Fannie, Freddie and Ginnie securitized just $48 billion of refinance loans in May as both rate-term and cash-out activity crumpled. Purchase-mortgage business was up an anemic 0.2% from April. (Includes two data charts.)

Experts compare today’s bond market to the bearish days of 1994, predicting a recession in the fall. But better times are coming. Maybe.

Most sectors of the structured-finance market saw declines in new issuance during the first quarter of 2022, including a steep drop in single-family agency MBS production. (Includes three data charts.)

The reputation of being a safe, liquid asset adds about 47 basis points to the “convenience premium” of agency MBS over investment grade bonds, according to the National Bureau of Economic Research.

Issuance of agency real estate mortgage investment conduits/collateralized mortgage obligations was essentially flat in 2021, with Ginnie sharply increasing its volume while GSE issuance declined. (Includes data chart.)

The Structured Finance Association is assessing investors’ and brokers’ preferences for replacing LIBOR in structured finance bonds.

Higher conforming loan limits likely helped agency MBS issuance edge slightly higher in January. But the market started 2022 well behind its pace a year ago. (Includes two data charts.)

The number of newly minted Ginnie Mae issuers has fallen dramatically the past year. Something to worry about or the byproduct of the mortgage industry’s cyclicality?

It took seven or eight months for primary mortgage rates to reflect the Fed’s massive intervention in the secondary market.

The Ginnie Mae issuer market is dominated by nonbanks but at least one issuer/servicer is heading for the hills: Home Point.