Strong refinance business offset a decline in new primary MI coverage on purchase mortgages during the fourth quarter. Default rates and losses were on the upswing. (Includes four data tables.)

For both purchase mortgages and refis, GSE activity with private MI posted stronger performance than FHA in the fourth quarter of 2025. For the full year, trends differed, at least with purchase mortgages. (Includes three data tables.)

Housing experts expect the market to undergo a course correction after years of rapid home price increases.