April turned out to be a solid month for construction . The Census Bureau said that dollar value of new construction activity on residential, non-residential, and public projects was at a seasonally adjusted and annual total of $1.31 trillion. This represented a 1.8 percent increase from March's total of 1.29 trillion and was 7.6 percent higher than the $1.22 trillion rate in April 2017. The result was better than anticipated. Analysts polled by Econoday had expected the numbers to improve from the 1.7 percent decline in March but were looking at a consensus estimate of 0.8 percent. The range of estimates was 0.5 to 2.0 percent. On a non-adjusted basis, the total spent during the month was $106.74 billion compared to $99.99 billion in March. Spending for the first four months of 2018 totaled

June 1, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jun 1, 2018 Mortgage Rate Volatility Remains a Risk Thu, May 31, 2018 4:46PM Mortgage rates were effectively unchanged today, despite political developments in Italy providing plenty of justification to move higher. Specifically, Italian lawmakers found a way to move forward with staffing a new coalition government despite an apparent impasse earlier this week. That impasse was an underlying factor for the big drop in rates this week. It could be that the news out of Italy was offset by other developments (tariff announcement and news of Deutsche Bank's "troubled" status with the Fed), or it may have simply been too late in the day for European markets to react. We'll ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 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 5.5 101.15 -0.13   97.47 101.61 UMBS 30YR 6.0 102.46 -0.08   99.66 102.50 10 YR Treasury 4.081 +0.042   3.621 4.780 MBS Live Day Ahead: Bonds Start at Disadvantage As Europe Reacts to Yesterday Fri, Jun 1, 2018 8:26AM The timing and nature of yesterday's Italian headlines created a fair amount of risk for bond markets today.  As we discussed yesterday (in the Huddle and the Recap, for instance), Europe didn't get much of a chance to trade news that likely s... (read more) MBS Live Recap: Disconcertingly Decent Day For Bonds Thu, May 31, 2018 5:08PM Today brought resolution (probably) for a problem that had been greatly benefiting bonds and rates.  Earlier this week, the prospect of snap elections in Italy threatened to stand as a de facto referendum on the country's EU membership.  Bonds loved this because a systemically-doomed EU is a great motivation for safe-haven bond buying, ... (read more) MBS Price Change UMBS 5.0 99.55 -0.23 UMBS 5.5 101.13 -0.15 UMBS 6.0 102.45 -0.09 GNMA 5.0 99.86 -0.21 GNMA 5.5 101.12 -0.06 GNMA 6.0 102.08 -0.11 Pricing as of: 9/9 12:10PM EST US Treasury Yield Change 2 YR Treasury 3.541 +0.053 5 YR Treasury 3.609 +0.047 7 YR Treasury 3.815 +0.047 10 YR Treasury 4.088 +0.048 30 YR Treasury 4.738 +0.048 Pricing as of: 9/9 12:10PM EST Other News Residential and Private Construction Numbers Solid in April Fri, Jun 1, 2018 11:24AM April turned out to be a solid month for construction . The Census Bureau said that dollar value of new construction activity on residential, non-residential, and public projects was at a seasonally adjusted and annual total of $1.31 trillion. This represented a 1.8 percent increase from March's total of 1.29 trillion and was 7.6 percent higher than the $1.2... (read more) "Dire" Supply Levels Pull Pending Home Sales Lower Thu, May 31, 2018 10:10AM Pending home sales, like both new and existing home sales reported earlier this month, posted an April loss. The National Association of Realtors® said its Pending Home Sales Index (PHSI) declined 1.3 percent in April , down from its March reading of 107.8 (revised from 107.6) to 106.4. The index, a leading indicator of existing homes sales, had posted m... (read more) FHA Portfolio Case Study; Ginnie Mae Changes Cause Confusion Fri, Jun 1, 2018 9:10AM Whenever I mention changes in LO compensation versus changes in lender profit margins, my cat Myrtle seems entirely disinterested. (Come to think of it, aside from salmon leftovers and near-sighted plump lizards, Myrtle spends much of every day being disinterested.) Loan Officer compensation, and comp in general, is very, very important to many and is typica... (read more) Latest Video US tariffs on Canada, Mexico and EU take effect ISM manufacturing index at 58.7 in May May jobs up 223,000 Around the Web Bloomberg It's 2007 Again for Commercial Mortgage Bonds, Moody's Says Calculated Risk Blog Comments on May Employment Report Bloomberg For Sale: A New Home Built by Your Local Private Equity Firm Reuters ECB's Deutsche Bank defense shows concern and irritation Brookings Institution Inside America's oil boom Reuters Italy's Conte sworn in as PM of anti-establishment government Reuters EU lawmakers from Italy's coalition parties seek funds to quit euro ncua.gov Board Approves Changes to Member Business Lending Rule CNBC ISM manufacturing index hits 58.7 in May; construction spending up 1.8% in April Reuters Traders boost bets on Fed interest rate rises CNBC May auto sales mixed for US carmakers Bloomberg Bund Options Bet Eyes $100 Million Payout on Euro-Area Cataclysm CNBC Nonfarm payrolls increase by 223,000 in May, vs 188,000 estimate

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