The GSEs will accept VantageScore 4.0 on a pilot basis. FHA will follow at a later date, along with plans for the GSEs and FHA to allow for use of FICO 10T.

The main difference in 2026 was that later-stage delinquencies increased.

Now, the economists project that the average interest rate for a 30-year fixed-rate mortgage will decline to only 6.1% in the fourth quarter.

FHFA Director Bill Pulte dismissed concerns about adverse selection risk tied to the optionality for lenders on FICO scores and VantageScore.

According to a new analysis by Inside The GSEs, depositories serviced 38.2% of the loans in Fannie Mae and Freddie Mac mortgage-backed securities at the end of the first quarter of 2026, up from a 38.0% share at the end of 2025.

Annaly’s income dropped by 71.5% compared with the fourth quarter. But the real estate investment trust was profitable while other REITs that focus on agency MBS have posted losses for the first quarter.

A total of $69.89 billion of non-agency MBS came to market in the first three months of the year, a 34.8% increase from the fourth quarter.

Changes in the fair value of agency mortgage-backed securities led to a $148 million loss at AGNC Investment in the first quarter of 2026.

“Government policy is squarely in the driver seat, defining and driving outcomes,” said Smriti Popenoe, co-CEO and president of Dynex Capital.

A new Inside Mortgage Trends analysis showed a total of $164.28 billion of agency MSR changed hands in the first three months of the new year, down 84.1% from the prior quarter.