http://www.mortgagenewsdaily.com/news MND NewsWire : Housing and Economic News https://www.mortgagenewsdaily.com/news/07172026-housing-starts-building-permits-new-residenti Fri, 17 Jul 2026 17:59:00 GMT 6a5a7009f27dbf5c826ed045 Matthew Graham Residential construction rebounded in June as housing starts and completions recovered from May's unusually weak levels, though building permits continued to trend lower. The latest Census Bureau data suggests that while builders remain cautious about future projects, construction activity itself regained momentum after last month's sharp pullback. Privately owned housing starts jumped 19.0% to a seasonally adjusted annual rate of 1.427 million , reversing much of May's decline and coming in 3.5% above the June 2025 pace. The headline increase was driven almost entirely by multifamily construction, with starts for buildings containing five units or more surging to 513k . Meanwhile, single-family starts were essentially unchanged, slipping just 0.2% to 895k . Building permits, which provide a look at future construction activity, moved in the opposite direction. Total permits declined 3.0% to an annual rate of 1.367 million , down 2.3% from a year earlier. Single-family authorizations fell 2.4% to 871k , while multifamily permits were issued at a rate of 445k . The sharp rebound in total housing starts also reinforces the notion that May's exceptionally weak reading was largely the result of unusually volatile multifamily data rather than a broad deterioration in residential construction. Single-family activity remained remarkably steady over the two-month period, while multifamily starts swung from one of their weakest readings in years to one of their strongest. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-pending-home-sales Fri, 17 Jul 2026 17:51:00 GMT 6a5a6d39f27dbf5c826ed043 Matthew Graham Pending home sales declined in June as elevated mortgage rates and record-high home prices continued to weigh on buyer demand. The National Association of Realtors' Pending Home Sales Index (PHSI), which tracks signed contracts on existing homes, fell 5.4% from May and was down 0.3% compared with a year earlier. The latest report suggests affordability remains a significant hurdle for prospective buyers. While employment gains continue to support household finances, higher borrowing costs and elevated home prices have kept many buyers, particularly first-time purchasers, on the sidelines. “The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers,” said NAR Chief Economist Lawrence Yun. He added that continued job growth could help support housing demand, while noting that pending sales should be viewed as an indicator of future closings rather than a direct measure of completed transactions due to contract contingencies and fallout rates. Contract activity weakened across every major region during the month. The Northeast posted the smallest monthly decline at 3.0% , while the Midwest recorded the largest drop at 8.9% . The South fell 4.1% and the West declined 4.7% . Compared with a year earlier, pending sales increased 2.2% in the Northeast and 0.3% in the Midwest, while the South and West posted declines of 0.9% and 1.1% , respectively. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-builder-confidence-nahb-hmi Fri, 17 Jul 2026 17:40:00 GMT 6a5a6afdf27dbf5c826ed041 Matthew Graham Builder sentiment weakened further in July as affordability challenges and ongoing economic uncertainty continued to weigh on the market for new single-family homes. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) slipped two points to 34 , marking the 15th consecutive month the index has remained below 40--the longest such stretch since 2012. The latest reading reflects persistent headwinds for the industry, with elevated mortgage rates, rising material costs, expensive land and ongoing labor shortages continuing to limit both builder confidence and buyer demand. All three major components of the index moved lower in July. Current sales conditions declined one point to 37 , while sales expectations over the next six months fell two points to 43 . Traffic of prospective buyers also dropped two points to 23 , indicating many prospective purchasers remain on the sidelines. “Many potential buyers remain on the sidelines as they wait for lower mortgage rates, more certainty on inflation and a clearer economic outlook,” said NAHB Chairman Bill Owens. He added that the recently enacted 21st Century ROAD to Housing Act includes provisions intended to address land-use, zoning, regulatory and financing challenges, though those reforms will take time to produce results. NAHB Chief Economist Robert Dietz said affordability remains the industry's biggest obstacle, citing elevated mortgage rates, costly land, rising material prices and persistent skilled labor shortages. While he called the new housing legislation a positive step toward expanding supply and lowering housing costs, he noted that additional policy changes at the state and local levels will be needed to meaningfully improve conditions. