Ginnie Mae MBS issuance declined 10.7% in the first quarter of 2026 due to a seasonal slowdown in purchase lending. Refinance activity held steady, helped by FHA business. (Includes four data tables.)

FHA Commissioner Frank Cassidy has taken a leave of absence for the foreseeable future.

President Trump’s proposed budget for fiscal year 2027 would appropriate $160 million for FHA’s administrative expenses, level with the 2026 funding level.