• Fannie Mae average gross margin for 2023 was 22.1%, a 20.73% decline from 2022.
• Fannie Mae average gross margin for 2022 was 27.88%, a 4.62% decline from 2021.
• Fannie Mae average gross margin for 2021 was 29.23%, a 43.42% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.