Mortgage applications declined by 8.5% last week compared to the week prior.

GSE purchase-mortgage business with private MI declined at about half the rate of the decline seen in FHA purchase-mortgage business in the fourth quarter of 2025.

The Mortgage Bankers Association, America’s Credit Unions and the Independent Community Bankers of America asked for three specific policy changes to address housing affordability.

VA refi issuance was the highest since the fourth quarter of 2021.

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.

Trump is set to reveal plans to address housing affordability and the Supreme Court will hear oral arguments on Trump's effort to remove Lisa Cook from the Federal Reserve's board of governors.

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 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.