Last year’s issuance of expanded-credit MBS and home-equity securitizations reached their highest levels since 2007. Total non-agency MBS production was up 40% from 2024. (Includes three data files.)

A mortgage with a prepayment penalty might be as much as 65 basis points cheaper for borrowers, according to GSE shareholder Bill Ackman.

Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.