1. What Is the Mortgage Backed Securities (MBS) Market?
The Mortgage Backed Securities (MBS) Market encompasses the issuance fee, dealer spread, guarantee fee, and service revenues from the securitisation, trading, and administration of mortgage loan pools into tradeable fixed income instruments. Revenue streams include agency MBS guarantee fee revenues from Fannie Mae, Freddie Mac, and Ginnie Mae programmes, non-agency RMBS and CMBS structuring and placement fee income, MBS dealer and broker market-making bid-offer spread. End users span institutional fixed income investors including insurance companies, pension funds, and money managers seeking agency MBS yield in diversified bond portfolios, banks managing MBS held-for-investment positions as liquid assets, and hedge. The market covers MBS fee and service revenues and excludes the underlying mortgage loan pool values, mortgage origination revenues, MBS coupon interest paid to investors, and broader securitisation administration covered in fund servicing.
2. Mortgage Backed Securities (MBS) Market Size & Forecast
3. Emerging Technologies
- MBS Prepayment Modelling Technology is the foundational MBS analytics mechanism, using statistical prepayment speed models estimating mortgage loan payoff rates from refinancing and housing turnover under interest rate scenarios. Continued prepayment model refinement enables accurate MBS duration and convexity analysis, generating analytics subscription revenue from MBS portfolio management.
- Agency MBS Pool Selection Technology advances investor portfolio management, using specified pool screening and TBA ramp analytics helping investors select the cheapest deliverable pools for specified pool trading strategies. Growing pool selection technology adoption enables institutional MBS optimisation, generating analytics subscription revenue from specified pool strategy tools.
- CMBS Credit Analytics Technology advances commercial mortgage risk assessment, using property valuation, DSCR, and LTV analytics evaluating commercial property loan credit quality within CMBS structures for investor due diligence. Growing CMBS credit analytics adoption enables informed investor assessment, generating subscription revenue from commercial mortgage credit analysis platforms.
- MBS Securitisation Administration Technology advances deal management, using trustee reporting, principal and interest distribution calculation, and waterfall administration systems managing MBS deal lifecycle from issuance. Growing securitisation administration platform deployment enables accurate deal management, generating administration service fee revenue from MBS trust administration.
Similar technologies are also transforming adjacent markets. Learn more in our Reverse Mortgage Market.
4. Key Market Opportunity
A key opportunity in the Mortgage Backed Securities (MBS) Market is non-QM and expanded credit mortgage securitisation, where creditworthy self-employed and investor borrowers outside GSE parameters represent a growing non-agency pool. Self-employed borrowers, real estate investors, and foreign national buyers with strong credit but non-standard income documentation cannot access GSE programmes and require non-agency RMBS securitisation for competitive mortgage execution. Non-QM RMBS issuance generates structuring and placement fee revenue from growing non-agency mortgage volume, creates a yield premium investor product, and expands the private label securitisation market outside GSE capacity. Non-QM originators and RMBS structurers building non-QM programme scale, investor education, and loan quality consistency are positioned to capture the growing non-agency RMBS structuring and placement revenue opportunity.
5. Top Companies in the Mortgage Backed Securities (MBS) Market
The following organisations hold leading positions in the Mortgage Backed Securities (MBS) Market. The full report provides revenue share, SWOT analysis, and competitive benchmarking for each player.
- Fannie Mae (agency MBS)
- Freddie Mac (agency MBS)
- Ginnie Mae (FHA/VA MBS)
- JPMorgan (MBS dealer)
- Goldman Sachs (MBS trading)
- Citi (MBS)
- Angel Oak (non-QM RMBS)
- Redwood Trust (jumbo RMBS)
- Wells Fargo (MBS dealer)
- PGIM Fixed Income (MBS analytics)
6. Market Segmentation
The Mortgage Backed Securities (MBS) Market is analysed across 4 segmentation dimensions. Revenue data, growth rates, and competitive intensity by sub-segment are available in the full report.
| Segmentation | Sub-Segments |
|---|---|
| By MBS Type | Agency MBS (FNMA FHLMC GNMA) 30-Year Agency Pass-Through 15-Year Agency Pass-Through Non-Agency RMBS Commercial MBS (CMBS) Conduit CMBS Single-Asset Single-Borrower CMBS Agency CMO and REMIC |
| By Trading Venue | Agency MBS TBA Market Specified Pool CMBS Secondary Market Non-Agency RMBS OTC |
| By Investor | Insurance Companies Money Managers Banks and GSEs Hedge Funds |
| By Geography | North America Europe Asia Pacific Latin America Middle East and Africa |
7. Key Market Trends (2026–2034)
Three major forces are shaping the Mortgage Backed Securities (MBS) Market trajectory over the forecast period:
Agency MBS TBA Market Generates Largest MBS Dealer Trading Revenue.The highly liquid to-be-announced agency MBS trading market enabling forward settlement of mortgage pools generates consistent dealer bid-offer spread revenue from the most active mortgage security trading activity. In 2025, agency MBS TBA market volumes remained among the largest fixed income daily trading markets, with bank and securities dealer MBS desks generating spread income from TBA market making across 30-year and.
