After a brief rebound in the first quarter, issuance of non-agency MBS declined in the most recent three-month period despite a tiny increase in prime deals.

The agency single-family servicing market grew more rapidly in the second quarter of 2023, with nonbanks racking up most of the gains. Ginnie remained the fastest-growing sector.

All major sectors posted gains in securitization activity...

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.)