Deliveries of rate-term refinance loans to the agency MBS market rose sharply in July as a growing share of the market has coupons over 6%. Purchase-loan volume was up 8% at Ginnie, while the GSEs saw a 3% decline. (Includes two data tables.)

Finally, a true bond market rally and lower mortgage rates! Well, don’t bet the bank quite yet.

The Mortgage Bankers Association and the National Reverse Mortgage Lenders Association suggested changes for Ginnie’s planned HMBS 2.0 program.

The move is meant to keep FHA multifamily loans for new construction competitive with those from other programs.

Agency MBS investors are looking forward to the Fed cutting interest rates twice this year. However, they warned that something unexpected could prevent the Fed from cutting rates in September.

The volume of loans removed from Ginnie MBS increased by nearly 20% in the second quarter, driven by borrower loan payoffs. (Includes two data tables.)

Two large REIT investors in agency MBS incurred losses in the second quarter, due to interest rate volatility and an unaccommodating monetary policy stance. Still, they are optimistic about the future.

The Heritage Foundation’s Project 2025 calls for the end of the GSE conservatorships and a dramatically reduced role for the Fed.

Non-QM REIT Angel Oak is out with its first “baby” bond offering — $50 million worth of five-year notes.

With the yield on the 10-year Treasury reaching multi-month lows of late, MBS investors see smooth sailing to a rate cut by the Fed.