Production of new MBS and ABS fell in almost every category during the first quarter of 2019, but several markets showed rebounding volume in March, a new Inside MBS & ABS analysis shows. Preliminary estimates indicate that a total of $310.04 billion of MBS and ABS was issued in the first three months of 2019, a 10.3% decline from the previous three-month period. It marked the softest quarter in new issuance since the April-June cycle ... [Includes three data charts]

Nonbanks continued to account for a growing share of new issuance in the agency single-family MBS market last year. [Includes one data chart.]

The difference between the weighted average coupon on Fannie Mae and Freddie Mac MBS soared to an average of 10 basis points in January, with Fannie pools showing consistently higher spreads. According to a report by Wells Fargo Securities last month, the wide gap may be because Fannie is offering sweeter guarantee-fee buy-up/buy-down deals to some issuers.