM&rsquo;s death have been greatly exaggerated.&quot;
According to a report from <a href="https://asreport.americanbanker.com/news/ellington-financial-mortgage-will-tap-the-mbs-market-for-345-6-million">Asset Securitization Report</a>, Non-QM loans accounted for the majority &mdash;&nbsp;58.1%, to be exact &mdash;&nbsp;of the 765 mortgages that will secure a $345.6 million mortgage-backed securities deal from the Ellington Financial Mortgage Trust, a division of Ellington Financial Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/efc#NYSE">EFC</a>). On average, the loans have a balance of $451,833, with some loans carrying a maximum balance of $2.5 million.
On The Rental Housing Front: The upward movement in the cost of rental housing decelerated in June, according to new data from Redfin Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rdfn#NASDAQ">RDFN</a>), which found asking rents were up 0.7% in May, the smallest month-over-month uptick of 2022, and were up 14% from one year ago, the smallest annual increase since October 2021.
The metro areas with the greatest year-over-year increase were Cincinnati (39%), Seattle (33%), Austin (32%), Nashville (31%) and New York City (27%). Only three of the nation&rsquo;s five largest metro areas saw year-over-year rent decreases: Milwaukee (-12%), Minneapolis (-7%) and Kansas City (0.5%).
&ldquo;Rent growth is likely slowing because landlords are seeing demand start to ease as renters get pinched by inflation,&rdquo; said Redfin Chief Economist Daryl Fairweather. &ldquo;With the cost of gas, food and other products soaring, renters have less money to spend on housing. This slowdown in rent increases is likely to continue &mdash;&nbsp;however rents are still climbing at unprecedented rates in strong job markets like New York and Seattle and in areas like San Antonio and Austin that soared in popularity during the pandemic.&rdquo;
Separately, WalletHub released its <a href="https://wallethub.com/edu/best-cities-for-renters/23010">report</a> &ldquo;Best &amp; Worst Places to Rent in America,&rdquo; which analyzed more than 180 major metro rental markets through a spectrum of 22 considerations including the difference between rental rates and mortgage payments, the cost of living, quality of life and job availability.
The top five rental markets, according to WalletHub, were: Columbia, Maryland, as the top-ranked rental market, followed by Overland Park, Kansas; Sioux Falls, South Dakota; Bismarck, North Dakota; and Lincoln, Nebraska. At the other end of the spectrum, the bottom five rental markets were Detroit; Memphis; San Bernadino, California; Cleveland; and New Orleans.
&ldquo;As vaccination against COVID-19 has allowed states to reopen, rental prices have risen significantly,&rdquo; said Adam McCann, financial writer at WalletHub and author of the new report. &ldquo;During 2021, they grew at almost double the rate of any previous year. Meanwhile, mortgage rates are also rising at the fastest rate in over a decade. Like home prices, however, rental rates can vary significantly by region, state or city. And in some places, renting will prove to be more cost-effective and a better overall value than owning.&rdquo;
See Also: <a href="https://www.benzinga.com/news/22/07/28054443/analysis-why-is-new-york-city-preparing-residents-for-a-nuclear-attack">Analysis: Why Is New York City Preparing Residents For A Nuclear Attack?</a>
Photo: Paul Brennan / Pixabay

Housing Beat: Mortgage Rates Soar Again, Non-QM Rides On, The Best And Worst Rental Markets

