The supply of single-family MBS outstanding fell modestly during the first quarter of 2014, reversing three consecutive quarters of modest growth, according to a new Inside MBS & ABS analysis. As of the end of March there was $6.371 trillion of single-family MBS outstanding, down 0.3 percent from the end of 2013. The supply of single-family MBS had been drifting lower since peaking at $7.007 trillion at the end of 2009 as refinance activity – which adds little to outstanding supply – dominated the agency market and non-agency MBS issuance gained little traction. For the last nine months of 2013, the MBS market finally began...[Includes two data charts]