The GSEs outpaced Ginnie in terms of growth in MBS issuance in the second quarter.

Agency MBS, non-mortgage ABS and commercial MBS all saw significant gains in new issuance during the second quarter, while the non-agency MBS market continued to lag behind.

Secondary-market sales of purchase mortgages rose smartly in the second quarter and there was even a modest boost in the refi market. But at midyear, agency single-family business was well off last year’s mark.

Primary mortgage insurance activity increased in the second quarter of 2023 after seven consecutive quarterly declines.

Fannie and Freddie issuance of single-family MBS surged 38.4% from the first quarter of 2023 to $172.31 billion...

With sales to the GSEs rising sharply in the second quarter, the share of low-FICO purchase loans fell to a record low — while the share of high-FICO loans hit a record high. (Includes two data charts.)

The vast majority of agency mortgages with primary MI coverage were purchase loans in the second quarter, although the flow of insured refinance business was up a little more. (Includes two data charts.)

In terms of non-agency MBS ratings, it was Fitch, followed by DBRS and Kroll...

Fitch rode the market’s hottest sectors in the first quarter: vehicle-backed ABS and expanded-credit MBS. S&P slipped to second in ABS ratings and fourth in residential MBS. (Includes two data charts.)

Some 66.5% of GSE repurchases in the first quarter involved loans securitized in 2022.