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.
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.
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.
“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.