Economy

However, with the market continuing to shift more in favor of homebuyers, home prices should move lower, aiding affordability in the weeks ahead.

Federal Reserve Gov. Lisa Cook said in a speech Friday that the market's response to recent volatility shows resilience, but more study is needed about the financial stability implications of business relationships between banks and nonbanks.

Purchases of new single-family homes increased 11% last month to a 743,000 annual rate, the highest level since February 2022, according to government data.

The 14.3% rate for deals withdrawn in any April is the highest level other than in Covid-impacted 2020, as homebuyers reexamine the market, Redfin said.

Yields on the 10-year Treasury have been climbing because of the Moody's U.S. downgrade, the tax bill under debate in Congress and possible GSE reform.

Bond yields are shooting up for the second time in as many months. Federal Reserve Gov. Christopher Waller attributes the volatility to concerns about rising national debt levels.

Increases in gross domestic product and home sales expectations compared with April are the drivers of Fannie Mae's latest mortgage outlook for 2025 and 2026.

The Mortgage Bankers Association latest forecast reflects the industry's current views on where their business is going, said Mike Fratantoni.

Sean Grzebin discusses his plans to leverage JPMorgan Chase's massive consumer audience to pick up mortgage market share.

The 30-year FRM remained under 7% for the 17th consecutive week, Freddie Mac said, but the 10-year Treasury at one point was up over 25 basis points.