Another contributor: Issuers were slightly faster at packaging new non-agency production.

Steve Harris, president of MIAC Analytics, noted that plenty of investors are interested in non-QMs, helping to keep prices elevated.

Ginnie Mae is instituting a temporary 10% cap on the share of mortgages with buydowns delivered into multiple issuer pools of Ginnie MBS.

The share of refis with low loan-to-value ratios delivered to the GSEs increased in the first quarter of 2025.

The REIT had $130.3 million of net income in the first quarter, down 72.5% compared with the previous quarter.

“A decline in interest rates resulted in higher valuations,” Redwood noted.

The House Financial Services Committee moved a bill forward that would reduce the budget for the Consumer Financial Protection Bureau by close to 70%.

Pulte reiterated that movements in interest rates on mortgages will help to guide GSE reform.

The data the Federal Reserve relies on shows a slowing economy but also increased risk of inflation.

There was also a slight year-over-year decline in Fannie servicing.