Heavy refinance volume pushed Fannie/Freddie MBS production to $175.5 billion in April, one of the highest monthly totals in GSE history. Nonbanks continued to lead the charge. (Includes two data charts.)
Treasury Secretary Steven Mnuchin said in an interview late Thursday that the Trump administration has no plans to fund a Federal Reserve facility to finance servicer advances.
Over the last couple of weeks, the Federal Reserve has slowly tapered its MBS purchases. But even with healthy MBS prices, mortgage rates remain higher than formula dictates.
Nonbank market share declined slightly in the first quarter largely because depository institutions were selling older loans to Fannie and Freddie. Refi business ramped up in March. (Includes two data charts.)
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