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

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.

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

Banks sold $125.65 billion of mortgages during the fourth quarter of 2025.

An uptick in refinance activity wasn’t enough to offset the seasonal decline in purchase-mortgage volume.

The share of high-LTV purchase loans delivered to the GSEs rose nearly 100 basis points to 47.52% in the first quarter, according to an Inside Mortgage Trends analysis of mortgage-backed security disclosures.

Endorsements of FHA home equity conversion mortgages rose 3.2% on an annual basis to $14.17 billion in 2025.

The retail channel’s share of nonconforming mortgage originations ticked down in 2025, to 68.2% from 68.8% in 2024.

Some 68.0% of mortgages originated in 2025 were sold into mortgage-backed securities.

The correspondent channel accounted for 38.0% of government-insured originations in 2025, up from a 34.5% share in 2024.