On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution's separation of powers. Within hours the White House announced it would be replacing Mark Calabria who currently holds that position. The decision, in a case now known as Collins v Yellen, was similar to Seila Law v The Consumer Financial Protection Bureau (CFPB) which was decided last year in favor of the plaintiffs. Both FHFA and CFPB were created during the housing crisis and had similar independent structures, each headed by a single chairperson for a five-year term. Neither chairperson could be removed from office except for cause. The Collins case, however, had an additional component. The

June 23, 2021 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 23, 2021 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.28 +0.16   97.47 101.61 UMBS 30YR 6.0 102.54 +0.05   99.66 102.54 10 YR Treasury 4.039 -0.047   3.621 4.780 MBS Price Change UMBS 5.0 99.78 +0.31 UMBS 5.5 101.28 +0.16 UMBS 6.0 102.54 +0.05 GNMA 5.0 100.07 +0.24 GNMA 5.5 101.19 +0.06 GNMA 6.0 102.18 +0.05 Pricing as of: 9/8 6:21PM EST US Treasury Yield Change 2 YR Treasury 3.487 -0.030 5 YR Treasury 3.562 -0.027 7 YR Treasury 3.768 -0.032 10 YR Treasury 4.039 -0.047 30 YR Treasury 4.690 -0.079 Pricing as of: 9/8 6:21PM EST Other News Calabria is Out at FHFA Wed, Jun 23, 2021 2:49PM On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president's ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution's separation of powers. Within hours the White House announced it would be replacing Mark Calabria who currently holds that position. The decision, in a case now ... (read more) New Home Sales Hit 12 Month Low Despite Higher Inventory Wed, Jun 23, 2021 2:51PM New home sales dropped for the second month in May, falling below an 800,000 unit pace for the first time in a year. The U.S. Census Bureau and the Department of Housing and Urban Development said newly constructed homes sold at a seasonally adjusted annual rate of 769,000 units. This was a decline of 5.9 percent from the downwardly revised (from 863,000) ra... (read more) MLO Jobs; Lock, Fee Collection, Marketing, Jumbo, Encompass Products Wed, Jun 23, 2021 11:04AM Folks are talking about how in-person mortgage conferences are coming back strong. For example, here in Florida that MBAF conference is approaching 300 registrants, and the California MBA’s Western Secondary (still two months away) has well over 200 participants, and registration has only been open a week. Folks are also talking about the mergers and a... (read more) Latest Video June Markit manufacturing PMI comes in at 62.6 vs. 61.5 expected New home sales drop 5.9%, vs. 0.5% drop expected The 9am Bond Report - June 23, 2021 Powell: Much of inflation rise is from categories affected by pandemic Around the Web Reuters Democrats set 24-hour target for bipartisan U.S. infrastructure deal National Associattion of Realtors NAR Responds to SCOTUS Decision on FHFA Leadership Structure Calculated Risk Blog AIA: "Architecture billings continue historic rebound" in May Calculated Risk Blog Black Knight: National Mortgage Delinquency Rate Increased in May CNBC The national eviction ban will likely be extended through July. What that means for renters Calculated Risk Blog A few Comments on May New Home Sales Reuters U.S. Supreme Court bolsters presidential power over housing finance agency Calculated Risk Blog New Home Sales Decrease to 769,000 Annual Rate in May Redfin More Than 4,500 Seattle-Area Homes Have Sold For At Least $100,000 Above Asking Price in 2021, Versus 400 During the Same Period... CNBC 10-year Treasury yield flat following Powell's reassurances on inflation CNBC Fed Chair Powell says it's 'very, very unlikely' the U.S. will see 1970s-style inflation Reuters Fed will not raise rates on inflation fears alone, Powell says Calculated Risk Blog MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 3.93%"

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