Issuance of Ginnie Mae single-family mortgage-backed securities dropped 5.6% in November as refinances hit their lowest level in more than three years. (Includes two data charts.)
Issuance of new Ginnie Mae mortgage-backed securities fell 10% in the third quarter. Purchase-money activity climbed at both FHA and VA, but not enough to offset declines in loan mods and cash-out refinances.