JPMorgan's Jamie Dimon welcomed the FSOC news, saying during a Q&A session, “We’ve been very consistent that mortgages, believe it or not, are more – far more costly than they should be. Normally, you’d be looking at – if you looked at the 10-year [Treasury] rate which is what, 60 basis points, the mortgage take should be 1.6% or 1.8% instead of 3.3%.”

The Fannie Mae/Freddie Mac measurement came in at 6.07%, down 11 bps, the fifth consecutive decline.

Fannie, Freddie and Ginnie issued a combined $742 billion of single-family MBS in the second quarter, smashing a record set back in 2003, the mother lode for mortgage business.

Record-low mortgage interest rates powered a surge in refinance activity in agency mortgage-backed securities platforms during the second quarter of 2020, according to a new Inside Mortgage Trends analysis.

“We didn’t have as much of a housing shock [even] as we had 20 million people laid off,” said Mark Calabria, director of the FHFA.