Formation of GSE Supers securities returned to more normal levels, equaling roughly 56% of Freddie/Fannie uniform MBS production in the third quarter. Ginnie set the pace in agency REMIC issuance. (Includes two data tables.)

Government-insured production declined slightly during the third quarter, while new business for private mortgage insurers was up 3.8%. (Includes four data tables.)

Among a group of servicers with $5.45 trillion in volume, the delinquency rate declined across all late categories during the third quarter. (Includes two data tables.)

Total non-agency mortgage-backed securities servicing volume increased by 12.9% during the third quarter, with nearly $34 billion of non-agency MBS servicing assigned. (Includes data table.)

Closed-end second liens and home equity lines of credit flowed into securitizations during the third quarter of 2025 after a brief slowdown in the second quarter. Nine months into the year, issuance was up more than 70% on an annual basis. (Includes three data tables.)

Declining interest rates lifted refi lending in the third quarter but couldn’t help the seasonal slowdown in purchase-mortgage originations. Nine months into the year, refi business was up nearly 50% on an annual basis. (Includes five data tables.)

The agency market is responding to the decline in mortgage rates since early September with rate-term refinance business doubling in October. ARMs and 15-year loans are also surging. (Includes two data tables.)

Trends split during the third quarter in terms of GSE business involving private mortgage insurance. Purchase-mortgage volume increased and refis declined. (Includes three data tables.)

Borrower payoffs continued to make up the bulk of removals from Ginnie MBS. But the increase in third-quarter volume was led by FHA loan removals for delinquencies and foreclosures. (Includes two data tables.)

During the third quarter of 2025, Pennymac once again passed JPMorgan Chase as the largest contributor to prime non-agency mortgage-backed securities. (Includes three data tables.)