The decline was largely based on a seasonal slump in purchase-mortgage activity. Looking forward, primary-market indicators point to a solid increase in consumer demand.
But the news wasn't all good: After peaking at $280 billion in the third quarter of 2015 – an eight-year high – purchase-mortgage originations tumbled 25 percent in 4Q...
Private MIs finished third in agency refinance loans, partly because the Fannie/Freddie program for refinancing underwater borrowers continued to slow down.