Private MIs and the two major government programs provided primary coverage on $74.80 billion of refinance loans, more than double the volume in the third quarter.

The top four bank investors in residential MBS reported a combined $16.5 billion decline in their portfolios during the fourth quarter, with most of the drop coming in GSE pass-throughs. (Includes two data tables.)

Fannie and Freddie saw a small decline in Supers MBS issuance during the fourth quarter, along with an unusual spurt in commingled collateral. (Includes two data tables.)

Strong refinance business offset a decline in new primary MI coverage on purchase mortgages during the fourth quarter. Default rates and losses were on the upswing. (Includes four data tables.)

Securitization of industrial properties, including data centers, was the hottest sector in non-agency commercial MBS last year. Meanwhile, all three agencies saw hefty increases in multifamily MBS issuance. (Includes two data tables.)

Nearly all publicly traded banks reported declining income from mortgage banking in the fourth quarter of 2025. But most of them saw an increase in earnings for the full year. (Includes data table.)

Of a group of 25 publicly traded banks, all but four reported a decline in income from mortgage banking.

Monthly issuance of agency single-family MBS was up just 1.9% from December, boosted by a surge in cash-out refinances. Production in January 2026 rose 21.6% from the same month last year. (Includes two data tables.)

A 3% monthly increase in securitizations of purchase mortgages bolstered agency issuance in January to $119.95 billion, rising 1.9% on a monthly basis and 21.6% year-over-year.

On an annual basis, issuance in 2025 was the highest on record and a 15.1% gain from 2024.