The share of refis with MI coverage in the agency MBS market grew from 10.3% in the fourth quarter of 2023 to 14.6% in the first quarter.

Purchase-mortgage volume at Ginnie Mae increased by 13.9% on an annual basis in the first quarter of 2024.

The budget approved by Congress for Ginnie Mae for fiscal year 2024 included the largest annual increase in funding in the agency's history.

The increase was driven by refinances, particularly VA refis.

Adrianne Todman will serve as HUD’s acting secretary following the departure of Marcia Fudge.

According to an analysis by Inside MBS & ABS, $1.88 billion of VA rate/term refinance loans were included in Ginnie MBS issued in February 2024, compared with $298.5 million in January.

The appropriations bill includes $54 million in funding for Ginnie for fiscal year 2024 compared with $40 million in funding for FY 2023.

Effective immediately, Ginnie issuers must notify the agency of any cybersecurity incident within 48 hours after the issue is detected.

“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying,” said Sam Khater, chief economist at Freddie Mac.

Ginnie Mae's revisions come one day after the FHA raised the maximum loan limit for Title 1 loans on manufactured housing.