The non-agency jumbo market held up better than high-balance agency production in the first quarter. New GSE pricing is depressing conforming-jumbo sales in the second quarter. (Includes three data charts.)

An ominous sign: Agency issuance over the first five months of 2022 totaled $921.38 million, down 44.0% from the same period last year.

Fannie, Freddie and Ginnie securitized just $48 billion of refinance loans in May as both rate-term and cash-out activity crumpled. Purchase-mortgage business was up an anemic 0.2% from April. (Includes two data charts.)

The top three refi originators in 1Q22: Rocket Mortgage, Wells Fargo and United Wholesale Mortgage...

Refinance lending plummeted in the first quarter of 2022 but still clung to a narrow lead over purchase-mortgage originations. Refis may account for only 30% of the market for the rest of the year. (Includes four data charts.)

REIT TBA investments down 22.6% as MBS values fall.

Per loan profitability plummets more than $3,000 year over year.

A surge in bank investment in deals backed by car loans accounted for much the industry's growth in ABS holdings during the first quarter. (Includes two data charts.)

Portfolio holdings of agency MBS fell mostly due to lower market value for the assets. REITs also recorded a significant drop in TBA investments as agency MBS issuance declined. (Includes data chart.)

Retail, correspondent and wholesale-broker all saw sharp declines in production volume in the first quarter, but retail may have been the most profitable. (Includes six data charts.)