Purchase-mortgage volume declined 14.3% on a sequential basis, while refinances were up 8.0%. The rise was propelled by FHA refis, which grew 6.2% from the fourth quarter to $24.06 billion.
Denial rates for most mortgage products declined on an annual basis in 2025, though denials of applications for purchase mortgages via FHA and USDA increased slightly. (Includes data table.)
Conventional-conforming mortgages accounted for 54.3% of originations in the first quarter of 2026. Rocket Mortgage was the top producer of the loans in the quarter. (Includes two data tables.)
A lawsuit seeks to block a new CFPB rule loosening anti-discrimination regulations; FHA will continue to use the tri-merge credit pull process; bill passed by House would increase fees on VA home loans to pay for expanded benefits for veterans; delinquencies stay firm in April.
Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Although changes to FHA’s loss-mitigation policies are expected to resolve most of the persistent re-defaults in its portfolio, FHA borrowers continue to be the most exposed to financial stressors.
Ginnie Mae President Joe Gormley addressed how he’s been filling a dual role as temporary FHA head since Commissioner Frank Cassidy went on leave from the position in April.
FHA could sustain a zero-downpayment loan option for first-time homebuyers if Congress would allow it, analysts at the Urban Institute contended in a new proposal.