Tuesday, April 16, 2024 12:30:46 PM
jdohnert@imfpubs.com
Conforming jumbo volume and other noncore activity at the government-sponsored enterprises held up better than GSE business overall in the first quarter of 2024, according to a new analysis by Inside Nonconforming Markets.
In the first quarter, total GSE volume decreased 14.7% from the fourth quarter of 2023. However, the volume of conforming jumbos included in Fannie Mae and Freddie Mac MBS increased by 8.0% to $6.05 billion in the first quarter.
GSE volume involving investment-property loans and cash-out refinances declined in the first quarter, though at a slower rate than GSE business overall. And GSE activity involving mortgages for second homes declined at a slightly faster rate than total GSE business.
The shifts helped to push the core share of GSE business down to 80.3% in the first quarter of 2024 compared with an 82.0% share in the fourth quarter.
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