Fannie and Freddie MBS issuance with private MI declined 20.4% on a sequential basis during the first quarter of 2025. Leaders of private MIs attributed the first-quarter slowdown to affordability issues. (Includes three data tables.)

Several factors are affecting whether homeowner’s insurance may become more affordable in the future.

New bills in Congress aimed at the housing market have some bipartisan support; Trump fires Democrats on NCUA board; Trump administration looks to boost mortgage activity at smaller banks.

Even though their businesses depend on Fannie and Freddie, private mortgage insurance providers don’t seem worried about the Trump administration’s efforts to release the GSEs from conservatorship.

The VA, FHA and even private MIs posted big gains in writing insurance for refinance loans in the fourth quarter while purchase-mortgage business saw a seasonal decline. (Includes four data tables.)

Agency refis with primary MI skyrocketed in the fourth quarter of 2024 while purchase-mortgage business declined somewhat. Lenders tightened underwriting standards on refis as volume flowed. (Includes three data tables.)

The new regulation will allow the costs of reinsurance to be passed down to homeowners and potentially increase coverage in high-risk areas.

With the latest MMIF audit showing a strong capital reserve ratio, the FHA commissioner said it’s probably time to take action on pricing.

MGIC saw a significant gain in market share during the third quarter, but private MIs overall lost ground to FHA and VA due to surging refinance activity. (Includes four data tables.)

While still offered, piggyback loans are relatively rare in today’s high-interest-rate environment.