The increase was driven by refinances.

Most of the decline was in held-to-maturity accounts, but that may have been the result of an accounting reclassification.

While the fair value of bank MBS declined in the fourth quarter, the industry reported a slight gain on an amortized-cost basis. Bank of America led the ranking of bank MBS investors, though its portfolio fell $27 billion. (Includes two data tables.)

The VA, FHA and even private MIs posted big gains in writing insurance for refinance loans in the fourth quarter while purchase-mortgage business saw a seasonal decline. (Includes four data tables.)

Earnings reports from 26 publicly traded banks show just over half reported gains in mortgage-banking income from 3Q to 4Q.

Hedging shifting values of mortgage servicing rights continued to be a major factor in bank mortgage-banking activity as production income remained strong despite a sag in volume. (Includes data table.)

Although overall non-agency CMBS issuance fell slightly in the fourth quarter, volume was up in deals backed by retail and lodging properties. Agency multifamily activity quickened in the second half of 2024 but still came up a little short of the previous year. (Includes two data tables.)

Most “involuntary loan purchases” by servicers of Fannie/Freddie single-family MBS are related to loss mitigation and loan delinquency rather than loan defects. (Includes data table.)

Among the top 15 MBS issuers for the month: Planet Home, CMG Mortgage and Onity.

Although interest rates were higher on loans backing agency MBS in January, there was a small, if uneven, increase in issuance from the previous month. (Includes two data tables.)