Ginnie Mae saw a huge increase in rate-term refinance business, but the cash-out market also gained ground. Freddie led its rivals in attracting more first-time buyer business.

A sharp increase in the securitization rate of nonprime and expanded-credit mortgages was partly due to seasoned loans and GSE-eligible mortgages. Agency securitization rates were sluggish.

Fannie posted the biggest increase over April MBS volume, while Freddie lagged behind. Purchase-mortgage business is on track for another annual climb.