Fannie, Freddie and Ginnie saw a modest 4% increase in purchase-mortgage business during the third quarter, not nearly enough to offset the ongoing collapse in refinance activity. (Includes two data charts.)
New FHA loan applications and endorsements have been declining steadily since hitting peaks in late 2020, and cash-out refinances make up a growing share of the market.
Rising mortgage interest rates increased the market share of jumbo loans, ARMs and expanded-credit mortgages in the second quarter, while the agency market shrank. The result was a downturn in securitization rates. (Includes data chart.)
JPMorgan Chase continued to hold the biggest portfolio of MBS/ABS in trading accounts. Bank holding companies posted a 14.9% increase in agency MBS held in trading accounts. (Includes data chart.)