In late February, just before interest rates started rising, the refi share of applications was close to 60%.

It will be the third issuance of its type from Goldman this year, following two similar deals in 2025.

Homesellers are refusing to offer steep discounts.

Overall, refinance business was down compared with the fourth quarter of 2025, though FHA refi volume increased by 6.1% due to FHA-to-FHA refi activity.

Delinquency rates on mortgages with debt-to-income ratios above 43% are only slightly higher than delinquency rates on mortgages overall, according to a new analysis by Moody’s Ratings.

The delinquency rate held steady on a monthly basis, at 3.35% as of the end of April, according to Intercontinental Exchange.

Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)

Bill in House would add to IRRRL fees; FHA proposes rejecting applicants with delinquent child support obligations; FHA to automate some case number assignments for condos.

In all of 2025, refis accounted for 30.1% of originations.