Refinances were the key reason that Ginnie MBS issuance saw sharper-than-usual increases in the second quarter of 2025. Issuance was up 30.7% from the first quarter, including a nearly 50% increase in VA refi volume. (Includes four data tables.)
Issuance of both purchase mortgages and refinances increased last month, with refi volume hitting its highest level since November. Most Ginnie issuers in the top 10 beat the overall monthly growth. (Includes two data tables.)
Ginnie Mae MBS issuance increased 29.7% from March to April, driven by strong refinance activity. Monthly volume was up in all four government-backed mortgage programs. (Includes two data tables.)