Economists at the MBA don’t think interest rates on mortgages will decline much this year. Economists at Fannie Mae project a sizeable drop.

Rosy recapture-rate projections prompt some pushback; Fitch removes Rocket from downgrade watch; PennyMac upsizes debt offering; MISMO seeking comments.

Private MI volume in GSE MBS issuance in the first quarter of 2025 was down 20.4% from the previous quarter.

Rocket had a negative $449.2 million change in the fair value of MSRs during the first quarter.

Ellington Financial is making investments in lenders that originate non-QMs.

The Trump administration appears unlikely in the near-term to work on ending the conservatorships of the GSEs. And any potential moves will aim to limit disruptions in the mortgage market, according to officials in the administration.

Fannie and Freddie MBS issuance with private MI declined 20.4% on a sequential basis during the first quarter of 2025. Leaders of private MIs attributed the first-quarter slowdown to affordability issues. (Includes three data tables.)

Prices for mortgage servicing rights remain strong as the supply of servicing for sale is declining and investors are hungry for more. MSRs tied to both low interest rates and high interest rates are being met with sustained demand.

United Wholesale Mortgage plans to continue to grow organically, making investments in technology. The nonbank took a large loss in the first quarter as values of mortgage servicing rights declined.

FOMC holds federal funds rate steady; MBA expects rate cut later this year; House committee votes to slash CFPB’s budget.