Ginnie Mae refis no longer tracking their Fannie and Freddie brethren

The August edition of the Urban Institute's always interesting housing finance chartbook has an exhibit that shows the refi share of Ginnie Mae (FHA/VA) loans no longer tracking the equivalent share Fannie and Freddie loans after having had a predictable trailing relationship for most of the past decade. 

A major factor has been the pandemic’s disparate negative impact on the less creditworthy (average credit scores nearly 80 points lower) that constitutes the core of Ginnie Mae borrowers.