The FHA/VA share of primary MI volume increased from 60.5% of activity in the fourth quarter of 2024 to 63.8% in the first quarter of 2025.

Private MI volume in GSE MBS issuance in the first quarter of 2025 was down 20.4% from the previous quarter.

In states with the highest volume of primary MI, purchase-mortgage activity was more weighted toward government-insured programs.

The increase was driven by refinances.

Deliveries to Fannie Mae and Freddie Mac of mortgages with private MI more than quadrupled from the third quarter, hitting $6.58 billion in the fourth quarter.

The brunt of insurance burdens tied to natural disasters fall on property insurance providers, though private MIs could see an uptick in delinquencies.

Redfin said home prices have risen for three straight months.

UWM's debt offering priced with an interest rate of 6.625%.

FHA Commissioner Julia Gordon suggested any cut in the mortgage insurance premium would likely wait for the next administration.

Government mortgage insurance programs captured most of the primary MI gain in the third quarter.