3D Home Printing, Burnout, and the Future of Mortgage Supply

In this week’s Convexity Pulse, Kirill Krylov and Steven Scheerer discuss why technical factors continue supporting agency MBS, even as spreads approach fair value and investors become increasingly selective. They examine how intergenerational wealth transfers could decouple housing demand from mortgage production, creating a future where healthy home sales no longer translate into robust agency MBS supply. The episode also explores the real implications of 3D-printed housing for mortgage investors and explains why yesterday’s fastest-prepaying collateral may ultimately become tomorrow’s most compelling burnout opportunity.