The effects of rising interest rates appear to have hit monthly agency issuance. The Federal National Mortgage Association took the biggest hit.

Issuance of fixed-rate mortgage-backed securities on behalf of Fannie Mae, Freddie Mac and Ginnie Mae was $94.316 billion in February.

That turned out to be the slowest month for securitizations of agency home loans since February 2016, when the total came to $77.267 billion.

Source: Mortgage Daily