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: Housing News Calabria is Out at FHFA 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... (read more) Housing News New Home Sales Hit 12 Month Low Despite Higher Inventory 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... (read more) Rob Chrisman MLO Jobs; Lock, Fee Collection, Marketing, Jumbo, Encompass Products 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 ove... (read more) Mortgage Rates No Easy Victories For Mortgage Rates 30 Yr. Fixed Rate 6.67% +0.00% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.67% 0.00 0.00 15 Yr. Fixed 5.91% 0.00 0.00 30 Yr. FHA 6.19% -0.01 0.00 30 Yr. Jumbo 6.80% 0.00 0.00 7/6 SOFR ARM 6.29% -0.04 0.00 30 Yr. VA 6.20% -0.02 0.00 Updates Daily - Last Update: 7/1 15 Yr. Fixed Rate 5.91% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries MBS Live Recap: Sideways Grind Means More Focus on Next Jobs Report UMBS 30YR 5.5 99.91 -0.01 Price / Yield Change MBS UMBS 5.5 99.91 -0.01 UMBS 6.0 101.58 0.00 GNMA 5.5 100.07 +0.01 GNMA 6.0 101.43 +0.02 Pricing as of: 7/1 10:43PM EST 10 Year US Treasury 4.2446 +0.0054 Price / Yield Change US Treasury 2 YR Treasury 3.772 -0.004 5 YR Treasury 3.835 -0.004 7 YR Treasury 4.017 +0.005 10 YR Treasury 4.244 +0.005 30 YR Treasury 4.768 +0.001 Pricing as of: 7/1 10:43PM EST 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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