Fannie Mae and Freddie Mac appear to be using aggressive pricing at the cash window to boost whole loan purchases, then retaining the most attractive coupons.

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.)

A mortgage with a prepayment penalty might be as much as 65 basis points cheaper for borrowers, according to GSE shareholder Bill Ackman.