Market Commentary: Residential Mortgage Loans | March 2026

Justin Mahoney

While residential credit isn’t immune to the broader market volatility, the space has stayed active since the start of the Iran conflict. Spreads and yields have moved in line with broader markets (more detail on that below), but both loan (RMLs) and securities (RMBS) markets remain open and efficient.

In terms of activity, data on RMBS issuance volumes are the most readily available. Total RMBS issuance for March month-to-date is $26 billion, with Non-QM issuance at $11 billion. Investors are certainly more patient than earlier in the year, and deals take a little longer to get done and overall subscription levels are lower, but the market is active and functioning well.

Real-time origination data is a little more difficult to come by, but we estimate the overall mortgage market is still tracking toward $2 trillion in 2026 originations. Non-QM origination is running at $12–15 billion per month.

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