Last year’s issuance of expanded-credit MBS and home-equity securitizations reached their highest levels since 2007. Total non-agency MBS production was up 40% from 2024. (Includes three data files.)

The fastest-growing sector of the agency servicing market was the cohort with coupons of 5% to 6%, which was up 11.8% in the fourth quarter. MSR with rates above 6% surged to $2 trillion. (Includes two data tables.)

Issuance of residential mortgage-backed securities increased by 13.8% on an annual basis, hitting $1.43 trillion in 2025.

Issuance of agency mortgage-backed securities increased by 10.8% on an annual basis to $1.235 trillion in 2025.

Residential MBS, commercial MBS and non-mortgage ABS all posted significant gains in annual issuance in 2025. The agency MBS market got a big boost in the fourth quarter from refinance activity.

UWM finished as the top agency seller in 2025, with annual volume up 22.2% from the previous year. Like many companies, its fourth-quarter sales rose dramatically thanks to heavy refinance volume.

The overall supply of residential MBS outstanding rose 0.7% in the third quarter of 2025.

Fitch held on to the top ranking in ABS ratings through the first nine months of 2025. Kroll stretched its lead in RMBS ratings.

A gain in income from the production and sale of new single-family home loans helped cover a modest decline in servicing profitability in the third quarter.

At the end of November, the two government-sponsored enterprises held $104.56 billion of agency MBS in retained portfolios. That was up $31.99 billion from the end of September, a 44.1% increase.