Non-Agency RMBS Issuance Recovery Generates Premium Structuring Revenue.Post-pandemic housing market resilience and growing investor appetite for non-QM and jumbo mortgage credit has revived non-agency RMBS issuance, generating structuring and placement fee revenue for private label securitisers. In 2025, non-QM, jumbo, and investor loan RMBS issuance continued recovering with Wall Street structurers generating underwriting and placement fee revenue from private label mortgage securitisation outside the GSE guarantee framework.
CMBS Issuance Recovery Drives Commercial Real Estate Securitisation Revenue.Recovering commercial real estate lending and CMBS issuance following the post-pandemic office and retail property market repricing is generating structuring and placement fee revenue from the recovering CMBS securitisation channel. In 2025, CMBS conduit and single-asset single-borrower issuance recovered for financing multifamily, industrial, and mixed-use commercial properties, with structurers generating underwriting fee revenue from recovering CRE lending.
For related market intelligence, see the Residential Mortgage Backed Securities Rmbs Market.
8. Segmental Analysis
By type, the Agency MBS segment dominated the Mortgage Backed Securities (MBS) Market in 2025, driven by the unparalleled scale of US government-backed mortgage securitisation through Fannie Mae, Freddie Mac, and Ginnie Mae programmes. Agency MBS dominance reflects the guarantee fee income and deep TBA dealer market scale, generating the largest type share of MBS market fee and trading revenue. The Non-agency RMBS segment is the fastest-growing mbs type category, driven by recovering private label mortgage securitisation from non-QM, jumbo, and investor loan origination volume. Growing non-QM origination, recovering private label programme investment, and rising investor appetite for mortgage credit spread are generating above-average structuring revenue from non-agency RMBS issuance.
By trading venue, the agency TBA market segment dominated the Mortgage Backed Securities (MBS) Market in 2025, driven by the high daily trading volumes from the most liquid segment of the US fixed income market. Agency TBA dominance reflects the outstanding liquidity and dealer market depth, generating the largest venue share of MBS dealer bid-offer spread revenue. The CMBS secondary market segment is the fastest-growing trading venue category, driven by recovering commercial real estate loan origination creating new CMBS supply and secondary trading activity from recovering commercial property market fundamentals. Growing CMBS new issue supply, recovering CRE lending, and rising secondary market activity are generating above-average dealer spread revenue from CMBS.
By investor type, the Insurance companies segment dominated the Mortgage Backed Securities (MBS) Market in 2025, driven by large allocation to agency and investment-grade CMBS for spread income with regulatory capital efficiency. Insurance company dominance reflects the spread income demand and regulatory capital treatment advantage, generating the largest end-user share of MBS investor placement and analytics revenue. The Money managers segment is the fastest-growing investor type category, driven by growing fixed income fund allocation to agency MBS as a core liquid investment grade bond market sector with attractive risk-adjusted spread. Growing active and passive fixed income fund MBS allocation, expanding bond fund agency MBS exposure, and rising benchmark inclusion are generating above-average revenue from money manager MBS investor participation.
9. Regional Analysis
Regional demand patterns across the Mortgage Backed Securities (MBS) Market reflect differences in regulation, technological maturity, and capital investment.
Largest Market Share
North America accounted for the largest share of the Mortgage Backed Securities (MBS) Market in 2025, holding 72.0% of the global market. The world's largest agency MBS market through Fannie Mae, Freddie Mac, and Ginnie Mae programmes, the deepest agency TBA trading infrastructure, and the recovering non-agency RMBS market underpin the dominant share. Strong US agency MBS guarantee and dealer spread revenues, growing non-QM RMBS structuring fees, and recovering CMBS issuance income generate premium MBS market revenue. Expanding non-QM RMBS, recovering CMBS issuance, and rising agency MBS TBA volume drive consistent MBS market revenue growth.
Highest CAGR Region
Europe is expected to register the highest CAGR of 10.50% during the forecast period. Growing European covered bond and RMBS market development, expanding institutional investor appetite for European mortgage credit, and rising non-performing loan securitisation activity are generating above-average MBS market revenue growth. Growing European RMBS and covered bond issuance, expanding non-bank mortgage lender securitisation programmes, and rising NPL ABS structuring activity are driving above-average new MBS market fee and service revenue creation. Expanding European securitisation framework development, growing mortgage capital market depth, and rising non-bank originator issuance are generating the fastest MBS market revenue growth globally.
