The correspondent share of mortgage originations shrank in 2025, with retail picking up most of the slack. Both channels remained well ahead of the wholesale channel. (Includes six data tables.)
The nonconforming market continued to gain share during the fourth quarter. In all of 2025, the nonconforming sector accounted for 20.9% of first-lien originations, up from a 16.6% share in 2024. (Includes two data tables.)
Refi originations increased by 96.8% on a quarterly basis in the fourth quarter of 2025. For the full year, refi volume was up 61.2% while purchase-mortgage lending increased by 2.4%. (Includes five data tables.)
Production of first-lien residential mortgages increased by 17.3% during the fourth quarter of 2025. Refinances soared while purchase-mortgage activity declined as part of a seasonal trend. (Includes two data tables.)
In mid-December, MBA was projecting interest rates would hold at 6.4% throughout 2026. However, MBA now anticipates the average rate will be 6.1% in the first quarter and hold at that level through the year.
SoFi Bank posted an 18.2% quarterly increase in retail lending in the third quarter, while the market as a whole contracted. The bank is looking to cross-sell mortgages to its customers. (Includes two data tables.)
Among the three origination channels, only broker production increased during the third quarter. The broker share of originations neared 20% again during the quarter. (Includes six data tables.)
Lending was down slightly across products in the third quarter. UWM remained the largest conventional-conforming producer and moved into the top spot among originators of government-insured loans. (Includes two data tables.)
Declining interest rates lifted refi lending in the third quarter but couldn’t help the seasonal slowdown in purchase-mortgage originations. Nine months into the year, refi business was up nearly 50% on an annual basis. (Includes five data tables.)