"We may still see the 30-year dip back below 6%, but a refinance rally feels farther away than it did a month ago," said Eric Orenstein, a senior director at Fitch Ratings.

The $87.67 billion of removals were largely tied to borrower payoffs.

Due to accounting rules, earnings from the loans locked during the third quarter of 2025 were recognized in the third quarter rather than the fourth quarter.

The residential MBS holdings of 17 publicly traded REITs were valued at $247.16 billion as of the end of last year, a gain of 6.9% from the end of September.

Home prices declined by 0.2% on an annual basis in February, the first annual decline since 2012, according to First American Data & Analytics.

UWM was the top Ginnie MBS issuer in February even though its volume fell 15.1% from January.

The Federal Deposit Insurance Corp. has announced a board meeting for March 19 to discuss two proposals to adjust capital requirements for banks.

Interest rates on mortgages are back above where they were before President Trump directed the GSEs to buy $200 billion of MBS.

“The process for the data publication is now with the GSEs,” FICO said.

Both purchase-mortgage volume and refinances declined on a monthly basis in February.