BofA, Chase and Wells all increased production by more than 40% on an annual basis in the first quarter of 2026. But demand for mortgages diminished in March amid rising interest rates.

The five largest lenders accounted for 21.5% of originations in 2025. Nonbanks produced 65.6% of all residential mortgages. (Includes two data tables.)

“Purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty,” said Joel Kan, a vice president and deputy chief economist at the MBA.

BofA's originations of first mortgages increased by 42.7% on an annual basis in the first quarter of 2026.

Both JPMorgan Chase and Wells Fargo increased their mortgage originations by more than 40% on an annual basis in the first quarter of 2026.

To limit home price appreciation, the administration is working to sharply increase the supply of homes for sale, particularly newly built homes.

“Lower consumer confidence and softer job growth continue to hold back buyers,” said Lawrence Yun, chief economist at NAR.

Locks for conforming mortgages lost market share to FHA loans and nonconforming mortgages in March, according to Optimal Blue.

The annual adjustment that FHFA makes to conforming loan limits presents opportunities and challenges for jumbo lenders, according to new research.

Purchase-mortgage volume in agency MBS issued in the first quarter of 2026 was essentially flat compared with the first quarter of 2025.