When mortgages are sold after they have been funded, they are considered part of the:

The primary mortgage market is where loans are originated and funded by lenders directly to borrowers. This market involves the initial transaction of mortgage creation, not the subsequent sale of those mortgages. Therefore, it does not encompass the buying and selling of funded mortgages, which is characteristic of the secondary market.

The Rural Housing Service is a government agency that provides loans and grants for housing in rural areas. While it facilitates certain types of mortgage lending, it is not a market for the buying and selling of existing mortgages. Hence, it does not pertain to the context of mortgages being sold after funding.

The Federal Reserve System is the central bank of the United States, responsible for monetary policy and regulating financial institutions. While it influences interest rates and overall economic conditions, it does not directly involve the buying or selling of mortgages. Therefore, it does not fit the context of mortgages sold after funding.