Average loan sizes generally declined in the agency market last year. But rising mortgage rates pushed agency DTI ratios higher as the year went on. (Includes three data charts.)

The only gain was the niche market in securitized second-lien mortgages.

The non-agency MBS market fizzled badly at the end of 2022 as new issuance declined in all the key product categories. The ECM sector held up a little better than the prime non-agency market, while NPL/RPL securitization tanked. (Includes three data charts.)

Despite a sharp decline in primary market originations, the agency MSR market continued to grow in the fourth quarter. Ginnie servicing was the fastest-growing segment. (Includes two data charts.)

Another way to view it: 2022 was the seventh-highest annual output ever...

Residential MBS issuance took the biggest hit from skyrocketing interest rates in 2022, but commercial MBS and ABS production were also down significantly from the previous year. (Includes three data charts.)

In the fourth quarter, Ginnie was the largest issuer of agency MBS with a 38.1% share...

Nearly all sellers recorded huge declines in agency deliveries in late 2022 as purchase-mortgage volume plummeted. Ginnie ranked as the top agency MBS issuer in the fourth quarter. (Includes two data charts.)

The five largest producers raised their share to 29.5% in the third quarter, up from 28.9% in 2Q22...

BHC holdings of agency MBS jumped 17.6% during the third quarter...