10. Full Report with Exclusive Insights
The complete published market report includes an in-depth analysis of market dynamics, industry trends, competitive landscape, regional outlook, and future growth opportunities. The study provides detailed market sizing and forecasts across key segments and geographies, along with comprehensive insights into drivers, restraints, opportunities, challenges, technological advancements, regulatory landscape, and evolving consumer and industry trends. The report also features company profiles, strategic developments, market share analysis, and actionable recommendations to support informed business decision-making. Additionally, the syndicated report package typically includes forecast datasets, charts and figures, research methodology, and analyst support for strategic interpretation and planning.
Advanced Strategic & Custom Intelligence
In addition to the standard syndicated report package, TrendX Insights can provide the following advanced strategic analyses and customized intelligence solutions for any market:
Standard Report Coverage
- • Competitor Analysis
- • Country Trade Analysis
- • Import & Export Analysis
- • Porter’s Five Forces Analysis
- • SWOT Analysis by Companies
- • TrendX Insights Quadrant Positioning
- • Pricing Analysis
- • Detailed Macro-Economic Indicators Assessment
- • List of Raw Material Suppliers
- • Regulatory Framework Assessment
- • Supply Chain Resilience Mapping
- • Value Chain Analysis
- • Technology adoption trends and innovation tracking
- • Custom company profiling and benchmarking
Exclusive Sections With Additional Cost
- • Agentic AI Readiness Score
- • TAM, SAM, and SOM Analysis
- • AI Act & Privacy Compliance Audit
- • Channel Partner Ecosystem Mapping
- • China + 1 Strategy Analysis
- • Circular Economy Opportunities Assessment
- • Competitor Benchmarking KPI Analysis
- • Country Trade Analysis
- • Country-level opportunity mapping
- • Digital Maturity Matrix
- • Ecosystem Interdependency Mapping
- • ESG & Decarbonization Roadmap
- • Geopolitical Friction Scorecard
- • Geopolitical Risk Assessment
- • Humanoid Workforce Impact Analysis
- • Investment Heatmap
- • List of Distributors and Channel Partners
- • List of Raw Material Suppliers
- • Market Entry Strategy Assessment
- • Mergers & Acquisitions (M&A) Analysis
- • Patent & Intellectual Property (IP) Analysis
- • Pilot Project Analysis
- • Potential High-Growth Region/Country Investment Assessment
- • Product Comparison Analysis
- • Product Revenue Analysis
- • R&D Investment Analysis in Emerging Technologies
- • Raw Material Scarcity Forecast
Note: For highly customized requirements, deeper strategic assessments, company-specific intelligence, or tailored consulting support, please contact TrendX Insights.
Full Report with Exclusive Insights
Available to clients on request
Explore Our Published Reports Library
This page covers market-level data estimates. For comprehensive published research reports including full methodology, primary data, and detailed company profiles, browse the TrendX Insights Published Reports Library.
Visit Published Reports Library ›11. Related Market Reports
Frequently Asked Questions
The Mortgage Backed Securities (MBS) Market was valued at USD 28.69 Bn in 2025 and is projected to reach USD 56.40 Bn by 2034, growing at a CAGR of 7.80% over the 2026–2034 forecast period.
The Mortgage Backed Securities (MBS) Market is projected to grow at a CAGR of 7.80% from 2026 to 2034.
North America accounted for the largest share of the Mortgage Backed Securities (MBS) Market in 2025, holding 72.0% of the global market.
The leading companies in the Mortgage Backed Securities (MBS) Market include Fannie Mae (agency MBS), Freddie Mac (agency MBS), Ginnie Mae (FHA/VA MBS), JPMorgan (MBS dealer), Goldman Sachs (MBS trading), Citi (MBS), Angel Oak (non-QM RMBS), Redwood Trust (jumbo RMBS), Wells Fargo (MBS dealer), PGIM Fixed Income (MBS analytics).
Agency mbs tba market generates largest mbs dealer trading revenue.
By type, the Agency MBS segment dominated the Mortgage Backed Securities (MBS) Market in 2025, driven by the unparalleled scale of US government-backed mortgage securitisation through Fannie Mae, Freddie Mac, and Ginnie Mae programmes.
How to Order
Purchasing a TrendX Insights report is straightforward. Our process is designed to be transparent and risk-free for buyers, with a 20% upfront model and full delivery before the balance payment.
This is the price of the syndicated report. Any custom inclusions beyond the Table of Contents will be scoped and priced separately. For the full list of what is covered in the syndicated report, refer to the Table of Contents tab.
A curated, condensed version of this report for students, researchers, and academic institutions. Ideal for thesis work, dissertations, and academic projects. Delivered as PDF to your institutional email.
Valid student ID or institutional email required. For educational and non-commercial use only.