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-mortgage-applications-mba Fri, 17 Jul 2026 17:31:00 GMT 6a5a687cf27dbf5c826ed03f Matthew Graham Mortgage application volume declined again last week as higher borrowing costs weighed on home purchase demand. The Mortgage Bankers Association (MBA) reported a 2.7% decrease in total application volume on a seasonally adjusted basis for the week ending July 10, even as refinance activity posted a modest rebound. Purchase applications fell 7% from the previous week on a seasonally adjusted basis and were 2% lower than the same week one year ago, marking a pullback after purchase demand had outpaced year-ago levels in recent weeks. Refinance activity moved in the opposite direction, with the Refinance Index increasing 4% from the prior week. Despite mortgage rates climbing higher, refinance applications remained 7% above year-ago levels, supported by stronger FHA and VA refinance activity. “Mortgage applications declined as the 30-year fixed rate increased to 6.65 percent, the highest level since August 2025. Purchase applications were down over the week and dipped below last year’s pace in the week following the July 4th holiday,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Despite higher mortgage rates, refinance applications increased, led by FHA and VA refinance applications rising 9 and 10 percent, respectively.” The refinance share of mortgage activity increased to 43.2% from 40.6%, while the adjustable-rate mortgage (ARM) share declined to 7.1% from 7.8%. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07102026-existing-home-sales-nar-inventory-prices-appr Fri, 10 Jul 2026 18:25:00 GMT 6a5139baa14e33217bd03a13 Matthew Graham Existing-home sales eased in June after reaching a six-month high in May, as modest changes in mortgage rates continued to influence buyer activity. According to the National Association of REALTORS®, sales fell 2.4% from May to a seasonally adjusted annual rate of 4.09 million , though they remained 2.8% above their level from a year earlier. “The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” said NAR Chief Economist Lawrence Yun. He added that continued job growth should help support housing demand despite ongoing affordability challenges. Housing inventory changed little during the month, suggesting that supply gains may be losing momentum. Total inventory slipped to 1.56 million units , down 0.6% from May but 1.3% higher than a year ago. At the current sales pace, unsold inventory represented a 4.6-month supply , up slightly from May and unchanged from one year earlier. Home prices continued to climb despite softer sales activity. The median existing-home price rose to a new record of $440,600 , up 1.8% from June 2025 and marking the 36th consecutive month of annual price appreciation. Affordability improved compared with a year ago, as wage growth continued to outpace home-price gains. The Housing Affordability Index increased to 102.3 , up from 95.5 a year earlier. Yun cautioned, however, that slowing inventory growth could eventually put renewed upward pressure on home prices if additional supply fails to reach the market. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07102026-mortgage-applications-mba Fri, 10 Jul 2026 18:21:00 GMT 6a5138e7a14e33217bd03a11 Matthew Graham Mortgage application activity slipped modestly last week as both purchase and refinance demand eased during the holiday-shortened period. The Mortgage Bankers Association (MBA) reported a 2.2% decrease in total application volume on a seasonally adjusted basis for the week ending July 3, with results adjusted for the Fourth of July holiday. Purchase applications declined 1% from the previous week on a seasonally adjusted basis but remained 5% higher than the same week one year ago, still stronger year-over-year despite elevated borrowing costs. Refinance activity weakened further, with the Refinance Index falling 4% from the prior week while remaining 8% above year-ago levels. “Mortgage application volume was little changed during the week of the nation's 250th Independence Day celebration, as the 30-year fixed rate increased slightly to 6.58 percent,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “After adjusting for the Independence Day holiday, government purchase volume increased modestly, led by a 5 percent gain in VA purchase applications, while conventional purchase activity declined. Refinance application volume was down 4 percent, as homeowners saw little enticement to act with rates still elevated.” The refinance share of mortgage activity decreased to 40.6% from 41.4%, while the adjustable-rate mortgage (ARM) share increased to 7.8% from 7.6%. