For both purchase mortgages and refis, GSE activity with private MI posted stronger performance than FHA in the fourth quarter of 2025. For the full year, trends differed, at least with purchase mortgages. (Includes three data tables.)

Housing experts expect the market to undergo a course correction after years of rapid home price increases.

Home insurance premiums are rising at a slower pace, but affordability challenges still remain an issue for homebuyers.

Incidences of fraud and loan defects are increasing among refinances as production of the loans accelerates.

Government-insured production declined slightly during the third quarter, while new business for private mortgage insurers was up 3.8%. (Includes four data tables.)

The U.S. Mortgage Insurers said FHA’s Mutual Mortgage Insurance Fund is overdue for reforms, with the 2% capital ratio requirement not sufficient to meet the standards the GSEs and private insurers must satisfy.

Trends split during the third quarter in terms of GSE business involving private mortgage insurance. Purchase-mortgage volume increased and refis declined. (Includes three data tables.)

A pause in the National Flood Insurance Program due to the government shutdown has created opportunities for private flood insurance companies to increase their business.

Cross-industry coordination will be key to increasing housing affordability, according to industry participants.

The volume of new mortgage originations with some form of primary MI coverage rose 25.5% from the first to the second quarter, with private MIs posting bigger gains than FHA and VA. (Includes four data tables.)