Mortgage rates declined slightly in the government-insured market after the Trump administration directed Fannie Mae and Freddie Mac to purchase a combined $200 billion in agency mortgage-backed securities.

The last time a single company held more than $1.0 trillion of agency servicing was 2019, near the end of the reign of Wells Fargo atop the servicing market.

Volume with primary MI was up sharply in the fourth quarter of 2025 at both the government-sponsored enterprises and the Department of Veterans Affairs, while FHA volume lagged to some extent.

Issuance of residential mortgage-backed securities increased by 13.8% on an annual basis, hitting $1.43 trillion in 2025.

Ginnie President Joe Gormley said the update allows for greater efficiencies and cost savings, and will make the agency’s digital collateral program more attractive to new issuers.

Issuance of agency mortgage-backed securities increased by 10.8% on an annual basis to $1.235 trillion in 2025.

The correspondent channel accounted for 40.1% of the survey group’s government-insured production in the third quarter, up from 37.7% in the second quarter.

Some 69.8% of mortgages originated during the third quarter of 2025 were securitized.

Measures contained in bipartisan housing packages in both the Senate and House would attach a disclosure to the military service question on the uniform residential loan application to raise awareness of VA loans.

Urban Institute researchers said in a recent report that only strategies that catalyze new construction can truly address the housing affordability problem.