MSR Market Updates

Stay Informed with MIAC’s Monthly Mortgage Servicing Rights MSR Market Updates

In today’s Mortgage Servicing Rights MSR market, staying informed is vital. MIAC’s monthly updates equip you with the insights you need to make confident business decisions. These reports delve into critical factors that directly impact MSR valuations and profitability.

MIAC’s Mortgage Servicing Rights MSR Market Updates provide a comprehensive understanding of current market conditions. Through analysis of prepayment speeds, delinquency rates, and mortgage market volatility, you gain a clear picture of the landscape. Additionally, the reports leverage in-depth analysis of data from the Government Sponsored Enterprises (GSEs) to provide valuable benchmarks for your own portfolio performance. Expert commentary helps you interpret how economic factors like unemployment can impact MSRs, empowering proactive management of your portfolio.

Should Lenders Retain or Sell Mortgage Servicing Rights (MSRs)? A Strategic Framework

Posted Feb 09th 2026 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director, MSR Valuations Group | February 2026 This article explains how lenders should evaluate whether to retain or sell MSRs, and why execution quality often matters more than market timing or portfolio composition. This analysis reflects MIAC Analytics’ experience advising banks, independent mortgage banks, and capital markets investors on MSR valuation,... Read more »

FHA and VA Prepayment Behavior is Separating Within GNMA Pools

Posted Jan 28th 2026 in MSR Market Updates, Recent News.

By Ian Richards, Senior Vice President, Borrower Analytics Group | January 2026 Our clients and readers know that there is considerable heterogeneity within the GNMA sector, which is dominated by FHA-insured and VA-guaranteed loans. These differences include average balance, credit characteristics, LTV, and other attributes. While VA loans have always been more sensitive to rate... Read more »

GAAP vs. Market Reality: The Role of Recapture in MSR Fair Value

Posted Dec 09th 2025 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director - MIAC MSR Valuations Group - December 2025 The Evolving Role of Recapture in Today’s MSR Market Recapture continues to play a meaningful and increasingly visible role in MSR pricing, borrower behavior, and portfolio strategy. Even as primary mortgage rates hover in the low- to mid-6% range, recapture activity continues... Read more »

Residential MSR Market Update – November 2025

Posted Nov 07th 2025 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director - MIAC MSR Valuations Group Fair Market Value Update Following the Federal Reserve’s recent 25-basis-point rate cut, mortgage rates initially moved lower but have since leveled off. Market sentiment has moderated in response to Chair Powell’s recent comments, which suggested that additional rate reductions in 2025 are not guaranteed. MIAC’s... Read more »

Residential MSR Market Update – September 2025

Posted Sep 29th 2025 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director - MIAC MSR Valuations Group Fair Market Value Update In anticipation of the Fed’s recent 25 bps rate cut, mortgage rates had already been trending lower. MIAC’s Base Mortgage Rate declined from 6.60% at the end of June to 6.37% at the end of August and now sits at 6.13%... Read more »

Residential MSR Market Update – July 2025

Posted Jul 22nd 2025 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director; Jennifer Howell, Managing Director; Nicholas Manolis, SVP – MIAC MSR Valuations Group Fair Market Value Update From end-of-month May to end-of-month June 2025, MIAC’s Primary 30-Year Mortgage Rate (C30 PMR) declined by approximately 27 basis points, while the benchmark earnings rate (5-Year SOFR) fell by roughly 18 basis points. These… Read more »

Residential MSR Market Update – April 2025

Posted Apr 28th 2025 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director; Jennifer Howell, Managing Director; Nicholas Manolis, SVP – MIAC MSR Valuations Group Fair Market Value Update From end-of-month February 2025 to end-of-month March 2025, MIAC’s primary 30-year mortgage rate (C30 PMR) remained essentially flat while earnings rate (SOFR 5Y) dropped by 9 basis points. Source: MIAC Analytics™ Source: MIAC Analytics™… Read more »

Residential MSR Market Update – February 2025

Posted Feb 28th 2025 in MSR Market Updates.

By Mike Carnes, Managing Director, MSR Valuations Group Ginnie Mae Performance From our vantage point, higher delinquencies continue to plague newer vintage Ginnie Mae MSRs. From November ’24 to January ’25 MIAC respectively tracked $617, $730, and $563 million in early buyouts for a 3-month total of $1.91 billion. In addition, there was another $1.7… Read more »

Residential Mortgage Servicing Rights Market Update – Q1 2024

Posted Apr 29th 2024 in MSR Market Updates, Recent News.

By Mike Carnes, Managing Director, MSR Valuations Group One may think it is counter-intuitive to be discussing recapture at a time where primary mortgage rates are still hovering above 7%, but recapture is still playing a role in MSR pricing. With new production MSRs at historic lows, MSR participants see developing recapture capabilities as a… Read more »

MSR Market Update – Q3 2022

Posted Oct 25th 2022 in MIAC Publications, MSR Market Updates, Recent News.

By Mike Carnes, Managing Director, MSR Valuations Group MSR Price Changes (YTD 2022) As displayed in Figure 1, MIAC Generic Servicing Assets™ (GSAs) have experienced significant YTD 2022 price increases across all four sectors and both vintages, with a UPB-weighted increase of 1.17 multiple (or 30.0%). Within Conventional products, pricing increased substantially more for 30-year… Read more »