Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)

In May, the combined retained mortgage portfolios of Fannie Mae and Freddie Mac saw their first monthly decline in more than a year.

More than 90% of expanded-credit mortgage production went into MBS in the first quarter of 2026. (Includes data table.)

A property law expert said securitizing real property interests encourages home price inflation.

Relatively strong refinance activity helped dampen growth in outstanding agency single-family MBS during the first quarter, but non-agency MBS posted its biggest increase in years. (Includes two data tables.)

Urban Institute researchers say the mortgage industry will experience slightly better capital treatment as a result of the changes to the Basel III Endgame, but they recommend some improvements.

Economists note that the pricing of mortgage credit risk depends not only on the quality of the underlying mortgages but also on who ultimately bears that risk.

Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)

MBS investors are likely to charge a pay-up for securities backed by mortgages underwritten with VantageScore — at least until they’re confident prepayment speeds won’t accelerate.

Policies put in place during the pandemic prevent many small banks and credit unions from selling small-balance loans to the GSEs, which constrains mortgage lending in rural and low-income communities.