"Record To-Be-Announced activity [in March] was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility," Tradeweb said.

“Demand [for mortgages] remains highly rate-sensitive despite increased [housing] inventory,” according to Bob Broeksmit, president and CEO of the Mortgage Bankers Association.

Ellington Financial is set to issue a non-agency MBS with GSE-eligible mortgages originated by Pennymac.

The GSEs plan to announce a new adoption date for the Uniform Closing Dataset during the fourth quarter of 2026.

Fannie said the changes were made in response to feedback from lenders.

Mat Ishbia, president and CEO of United Wholesale Mortgage, hopes that “things will calm down, globally” to help reduce interest rates.

Analysts suggest that the incentives in the proposals to retain mortgage originations are stronger than the incentives for banks to increase their deliveries into MBS.

“High costs, along with economic uncertainty from the Iran war, have sidelined some would-be homebuyers,” Redfin said.

Applications declined by 10.4% on a weekly basis the week ending March 27.

Some 68.0% of mortgages originated in 2025 were sold into mortgage-backed securities.