For the first time in four months, the volume of agency mortgage securitizations turned lower — with the the Federal National Mortgage Association taking the biggest hit.
Issuance of fixed-rate mortgage-backed securities on behalf of Fannie Mae, Freddie Mac and Ginnie Mae was $109.364 billion in May.
The data was reported by
eMBS.
Activity slowed from $116.371 billion in MBS securitizations during April — the biggest month for the trio of housing finance agencies since  August 2013, when issuance was $126.485 billion.
The last time agency issuance turned lower was in January of this year.
Securitizations, however, have soared compared to the downwardly revised $64.216 billion in MBS issued during May 2014.
From the beginning of this year through the end of last month, fixed-rate issuance amounted to $486.397 billion.
Fannie saw the biggest decline from April, with volume tumbling 12 percent to $40.296 billion. But compared to May 2014, activity has climbed 60 percent.
Year-to-date May 31 volume at the Washington-based company was $194.153 billion.
Freddie had a two percent decline from a month earlier, with May 2015 issuance landing at $31.203 billion. The McLean, Virginia-headquartered firm’s business, however, has soared 88 percent from the same month last year.
Freddie’s issuance was $137.143 billion during the five months ended May 31.
At government-owned Ginnie, securitizations slipped 2 percent to $37.865 billion. Ginnie’s business, though, climbed 70 percent on a year-over-year basis.
From Jan. 1, 2015, through May 31, issuers of Ginnie Mae MBS put out $155.102 billion in new securitizations.
