The share of mortgages with primary MI increased by 2.1% in the first quarter, based on agency MBS issuance.

Refi volume delivered to Ginnie spiked in the first quarter while purchase-mortgage activity declined.

Servicers have until Oct. 1 to implement the program.

The high inflation reading for March is one factor that will keep interest rates higher for longer.

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 correspondent channel accounted for 47.5% of FHA/VA originations in 2023, up from a 46.8% share in 2022, based on volume from a subset of lenders that produced the majority of FHA/VA volume.

The increase was driven by refinances, particularly VA refis.

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.