Fun fact: Banks continued adding MBS to their portfolios even though they had to write down the value for most of their holdings.

Most bank holdings of residential MBS are in available-for-sale accounts that require fair-value accounting, which led to a rare decline in the industry's portfolio in the first quarter. (Includes two data charts.)

Since the beginning of 2021, $40.25 billion of ECM mortgage-backed securities have come to market...

Expanded-credit mortgage was the only product line to show any growth in the first quarter of 2022, and more lenders are sizing it up as agency and jumbo markets wilt. (Includes two data charts.)

The non-agency CMBS sector took the biggest hit...

While CMBS issuance was down overall, there were a few pockets of strength in the non-agency sector. Agency multifamily MBS issuance tumbled 16% from the fourth quarter. (Includes two data charts.)

Refi volume for private MIs plunged 33.9% on a quarterly basis to just $6.66 billion, or just 4.9% of NIW written.

New primary MI coverage on refinance loans fell sharply in the first quarter. Purchase MI business saw a somewhat softer landing as the mortgage market nosedived. (Includes three data charts.)

April MBS issuance volume, which reflects originations, was the lowest monthly output since March 2020, just before the Fed launched a historic surge in refi activity.

With refinance activity plummeting, lenders with concentrations of purchase loans were more likely to see their agency sales increase in April. Total agency MBS issuance fell 11% from March. (Includes two data charts.)