Mortgage rates declined slightly in the government-insured market after the Trump administration directed Fannie Mae and Freddie Mac to purchase a combined $200 billion in agency mortgage-backed securities.

Amit Siroya, managing director of residential investments, asset-based finance, at Barings, said RTL originations could slow in certain pockets that are seeing volatility in home prices.

Trump is set to reveal plans to address housing affordability and the Supreme Court will hear oral arguments on Trump's effort to remove Lisa Cook from the Federal Reserve's board of governors.

The last time a single company held more than $1.0 trillion of agency servicing was 2019, near the end of the reign of Wells Fargo atop the servicing market.

Michael Fratantoni, chief economist and a senior vice president of research and business development at the Mortgage Bankers Association, predicted that interest rates will largely stay above 6.0% in 2026 and 2027.

It remains unclear what types of MBS the GSEs are planning to buy and the span of the planned purchases, among other factors.

Both Regions Financial and PNC Financial had declines in mortgage-banking income in the fourth quarter of 2025 tied to MSR valuations, net of hedging.

The median home price in California declined by 0.4% on a monthly basis in December.

Volume with primary MI was up sharply in the fourth quarter of 2025 at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.

CHLA said a single-bureau credit pull could ultimately increase costs for borrowers, among many other issues.