Agency single-family MBS issuance fell 7.3% from June to July, including a disappointing slowdown in the flow of purchase-money loans. Issuance of GSE Supers fell sharply as neither Fannie nor Freddie issued any commingled deals. (Includes two data charts.)
The Federal Reserve giveth and taketh away in the agency MBS market. And now that the central bank’s investment activity is significantly curtailed, investors are seeing some opportunities in the sector.