Fannie Mae Earnings Rise 23% in 1st Quarter

Fannie Mae, the largest buyer of U.S. mortgages, said first-quarter earnings rose 23% as mortgage rates near a three-decade low spurred more consumers to buy houses and refinance their mortgages.

The company had a profit from operations of $1.52 billion, or $1.48 a share, beating estimates and up from $1.24 billion, or $1.20 a share, a year earlier.

Shares of Washington-based Fannie Mae fell 79 cents to $80.70 on the NYSE.