The sharp decline in home price appreciation makes it possible that lenders’ early-bird loan limits for 2027 will come in above the 2026 conforming loan limits.
The slowdown in premium increases comes as insurers focused on restoring profitability after a period of high inflation, rising construction costs, expensive reinsurance and record catastrophe losses.
Primary mortgage insurance activity was up 17% in the second quarter after a slow start to the year, with private insurers claiming more of the purchase market but losing share in refinances. (Includes four data tables.)
Lenders aren’t stretching to goose originations of GSE or government-insured loans. Issuance of agency MBS was fairly stable through the first half of 2026 and underwriting standards held firm, regardless of the presence of primary MI. (Includes three data tables.)
A boost in primary MI for refinance loans helped offset an across-the-board downturn in new coverage for purchase loans. Private MI earnings look to be on cruise control. (Includes four data tables.)
GSE purchase-mortgage volume with private MI held up a little better on a quarterly basis than GSE business without private MI in the first quarter of 2026. (Includes three 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.)
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.)