• The $14.9 trillion US mortgage-backed securities market remains dominated by agency issuance.
• Non-agency mortgage-backed securities total $573 billion, or 3.8% of the market, following a sharp contraction during the housing crisis.
• Falling interest rates accelerate mortgage prepayments, creating reinvestment risk; rising rates extend investment duration as refinancing slows.
• Collateralized mortgage obligations can mitigate cash flow risks, with bottom-up security selection targeting pricing inefficiencies across structures.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. First Eagle Investment Management LLC published the original content used to generate this news brief on October 30, 2026, and is solely responsible for the information contained therein.