The venerable agency MBS platform set production records in both the third and fourth quarters of 2019, caught its breath in early 2020, and then rose 12.7% to a new high in the April-June cycle.
VA refinance activity drove much of the increase from the first to the second quarter, and the veterans' program accounted for over half of Ginnie MBS issuance during the period. (Includes four data charts.)
Despite the dampening effect of the coronavirus early in the second quarter, total MBS and ABS issuance soared to a record $790 billion. Agency single-family MBS accounted for 94% of total issuance. (Includes four data charts.)
Fannie, Freddie and Ginnie issued a combined $742 billion of single-family MBS in the second quarter, smashing a record set back in 2003, the mother lode for mortgage business. (Includes two data charts.)
Heavy rate-term refinances and cash-out transactions accounted for much of last year's big gain in first-lien originations. Denial rates were down in nearly all categories. (Includes data chart.)
Fannie, Freddie and Ginnie issued a combined $742 billion of single-family MBS in the second quarter, smashing a record set back in 2003, the mother lode for mortgage business.
Record-low mortgage interest rates powered a surge in refinance activity in agency mortgage-backed securities platforms during the second quarter of 2020, according to a new Inside Mortgage Trends analysis.
Fannie and Freddie issued a staggering $880 billion of single-family MBS during the first half of 2020, up 78.5% from the first three months of the year. Volume peaked in June as refi activity continued to surge.