In May, Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.404 trillion – including $34 billion of total MBS issuance, leading to $14 billion of net growth. Issuance for this month was higher than April’s $33 billion, and significantly higher than March’s $28 billion.
May’s new MBS issuance supports the financing of more than 113,000 households, including more than 55,000 first-time homebuyers. Approximately 75 percent of the May MBS issuance reflects new mortgages that support home purchases, as refinance activity remained low due to higher mortgage rates.
For the 2023 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 232,000 first-time homebuyer loans. The May issuance includes $33 billion of Ginnie Mae II MBS and $1 billion of Ginnie Mae I MBS, including approximately $990 million in loans for multifamily housing.
Photo by Kostiantyn Li from Unsplash.
