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Fannie Mae's Required Net Yield (RNY)

Strictly speaking, this is not an ARM index, however it is included here because this yield is frequently used as a basis for converting an adjustable rate mortgage to a fixed rate mortgage.

Fannie Mae* has many different yields.

* Fannie Mae, a federally chartered, shareholder-owned company, is the nation's largest source of funds for mortgages. It purchases mortgages from lenders, freeing up cash so the lenders can make more loans.

To determine exactly which Fannie Mae yield your mortgage is tied to, you should contact your current mortgage lender or look in your mortgage note. The most popular yield for 30-year fixed rate mortgages is the 60-day delivery RNY -- the minimum yield that Fannie Mae require on any given day for 30-year fixed rate mortgages delivered for sale to Fannie Mae by lenders within 60 days.

Historical Required Net Yields

The graph below shows a history of the Fannie Mae required net yield for 30-year fixed-rate mortgages, 60-day delivery (Fannie Mae 30/60). The graph reflects the yield in effect at 10am EST on the first business day of the month.

Fannie Mae 30/60 vs. Prime Rate, 1992-2014
Fannie Mae 30/60 vs. Prime Rate, 1992-2014 { Obtaining Permission to Reproduce }

Historical required net yields for 10-, 30-, 60-, and 90-day mandatory delivery whole loan commitments for 30- and 15-year fixed-rate mortgages (FRMs) and 7-year balloon mortgages with Actual/Actual (A/A) remittance are available by month for the last 12 months (historical information for the current month is also presented). The current business day's yield is updated overnight and is available the next business day.

To obtain historical required net yields for additional products or terms, Fannie Mae-approved lenders may contact the Capital Markets Sales Desk. Several of Fannie Mae's yields are also published in the Wall Street Journal.

Note: The Freddie Mac's Required Net Yield is also sometimes used to reset balloon/reset mortgages and convert convertible ARMs.

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