Agency single-family MBS issuance rose 11% from the first to the second quarter, and midyear production was up 28% from 2025. But the refinance business is running out of gas and purchase-mortgage volume was flat compared with the first six months of last year. (Includes three data tables.)

Seller repurchases of defective loans from the government-sponsored enterprises fell in the first quarter to their lowest level since 2020.

Seller repurchases from Fannie and Freddie declined 21% in the first quarter of 2026 to the lowest level since 2020. But the pipeline of unresolved claims rose significantly. (Includes three data tables.)

Fitch surged past Kroll to start 2026 as the top rating service in the non-agency MBS market. The company also extended its lead as the top ABS rating service. (Includes two data tables.)

A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Relatively strong refinance activity helped dampen growth in outstanding agency single-family MBS during the first quarter, but non-agency MBS posted its biggest increase in years. (Includes two data tables.)

AGNC Investment passed Annaly Capital Management during the first quarter of 2026 as the largest real estate investment trust in terms of holdings of MBS.

An analysis of earnings reports from 18 lenders showed combined income from production and secondary market rose to $2.75 billion in the first quarter, a 5.0% increase from the previous period.

Production-related income rose in the first quarter despite slowing origination volume, while MSR hedges performed better. (Includes one data table.)

Annaly Capital Management slipped to second in REIT agency MBS investors as it diversifies into MSR and non-agency. AGNC Investment rose to the top, focused almost exclusively on agency MBS. (Includes two data tables.)