Month-to-date gross agency MBS issuance totals $90 billion. Ginnie Mae issuance represents 40%, Fannie Mae 38%, and Freddie Mac 22%.
The current pace puts issuance on track for around $110 billion, Credit Suisse analysts said. This is the lowest amount since February and is substantially below the $147 billion in August.
With paydowns seeming to be almost the same as those seen in August, September net issuance should be around half of August's $72 billion.
Meanwhile, if the Federal Reserve stays on track, September purchases should amoun to $120 billion.
