Mortgage rates

Hovnanian Enterprises, the corporate parent of homebuilder K Hovnanian Homes, received a new notice from the New York Stock Exchange indicating its low market capitalization could jeopardize its listing status.

After three weeks of holding fairly steady, average mortgage rates ticked up this week, ironically due to investor optimism that the Federal Open Market Committee will cut short-term rates, according to Freddie Mac.

The onset of summer typically comes with the largest volume of home sales, however exorbitant prices kept potential buyers at bay, according to Remax.

After a jump in May home sales, North Texas housing activity retreated in June.

Higher interest rates led to a 1.1% seasonally adjusted decline in mortgage applications compared with the previous week, according to the Mortgage Bankers Association.

Homebuilders' optimism increased as low mortgage rates fueled demand. However, affordability constraints and the continuing scarcity of construction workers and land parcels remain concerns.

Fannie Mae increased its mortgage origination forecast as lower interest rates, driven by economic uncertainty, will lead to more refinance activity, but other factors will continue to hold back home purchases.

Despite a significant rise in first-mortgage production due to lower interest rates, profits from home lending in Citigroup's retail banking division fell slightly in the second quarter.

After two strong months, applications to purchase newly constructed homes retrenched a bit as broader policy issues weighed on consumers, according to the Mortgage Bankers Association.

While mortgage rates remained unchanged this past week, further drops are possible as signs from the Federal Reserve point to a short-term rate cut at its next meeting.