Some $8.60 billion of conforming jumbos flowed into GSE mortgage-backed securities issued during the first quarter, an 11.0% decline from the previous quarter.

Agency MBS issuance declined on a quarterly basis in the first quarter of 2026 while non-agency MBS issuance hit the highest level since the financial meltdown of 2007.

Locks for conforming mortgages lost market share to FHA loans and nonconforming mortgages in March, according to Optimal Blue.