The residential construction numbers in June were expected to come in largely in the same neighborhood as in May. Analysts however got it only half right. While starts fell fractionally, permits took a dive, falling by 6.1 percent compared to the previous month. The U.S. Census Bureau and Department of Housing and Urban Development said permits for residential construction were at a seasonally adjusted annual rate of 1,220,000 compared to a revised 1,299,000 in May. May permits were originally reported at an annual rate of 1,295,000. The June number put the year-over-year results down by 6.6 percent. Analysts polled by Econoday had expected an annual pace of 1,300,000 for permits. Their forecasts ranged from 1,252,000 to 1,300,000, missing the actual results completely. Permits for single-family

July 17, 2019 Download our Mobile App: Download our Mobile App: Rob Chrisman Comp, Broker, Compliance Exam Products; F&F Changes; The Fed and Rates I encounter plenty of people in the mortgage biz, from part-time receptionists to owners, who are focused on helping consumers. It’s a good thing! And they ask me about consumer education. (“Have you ever heard of a class for anyone on ho... (read more) Housing News June Construction Numbers Tried to Hang on, But Failed to Impress The residential construction numbers in June were expected to come in largely in the same neighborhood as in May. Analysts however got it only half right. While starts fell fractionally, permits took a dive, falling by 6.1 percent compared to the pre... (read more) Housing News Fannie Mae Sees Economic Slowdown...Slowing This month marks the tenth anniversary of the current expansion. How much longer can it last? Fannie Mae's July Economics Development report indicates it has a way to go, although likely at a slowing pace. The second quarter of 2019 has just ended, b... (read more) Housing News Higher Rates Stunt Post-Holiday Application Volume Recovery Mortgage application activity retreated again during the week ended July 12, although refinancing remained strong. The Mortgage Bankers Association (MBA) said its Market Composite index, a measure of application volume, was down 1.1 percent on a seas... (read more) MBS Commentary MBS Live Day Ahead: Bonds Trying to Shake Off Last Week's Bad Vibes In the day just passed, a strong Retail Sales report kept the pressure on bond markets to remain in the negative trend that prevailed last week.  Yields have been moving progressively higher since the June 5th jobs report catalyzed a confirmed... (read more) Mortgage Rate Watch Mortgage Rates Under Modest Pressure After Retail Sales Data Mortgage rates were flat to slightly higher today, following a stronger-than-expected Retail Sales report. The bond market (which dictates mortgage rates) was eagerly awaiting the week's first major economic data. Even though the Fed will almost cert... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.02% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.02 0.00 15 Yr. Fixed 5.98% +0.01 0.00 30 Yr. FHA 6.27% +0.02 0.00 30 Yr. Jumbo 6.85% +0.01 0.00 7/6 SOFR ARM 6.32% -0.01 0.00 30 Yr. VA 6.29% +0.03 0.00 Updates Daily - Last Update: 7/3 15 Yr. Fixed Rate 5.98% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.67% -0.10 0.00 15 Yr. Fixed 5.80% -0.09 0.00 Updates Weekly - Last Update: 7/3 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.79% -0.09 0.62 15 Yr. Fixed 6.06% -0.05 0.67 30 Yr. Jumbo 6.78% -0.10 0.40 Updates Weekly - Last Update: 6/26 MBS / Treasuries UMBS 30YR 5.5 99.73 +0.08 Price / Yield Change MBS UMBS 5.5 99.72 +0.08 UMBS 6.0 101.51 +0.08 GNMA 5.5 99.92 +0.07 GNMA 6.0 101.41 +0.07 Pricing as of: 7/7 12:42AM EST 10 Year US Treasury 4.3310 -0.0157 Price / Yield Change US Treasury 2 YR Treasury 3.858 -0.025 5 YR Treasury 3.911 -0.025 7 YR Treasury 4.102 -0.023 10 YR Treasury 4.330 -0.017 30 YR Treasury 4.857 -0.007 Pricing as of: 7/7 12:42AM EST 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 Bloomberg Almost 40% of U.S. Homes Are Free and Clear' of a Mortgage - Bloomberg Calculated Risk Blog CAR on California: "California home sales retreat in June" Bloomberg IMF Warns Rising Trade-War Risk is Weighing on Global Economy - Bloomberg Calculated Risk Blog AIA: "Design services demand stalled in June, Project inquiry gains hit a 10-year low" CNBC The economic signs are moving against the Fed's expected rate cut: 'It just doesn't smell right' CNBC Foreign purchases of American homes plunge 36% as Chinese buyers flee the market Calculated Risk Blog Comments on June Housing Starts Calculated Risk Blog Housing Starts at 1.253 Million Annual Rate in June Reuters As Fed nears rate cut, policymakers debate how deep, and even if Bloomberg Powell Maintains Fed Pledge to Act to Sustain U.S. Expansion Reuters SEC reaches $60 million settlements involving ex-American Realty executives CNBC Fed's Charles Evans says he'd be comfortable with 'a couple' rate cuts before the end of the year Reuters JPMorgan beats profit estimates but shows signs of pressure

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