Issuance of residential mortgage-backed securities increased by 25.1% from the first to the second quarter of 2024, hitting $304.37 billion.

Fannie Mae, Freddie Mac and Ginnie Mae issued a combined $272.04 billion of single-family mortgage-backed securities in the second quarter.

Seasonal trends may push agency single-family production higher in the third quarter, and lower rates could sustain a fledgling rally in refinance activity. (Includes three data tables.)

Ginnie remained the top agency in single-family business during the second quarter, though the GSE market posted a bigger gain. Purchase-mortgage volume accounted for most of the gain. Refi activity was also up. (Includes two data tables.)

Rated non-agency MBS issuance was up 95.4% from the fourth quarter to $26.99 billion in the first three months of 2024.

However, denial rates in the GSE automated underwriting services were higher in 2023 for Black and Hispanic applicants...

Fannie’s Desktop Underwriter remains significantly more popular than Freddie’s Loan Product Advisor, accounting for 72.6% of mortgages originated after being approved by a GSE automated underwriting service. (Includes data table.)

S&P lost a little market share in rating newly issued ABS but remained the top provider in the first quarter. Fitch had a similar experience in the non-agency MBS market. (Includes two data tables.)

JPMorgan Chase held the largest CLO portfolio in the banking industry at the end of March, but its investment was down from the previous period. (Includes data table.)

Holdings of agency pass-through securities at banks rose 8.6% during the first quarter to $398.47 billion.