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 average interest rate for a 30-year fixed-rate mortgage declined by 8 basis points on a weekly basis and hit its lowest level since September 2022.

Pennymac Mortgage Investment Trust is generating a return on equity in the low- to mid-teens from issuing non-agency MBS.