Balance-sheet normalization at the Fed leads to spread widening, but with a significant lag and focused on premium coupons.

The third-party analytics models used by bond traders now accept VantageScore 4.0 loans, but their methodologies were designed before the confusion around loan-level price adjustment grids.

Interest rates on mortgages increased steadily throughout the second quarter, diminishing demand among non-agency MBS investors to some extent. (Includes data table.)

Analysts suggest that the proprietary credit scores of the GSEs, if released prior to pooling loans into MBS, could serve as the basis for a new category of specified pool.

Mortgage industry analysts ponder the impact of new Fannie Mae and Freddie Mac disclosures on the MBS and credit-risk transfer markets.

Many of those green loans will still be eligible for purchase by the GSEs. Social bonds appear unaffected.

At the end of July, the agency purchase-mortgage market was just barely ahead of the pace for the first seven months of 2025, but refinance business has doubled. (Includes two data tables.)

The Structured Finance Association says the GSEs should be able to accept multiple credit scores on a single application and disclose that information to MBS investors.

Investor demand is expected to remain strong for agency MBS despite some volatility expected for the rest of the year.

Issuance of spec-pool MBS in the second quarter increased at a faster pace at Freddie than at Fannie. Pools of loans for Florida properties continued to be favored over loans from New York and Texas. (Includes data table.)