“While speculation continues around the potential privatization of the government-sponsored enterprises, Morningstar DBRS does not view any changes to [their] status as likely for the length of the credit rating outlook period given the complexities and potential consequences of such an action, especially considering the current macroeconomic environment,” the rating service said.

Some $8.60 billion of conforming jumbos flowed into GSE mortgage-backed securities issued during the first quarter, an 11.0% decline from the previous quarter.

The refi share of Ginnie issuance increased to 43.9% in the first quarter of 2026, the highest since the second quarter of 2021.

BofA's originations of first mortgages increased by 42.7% on an annual basis in the first quarter of 2026.

Agency MBS issuance declined on a quarterly basis in the first quarter of 2026 while non-agency MBS issuance hit the highest level since the financial meltdown of 2007.

Locks for conforming mortgages lost market share to FHA loans and nonconforming mortgages in March, according to Optimal Blue.

Issuance of non-agency mortgage-backed securities increased 34.2% from the fourth quarter of 2025 to the first quarter of 2026, according to a new ranking and analysis by Inside Nonconforming Markets.

The average single-family home generated $4,427 in taxes in 2025, a 3% increase over the prior year.

Purchase-mortgage volume in agency MBS issued in the first quarter of 2026 was essentially flat compared with the first quarter of 2025.

“This combination of credit quality, yield and rate protection has drawn interest from asset managers, insurance companies and hedge funds,” said Adam Beeler, global head of strategic partnerships and new business development at Angel Oak Capital Advisors.