It was another disappointing month for new home sales , but due entirely to a sharp decline in those sales in the West. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes in May were at a seasonally adjusted annual rate of 626,000 units. This is 7.8 percent below the revised (from 673,000) April rate of 679,000 and 3.7 percent lower than the rate in May 2018 of 650,000 Expectations were for a rebound from April sales after a 6.9 percent downturn from March. Analysts polled by Econoday were looking for results in a range from 649,000 to 710,000 with a consensus of 680,000. On a non-adjusted basis there were 60,000 newly constructed homes sold in May compared to 67,000 in April. On a year-to-date basis, sales are up 4.0 percent at

June 25, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.22% +0.09%   6.11% 7.26% 15 Yr. Fixed 5.75% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.14% -0.01%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Jun 25, 2019 Rates Catch a Break to Remain Near Long-Term Lows Mon, Jun 24, 2019 3:39PM Mortgage rates were generally flat today, depending on the lender. Some were noticeably better while others were a hair worse. In both cases, rates are very close to the lowest levels since late 2016. Changes from Friday would most likely be measured in terms of upfront costs as opposed to differences in the quoted "note rate" itself (the rate most people are talking about when they talk about mortgage rates). Upfront costs simply allow for smaller fine-tuning adjustments when the market doesn't move enough for lenders to change rate quotes by the customary 0.125%. Holding steady today is a ma... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.22% +0.09 0.00 15 Yr. Fixed 5.75% +0.04 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% -0.01 0.00 7/6 SOFR ARM 5.65% 0.00 0.00 30 Yr. VA 5.98% +0.06 0.00 Updates Daily - Last Update: 9/17 Freddie Mac Rate Change Points 30 Yr. Fixed 6.35% -0.15 0.00 15 Yr. Fixed 5.50% -0.10 0.00 Updates Weekly - Last Update: 9/11 Mortgage Bankers Assoc. 30 Yr. Fixed 6.49% -0.15 0.56 15 Yr. Fixed 5.70% -0.14 0.55 30 Yr. Jumbo 6.44% -0.14 0.48 Updates Weekly - Last Update: 9/10 UMBS 30YR 5.0 99.76 +0.17   95.05 100.47 UMBS 30YR 5.5 101.18 +0.15   97.47 101.61 10 YR Treasury 4.056 -0.025   3.706 4.780 MBS Live Day Ahead: Downtrend or Consolidation? Tue, Jun 25, 2019 9:25AM In the day just past, bonds returned from the weekend with an unexpected fervor--at least in terms of outright improvement in yields.  Looking beneath the gains, we saw limited volume and no fundamental justification for the move.  Rather, ... (read more) MBS Price Change UMBS 4.5 97.78 +0.15 UMBS 5.0 99.77 +0.18 UMBS 5.5 101.19 +0.16 GNMA 4.5 98.15 +0.13 GNMA 5.0 100.04 +0.22 GNMA 5.5 101.05 +0.16 Pricing as of: 9/18 6:11AM EST US Treasury Yield Change 2 YR Treasury 3.528 -0.036 5 YR Treasury 3.619 -0.037 7 YR Treasury 3.805 -0.034 10 YR Treasury 4.052 -0.029 30 YR Treasury 4.651 -0.037 Pricing as of: 9/18 6:11AM EST Other News New Home Sales in West Plummet, Skewing National Totals Tue, Jun 25, 2019 10:51AM It was another disappointing month for new home sales , but due entirely to a sharp decline in those sales in the West. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes in May were at a seasonally adjusted annual rate of 626,000 units. This is 7.8 percent below the revised (from 673,000) April r... (read more) Case-Shiller: Home Price Moderation not Tracking Rate Changes Tue, Jun 25, 2019 10:48AM The two sets of price indices released on Tuesday diverged again. The S&P CoreLogic Case-Shiller Indices continue to show declining appreciation while the Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) indicates that price increases, while lower than at the peak, are still maintaining a strong pace. The Case-Shiller U.S. National Home ... (read more) Joint Center Sees Multiple Problems Emerging from Construction Shortfall Tue, Jun 25, 2019 8:21AM The annual State of the Nation's Housing report from the Joint Center for Housing Studies (JCHS) at Harvard University is the latest vehicle for sounding the alarm about the country's diminishing housing stock and the resulting decline in affordability. Although the economy has recovered from the Great Recession and household growth has returned, housing pro... (read more) Broker, Digital, Appraisal Products; First Bank and Roosevelt Ink Deal Tue, Jun 25, 2019 9:08AM Guys with an eyepatch and three fingers sell the best fireworks. Who does the best job selling mortgage products to consumers? Regulators, Agencies, and investors have seen the percentage of bank fundings drop and non-bank originations move higher over time, and by some estimates now account for 60% of residential volume. In the conferences that I have atten... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web Reuters Fed's Barkin sees risk the U.S. could talk itself into a recession; no sign of it yet Calculated Risk Blog Update: A few comments on the Seasonal Pattern for House Prices Bloomberg Fannie, Fintech Face Congress With Wall Street Watching Closely - Bloomberg Reuters Powell says Fed is wrestling with whether to cut rates, insulated from politics NAR - Realtor.com 6 Things Every Home Buyer, Seller, and Owner Need to Know About Today's Housing Market Federal Reserve Powell, Economic Outlook and Monetary Policy Review CNBC Here are the best places to own a home and pay fewer taxes Bloomberg Fed's Williams Says Bias in U.S. Economy Is Holding Back Growth Calculated Risk Blog A few Comments on May New Home Sales CNBC US consumer confidence falls to 121.5 in June, vs. 131.1 expected CNBC Home price gains shrink slightly in April, but some cities are heating up again: S&P Case-Shiller CNBC Market is excessively optimistic on Fed cuts and trade, top economist warns CNBC US Treasury yields lower ahead of Powell's speech

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