This week in the housing world, mortgage rates declined for the second consecutive week as home price growth slowed, the level of mortgage delinquencies remained low and the Roe v. Wade controversy permeated the homebuying process.
On The Mortgage Front: Freddie Mac (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fmcc#OTC">FMCC</a>) reported the 30-year fixed-rate <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> averaged 5.30% as of July 7, down from last week when it averaged 5.70%. The 15-year fixed-rate mortgage averaged 4.45%, down from last week when it averaged 4.83%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19% with an average 0.4 point, down from last week when it averaged 4.50%. A year ago at this time, the 5-year ARM averaged 2.52%.
&ldquo;Over the last two weeks, the 30-year fixed-rate <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> dropped by half a percent, as concerns about a potential recession continue to rise,&rdquo; said Sam Khater, Freddie Mac&rsquo;s chief economist. &ldquo;While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.&rdquo;
But declining <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates did not spark a rise in home loan activity. The Mortgage Bankers Association&rsquo;s (MBA) Market Composite Index, a measure of mortgage loan application volume, dropped by 5.4% for the week ending July 1 compared to one week earlier. The seasonally adjusted Purchase Index was down 4% over the same period while the Refinance Index took an 8% tumble from the previous week and was also 78% below the same week one year ago.
Joel Kan, MBA&rsquo;s associate vice president of economic and industry, observed that <a href="https://www.benzinga.com/money/mortgage-lenders-no-tax-returns/">mortgage</a> rates &ldquo;are still significantly higher than they were a year ago, which is why applications for home purchases and refinances remain depressed. Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance.&rdquo;
See Also: <a href="https://www.benzinga.com/real-estate/22/06/27844953/jeff-bezos-backed-real-estate-investment-platform-acquires-another-23-million-worth-of-single-family">Jeff Bezos-Backed Arrived Homes Acquires Another $23 Million Worth Of Single-Family Rental Homes As Number Of Active Investors Doubles</a>
On The Homebuying Front: Prospective homebuyers are still facing a market carrying more than its fair share of challenges.
The Data &amp; Analytics division of Black Knight, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bki#NYSE">BKI</a>) reported that home price growth slowed in 97 of the 100 largest U.S. housing markets in May, with the national annual appreciation rate slowing to 19.3% from a revised 20.4% in April.
This marked the largest single-month deceleration since 2006, although prices were still up 1.5% month over month and were nearly twice the historical average for May.
Black Knight added that housing is now the least affordable it has been since the mid-1980s, when sharp Federal Reserve hikes resulted in double-digit mortgage rates and a payment-to-income ratio that was greater than 50%.
&ldquo;The record-low listing inventory that had been driving these price gains nationwide has also begun to improve, albeit slightly,&rdquo; said Black Knight Data &amp; Analytics President Ben Graboske. &ldquo;Indeed, even with an increase in active listings of 107,000 in May &mdash;&nbsp;nearly double the traditional seasonal rise for the month &mdash;&nbsp;we are still 60% below the number of active listings we would normally see at this time of year.&rdquo;
Graboske added that while all of the major U.S. housing markets are still dealing with inventory deficits, &ldquo;some have seen their shortages shrink much faster than others. Among these are some of the hottest housing markets in recent years: San Francisco, San Jose and Seattle. Unsurprisingly, these are also among the markets seeing the strongest levels of cooling so far this year, with annual home price growth rates in each down more than three percentage points in recent months.&rdquo;
However, the concept of &ldquo;cooling&rdquo; might be subjective. New data from the Seattle-headquartered brokerage Redfin Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rdfn#NASDAQ">RDFN</a>) determined that the median asking price of newly listed homes increased in June by 15% year-over-year to $405,547, although it was also 1.5% lower from the all-time high of $418,000 recorded during the four-week period ending May 22.
Redfin also noted the monthly mortgage payment on the median asking price home increased to $2,459 at the current 5.7% mortgage rate, but is down slightly from the peak of $2,494 during the four-week period ending June 12. Still, that figure is up 45% from $1,694 one year earlier, when mortgage rates were 2.98%.
Nonetheless, Redfin Chief Economist Daryl Fairweather stated that home sellers are ceding to pressure on affordability created by the rapid rise in mortgage rates.
&ldquo;Data on home-tours, offers and mortgage purchase applications suggest that homebuyers have noticed the shift in power and are no longer leaving the market in droves,&rdquo; said Redfin chief economist Daryl Fairweather. &ldquo;Buyers coming back will provide support to the housing market, but between now and the end of the year I think the power will continue to shift towards buyers, resulting in mild price declines from month to month.&rdquo;
On The Politics Front: In a separate data report, Redfin found the recent decision by the U.S. Supreme Court to overturn the 1973 Roe v. Wade ruling is influencing homebuying choices. A poll of potential buyers found 15% of respondents who recently moved insisted they would not live in a place where abortion is fully legal while 12% said they would only live in a place where abortion is fully legal. Other respondents were not as intense in their partisan vehemence: 17% said they &ldquo;prefer not to&rdquo; live somewhere abortion is fully legal and 28% said they &ldquo;prefer to&rdquo; live in such a place.
&ldquo;Before the pandemic, abortion was legal in every state &mdash; although, not necessarily accessible,&rdquo; said Fairweather. &ldquo;Homebuyers were migrating across state lines before those state lines had such drastic repercussions. I believe that now movers are going to take the state laws in place more seriously. Affordability is always going to be the top concern for homebuyers, but I think moving from a place like Los Angeles to Austin will be a more difficult decision for some women.&rdquo;
On The Delinquency Front: A degree of good news came from the Office of the Comptroller of the Currency (OCC), which reported 96.9% of first-lien mortgages were current and performing by the end of the first quarter &mdash;&nbsp;one year earlier, that share was 94.2%.
The percentage of seriously delinquent mortgages &mdash;&nbsp;mortgages&nbsp;60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due &mdash;&nbsp;was 1.8% in the first quarter of 2022, down from 2.3% in the prior quarter and 4.6% one year ago.
The OCC also reported that mortgage servicers initiated 19,524 new foreclosures in the first quarter. However, this was attributed to the expiration of federal COVID-19-related foreclosure moratoria and is comparable to the pre-pandemic level.
The Federal Housing Finance Agency (FHFA) also weighed in on the subject, reporting that Freddie Mac and Fannie Mae (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fnma#OTC">FNMA</a>) completed 129,779 foreclosure prevention actions during the first quarter, with 75% of loan modifications reducing borrowers&#39; monthly payments by more than 20%. The number of refinances decreased amid rising mortgage rates from 1,266,043 in the fourth quarter to 899,518 in the first quarter.
The serious delinquency rate for Freddie Mac and Fannie Mac declined from 1.19% to 0.97% at the end of the first quarter, a lower level than the 5.33% for Federal Housing Administration loans, 3.15% for Department of Veterans Affairs loans and 2.39% percent for all loans.
Photo: Dan Moyle / Flickr Creative Commons
See Also: <a href="https://www.benzinga.com/real-estate/22/07/27987481/rent-growth-and-property-values-outpace-inflation-creating-a-unique-opportunity-for-investors-with-m">Rent Growth And Property Values Outpace Inflation, Creating A Unique Opportunity For Investors With Multifamily Developments</a>

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