For both purchase mortgages and refis, GSE activity with private MI posted stronger performance than FHA in the fourth quarter of 2025. For the full year, trends differed, at least with purchase mortgages. (Includes three data tables.)
Department of Housing and Urban Development Secretary Scott Turner was evasive as members of the House Financial Services Committee asked him to elaborate on his plans and achievements.
Ginnie Mae issuance of mortgage-backed securities backed by refinance loans zoomed in the fourth quarter to highs not seen since the pandemic boom. (Includes four data tables.)
Rates eased by a few basis points in government markets after the Trump administration announced Fannie Mae and Freddie Mac would purchase a combined $200 billion in agency mortgage-backed securities, even as the industry awaited more details from the federal government.
The Consumer Federation of America studied the shortcomings of FHA’s 203(k) rehabilitation loan program to determine why usage has plummeted 77% in the last decade.
In the agency MBS market, refi volume with primary MI was up sharply at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.
FHA’s annual audit revealed that the capital ratio of its Mutual Mortgage Insurance Fund remained strong in the 2025 fiscal year, prompting calls for the agency to reassess its life-of-loan premium policy.
Early effects from FHA’s revisions to its loss-mitigation practices have begun to show up in data, although it will still take time for the longer-term impacts to play out.