An uptick in securitization of jumbo and GSE-eligible loans helped increase total non-agency MBS issuance in the second quarter. (Includes data tables.)
The decline was driven by conventional-conforming mortgages and government-insured mortgages. The securitization rate for non-agency mortgages actually jumped in the first quarter. (Includes data table.)
Officials at Ginnie Mae noted that prepayment rates on Ginnie MBS increased at a faster rate than prepayment rates for GSE MBS due to a quirk in interest rates on VA refinances.