The Federal Reserve reported $445.78 billion of non-agency MBS outstanding at the end of March, up 2.6% from December.

The Mortgage Bankers Association quarterly performance report found similar, though somewhat bleaker, results.

Although public companies reported solid gains in both production and servicing income in the first quarter, a significant number of smaller shops continued to struggle. (Includes data tables.)

Ginnie Mae and the non-agency sector saw solid gains in MBS outstanding during the first quarter. Life insurance companies, mutual funds and money-market funds picked up the slack from diminished foreign appetite. (Includes three data tables.)

The growth came largely from purchase-mortgage lending.

The seasonal boost in agency purchase-mortgage business helped spur a hefty increase in correspondent-originated loans in May.

Most of the increase in Freddie buybacks in the first quarter of this year came from loans that were securitized in 2023, which totaled $219.1 million and represented 65.8% of Freddie repurchases in early 2024.

Agency MBS held in portfolio at REITs that focus on mortgage assets slid 1.8% to $168.47 billion as of the end of the first quarter of 2024.

After a sharp drop in the fourth quarter, seller repurchases of Freddie loans rose substantially in early 2024. Fannie, however, reported a decline in seller buybacks. (Includes three data tables.)

Most REITs reported declines in the fair value of their agency MBS during the first quarter of 2024. Non-agency MBS holdings were up, as were net TBA positions. (Includes two data tables.)