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.

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.

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.

The Mortgage Bankers Association said its members see value in switching to short-term liquidation reporting.

While purchase-mortgage issuance fell 8.4% to hit the lowest monthly volume since March, refinance activity spiked 44.0% in November.

The changes also allow VA to charge default-related fees under the partial claim, among other adjustments.