Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)

One of the GSEs has quietly issued an MBS comprised of loans underwritten using VantageScore 4.0.

Since the Iran war started, interest rates have returned to where they were when President Trump directed the GSEs to purchase $200 billion in MBS and most analysts say GSE reform is now off the table.

Since the U.S. initiated strikes on Iran, mortgage rates and MBS spreads have given up all the ground they gained from the Trump administration’s directive for the GSEs to purchase $200 billion in agency MBS.

The potential rule change would allow banks to redesignate MBS holdings from held-to-maturity to available-for-sale.

Secondary-market sales of agency loans followed seasonal patterns last month. Although purchase-mortgage volume saw the biggest decline, the sector still accounted for 55.8% of agency issuance last month. (Includes two data tables.)

Fannie Mae’s retained mortgage portfolio surpassed the size of Freddie Mac’s in January, a first since 2022 as Fannie is adding to its MBS holdings at a faster rate than Freddie.

Figure Technology Solutions is working to facilitate originations and sales of first-lien mortgages, touting lower costs and modern technology compared with delivering loans to Fannie Mae and Freddie Mac.

Asset managers believe agency commercial MBS is an attractive investment option following President Trump’s directive to the GSEs to buy $200 million in agency MBS.

Recent cases involving subprime auto lender Tricolor and auto parts manufacturer First Brands prompted the initiative.