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07022026-mortgage-applications-mba Thu, 02 Jul 2026 15:50:00 GMT 6a4689fd462b409ca05e1736 Matthew Graham Mortgage application activity was essentially unchanged last week, as a modest increase in purchase demand offset a slight decline in refinancing. The Mortgage Bankers Association (MBA) reported a 0.04% increase in total application volume on a seasonally adjusted basis for the week ending June 26. Purchase activity provided the week's modest support. The seasonally adjusted Purchase Index increased 1% from the previous week and remained 3% higher than the same week one year ago, extending a trend of stronger year-over-year demand. Refinance activity eased slightly, with the Refinance Index declining 1% from the prior week while remaining 9% above year-ago levels. “Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth.” The refinance share of mortgage activity edged down to 41.4% from 41.5%, while the ARM share declined to 7.6% , its lowest level since January. Government-backed application shares were mixed. FHA share decreased to 16.9% from 17.9%, while VA share increased to 12.9% from 12.3%. USDA share slipped to 0.4% from 0.5%. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07022026-case-shiller-fhfa-home-prices-prices-apprecia Thu, 02 Jul 2026 15:40:00 GMT 6a46889cb66ce7340f1e150f Matthew Graham Home price appreciation remained subdued in April, as the latest data from both FHFA and the S&P Cotality Case-Shiller Home Price Indices continued to point to a housing market with little overall momentum. While annual price growth improved modestly from the prior month in both reports, elevated mortgage rates and ongoing affordability challenges continued to keep appreciation well below historical norms. FHFA reported that U.S. house prices declined 0.1% on a seasonally adjusted basis in April, marking the first monthly decline since last summer. March's gain was also revised higher to 0.2% . Despite the monthly pullback, national home prices were still 2.0% higher than one year earlier, a slight improvement from March's annual pace. Regional results remained highly uneven. Among the nine census divisions, monthly price changes ranged from a 1.0% increase in New England to a 0.8% decline in the Mountain division. On an annual basis, the East North Central division continued to lead with 4.4% appreciation, while the Pacific division posted the weakest annual gain at just 0.2% . The S&P Cotality Case-Shiller U.S. National Home Price Index painted a similar picture. The national index rose 0.8% year over year in April, up slightly from March's 0.7% increase. Annual gains also strengthened modestly in the major metro composites, with the 10-City Composite rising 1.8% and the 20-City Composite increasing 1.1% . Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/06262026-new-home-sales Fri, 26 Jun 2026 18:58:00 GMT 6a3ecd856c212214ed223427 Matthew Graham New home sales weakened further in May, extending the pullback seen over the past several months as elevated mortgage rates and affordability pressures continued to weigh on buyer demand. According to the latest Census Bureau and HUD data, sales of new single-family homes fell to a seasonally adjusted annual rate of 580,000 , down 7.3% from April and 6.8% from a year earlier. Inventory continued to build, with the number of new homes for sale rising to 496,000 , up 2.3% from April, though still 1.4% below May 2025 levels. At the current sales pace, that left months' supply at 10.3 months , up from 9.3 months in April and 9.7 months one year ago. Home prices moved higher in May. The median sales price increased to $424,900 , up 2.0% from April and essentially unchanged from a year earlier. Meanwhile, the average sales price rose sharply to $540,600 , a 7.8% monthly increase and 5.0% above May 2025 levels. While the chart above is potentially alarming at first glance, it's always worth remembering 2 things: 1. New Home Sales data is notoriously choppy month to month, and prone to sometimes significant revisions. 2. Existing Home Sales run at an annual pace over 4 million (compared to New Home Sales at just under 600k), and they've been trending modestly higher in the past few months.  Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/06262026-mortgage-applications-mba Fri, 26 Jun 2026 18:55:00 GMT 6a3ecbae6c212214ed223424 Matthew Graham Mortgage applications posted a modest increase last week, though overall activity remained subdued by historical standards as borrowing costs held relatively steady. The Mortgage Bankers Association (MBA) reported a 1.0% increase in total application volume on a seasonally adjusted basis for the week ending June 19. Refinance activity provided most of the support for the weekly gain. The Refinance Index increased 3% from the previous week and was 17% higher than the same period one year ago. Purchase demand slipped slightly but continued to hold above year-ago levels. The seasonally adjusted Purchase Index decreased 1% from the prior week, while remaining 3% higher than the same week in 2025. “Mortgage rates changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting,” said Mike Fratantoni, MBA’s SVP and chief economist. “Purchase application volume edged slightly lower, while refinance activity posted modest gains. Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8 percent above year-ago levels.” Refinance share of mortgage activity increased to 41.5% from 40.3%, while the ARM share declined to 8.2% from 8.5%. Government-backed application shares were mixed. FHA share increased to 17.9% from 17.5%, while VA share decreased to 12.3% from 12.9%. USDA share rose to 0.5% from 0.4%. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news