The rate of both construction permitting and housing starts retreated from their May levels last month.  The significant increase in estimated starts from April to May was also revised lower. The U.S. Census Bureau and Department of Housing and Urban Development report that housing starts in June were at a seasonally adjusted rate of 1.434 million units. This is an 8.0 percent decline from the rate of 1.559 posted for May, a revision from the original estimate of 1.631 million. The pace of housing starts is now 8.1 percent lower than in June 2022. Single family declined 7.0 percent from the May rate of 1.005 million units to  935,000 units and starts in buildings with five or more units declined 11.6 percent to 482,000. Single-family starts were 7.4 percent and multifamily starts 11.2 percent below year-earlier rates. On an unadjusted basis, the number of starts during the month is estimated at 133,800 compared to 143,500 the prior month. Single-family starts were essentially unchanged at just over 90,000 units. Residential permits were issued at a seasonally adjusted rate of 1.440 million units, a 3.7 percent decrease from the May estimate of 1.496 units and 15.3 percent off the pace in May 2022. Single-family permits rose 2.2 percent to 922,000, 2.7 percent fewer year-over-year.  The 467,000 annual rate of permitting for multifamily construction was down 13.5 percent for the month and 33.1 percent on an annual basis. Before seasonal adjustment, there were 135,500 permits issued in June, 90,800 of them for single-family houses. The respective May numbers were 139,600 and 88,900.

July 19, 2023 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jul 19, 2023 Mortgage Rates Basically Flat at 2-Month Lows Wed, Jul 19, 2023 5:24PM Mortgage rates may have spiked to the highest levels in roughly 8 months two weeks ago, but they fully recovered as of last Thursday.  Since then, very little has happened and even less has changed about the average 30yr conventional rate for top tier scenarios. At the recent highs, many lenders were well into the 7% range.  Some are still over 7%--especially for quotes that don't rely on upfront costs to bring the rate down.  As always, the prevailing rate should be thought of in 2 parts: 1) the "note rate" that applies to the principal balance and dictates the monthly paymen... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 That's Enough For Now Wed, Jul 19, 2023 11:51AM After bonds rallied hard last week, EU bonds began to rally harder.  This was most noticeable in the current week where 10yr Bund yields fell all the way back to their late June lows on the heels of favorable inflation data and conciliatory ECB speeches.  Along with the Fed next week, the ECB is seen hiking once more and then "waiting and seeing."&... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 4:56AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 4:56AM EST Other News Housing Starts Fell From Last Month's Surprisingly Fast Pace Wed, Jul 19, 2023 3:55PM The rate of both construction permitting and housing starts retreated from their May levels last month.  The significant increase in estimated starts from April to May was also revised lower. The U.S. Census Bureau and Department of Housing and Urban Development report that housing starts in June were at a seasonally adjusted rate of 1.434 million unit... (read more) Refinance Applications Rise on Falling Rates Wed, Jul 19, 2023 9:35AM Applications for refinancing rebounded last week from the previous week’s holiday-related slowdown but purchase applications slid lower. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 1.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increase... (read more) CFO, Compliance, Cap Mkts; POS, AI, REO, 2nd Lien, Verification Products; Housing Stats Wed, Jul 19, 2023 11:07AM Think mortgage math is complicated? Many in the nation are focused on air conditioning. Why is it measured in tons? It harkens back to the days of using ice, and a “ton” measures how much heat, removed by the system, would be needed to melt 2,000 pounds, or one ton, of ice in a 24-hour period. The result is then expressed in BTUs per hour. It takes 288,000 B... 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