Atlanta, Georgia, United States
2025 Capital Markets Review: GNMA Project Loan Execution
What actually moved HUD borrower rates in 2025 — and why timing mattered more than headlines.
For HUD lenders and borrowers, 2025 was not a year of dramatic rate collapses or clean policy signals. It was a year where execution mattered more than forecasts, and where borrowers who understood when to act consistently outperformed those waiting for confirmation.
This report documents that reality.
Written from the perspective of a rate-lock advisor—not an economist—the 2025 GNMA Project Loan Capital Markets Review analyzes how Treasury yields, GNMA project-loan spreads, and borrower rates actually behaved across the year, and why many widely held assumptions about “waiting for the Fed” failed to deliver better outcomes. It's 43 pages of information about HUD MAP lending you won't find elsewhere.
Inside The Report
- A full-year capital markets overview, written for HUD and GNMA participants
- Quarter-by-quarter analysis of Treasury rates, spreads, and borrower execution
- Identification of the strongest lock windows—and why they worked
- Discussion of months when “waiting felt right” but proved costly
- Analysis of Fed easing in context, not isolation
- The impact of political risk, liquidity constraints, and shutdown conditions
- A methodology appendix explaining how conclusions were reached
This is a narrative report, not a checklist. Charts and data are used to support judgment—not replace it.
Who The Report Is For
– HUD / GNMA lenders
– Rate-lock desk managers
– Capital markets professionals
– Borrower advisory teams
– Investors evaluating HUD execution risk
Sample Report Pages
Pricing
Report + Advisory
Institutional Data
Report + Advisory
$1,995/year
Includes the 2025 Capital Markets Review and ongoing execution-focused market commentary.
Institutional Data
Institutional Data
Institutional Data
$3,500
Access to historical data beginning 8.1.2016 for advisory clients.