There was little movement in applications for purchase mortgages or refinances last week.

The uptick bucked a seasonal trend, as locks for purchase mortgages typically decline each month after spring.

Refis account for 15.0% of the planned $365.3 million issuance.

While agency MBS issuance surged in October, some of the top sellers posted declines in volume compared with September.

“The refi boom has not fully materialized, but we have seen a preview of it and were able to capitalize on it instantly while others were caught flat footed,” Mat Ishbia, chairman and CEO of UWM, said Thursday during the lender’s earnings call.

Movements in Treasury yields — rather than actions by the Fed — have been a bigger driver in changes to interest rates on mortgages recently.

The capital relief will be provided via an adjustment to MSR values.

The modest decline in delinquencies in the third quarter was tied to early-stage delinquencies, while later-stage delinquencies increased.

Issuers that show strong results from MSR hedging will receive relief from pending capital requirements. The Community Home Lenders of America said the relief will reduce risks to issuers and Ginnie.

S&P downgraded its ratings of a whole-business securitization from TGI Fridays, noting that cash flows are plummeting and the deal looks likely to default by early 2025.