Purchase-mortgage securitizations held agency acquisitions afloat in the third quarter.

Expanded-credit MBS and securitizations of home equity loans helped push issuance of non-agency MBS in the third quarter of 2025 to a level last seen in 2007. (Includes three data tables.)

Agency refinance business slowed significantly in the third quarter, and the market seemed to turn in September as purchase-mortgage volume also declined. (Includes two data tables.)

Issuance of commercial MBS and non-mortgage ABS increased at a faster pace during the third quarter than issuance of residential MBS.

Despite a September surge in rate-term refinance business, agency single-family MBS production fell even as non-agency MBS production was booming. (Includes three data tables.)

Publicly-traded mortgage companies saw increases in earnings from both lending and servicing during the second quarter of 2025.

Money market managers and insurance companies increased their holdings of single-family MBS during the second quarter.

Despite the 2Q25 increase, repurchases for the first half of 2025 were down 33.9% from the same period last year.

Most of the repurchase activity in the second quarter involved loans sold to the GSEs in 2024, which is shaping up to be a pristine vintage. (Includes three data tables.)

A surge in originations helped boost mortgage-banking income in the second quarter, while MSR marks dampened servicing income. (Includes data tables.)