Lending was down slightly across products in the third quarter. UWM remained the largest conventional-conforming producer and moved into the top spot among originators of government-insured loans. (Includes two data tables.)

The volume of adjustable-rate mortgages flowing into agency mortgage-backed securities jumped in the second quarter of 2025 and has remained elevated. Large nonbank lenders are driving the increase. (Includes data table.)

Banks and thrifts increased their holdings of first-lien mortgages by 0.7% during the second quarter of 2025 compared to the end of March. (Includes data table.)

ARMs accounted for 12.1% of total residential mortgage originations in the first quarter of 2025, down more than a full percentage point compared with the previous quarter. Still, production of the loans was up from the first quarter of 2024. (Includes data table.)

Banks and thrifts have largely added to their overall holdings of residential first liens each quarter dating back to 2021. The decline seen in the first quarter of 2025 included a sharp drop in ARMs. (Includes data table.)

Homebuilder Lennar and First-Citizens Bank & Trust posted strong increases in originations of adjustable-rate mortgages.

The volume of adjustable-rate mortgages and interest-only loans flowing into expanded-credit MBS increased from the second quarter to the third.

The seasonal decline in purchase-mortgage originations and interest rate trends will likely prompt jumbo lending to slow in the fourth quarter.

Lenders increased their origination volume for ARMs in the second quarter of this year after a lull in lending in the first three months. (Includes data table.)

Originations increased across mortgage products in the second quarter. The conventional-conforming sector’s market share held steady while government-insured lending lost some share. (Includes data tables.)