Agency issuance of single-family MBS declined modestly in July, according to a new analysis by Inside MBS & ABS, with most of the decline coming in Freddie Mac’s business. The three government MBS agencies issued a total of $144.26 billion in single-family MBS last month, down 2.5 percent from June’s level. It was the lowest monthly production level so far in 2013, and issuance has generally drifted lower since peaking in January. July did push the year-to-date total for 2013 over the $1 trillion mark, up 17.9 percent from the first seven months of last year. The biggest shift was...[Includes one data chart]