Both permits for construction of privately-owned housing units and beginning construction in May were well below expectations, the second consecutive month in which both declined. Each of the two measures was also below its respective pace one year earlier. The U.S. Census Bureau and the Department of Housing and Urban Development said permits for residential housing units were issued at a seasonally adjusted annual rate of 1,168,000. This was 4.9 percent off the April rate of 1,228,000 units, a revision from its original estimate of 1,229,000. The May number also fell short, by 0.8 percent, of the 1,178,000-permit pace in May 2016. Analysts polled by Econoday had been looking for permits in the range of 1,240 to 1.260 million. The consensus was 1.249 million. Single family authorizations were

June 16, 2017 Download our Mobile App: Download our Mobile App: Housing News Drop in Housing Starts Could Intensify Inventory Issues Both permits for construction of privately-owned housing units and beginning construction in May were well below expectations, the second consecutive month in which both declined. Each of the two measures was also below its respective pace one year e... (read more) Housing News Harvard Report Raises Housing Supply, Affordability Issues The Joint Center for Housing Studies (JCHS) at Harvard University has released its latest report on the State of the Nation's Housing . The report, is a snapshot of housing and housing issues. By many measures, the report says, the national housing m... (read more) Rob Chrisman States Changing Lending and Foreclosure Laws; Housing Starts What are we going to be talking about this summer? One topic is the economy, and the thought that rising short-term rates are a signal that the economy has recovered to the point where businesses and consumers don’t need ridiculously low borrow... (read more) MBS Commentary MBS Live Day Ahead: Bonds May Not Decide Much Today, And That Would be a Good Thing Bond markets may not give a stellar performance today, offering resounding confirmation of an ongoing rally.  Conversely, they're not likely to rise enough to raise serious questions about an ongoing rally.   When it comes to getting a s... (read more) MBS Commentary MBS Live Recap: Post-Fed Weakness Brings Bonds Back to The Gap To be fair to the Fed, they didn't really cause most of today's weakness.  Bond markets already showed their hand with respect to yesterday's Fed events--essentially endorsing the rate hike, the forecasts, and the balance sheet plan as somethi... (read more) Mortgage Rate Watch Mortgage Rates Holding Most of Their Recent Gains Mortgage rates were flat today, after weaker-than-expected construction data prompted a positive bounce for bond markets. In general, bonds (which dictate mortgage rates) improve when economic data is weaker. Before this morning's data, rates were at... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.01 0.00 15 Yr. Fixed 6.37% 0.00 0.00 30 Yr. FHA 6.30% -0.02 0.00 30 Yr. Jumbo 7.20% 0.00 0.00 7/6 SOFR ARM 6.99% +0.04 0.00 30 Yr. VA 6.32% -0.02 0.00 Updates Daily - Last Update: 11/14 15 Yr. Fixed Rate 6.37% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.78% -0.01 0.00 15 Yr. Fixed 5.99% -0.01 0.00 Updates Weekly - Last Update: 11/14 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.73% +0.21 0.69 15 Yr. Fixed 6.27% +0.29 0.77 30 Yr. Jumbo 6.77% +0.04 0.49 Updates Weekly - Last Update: 10/30 MBS / Treasuries UMBS 30YR 5.5 98.85 -0.07 Price / Yield Change MBS UMBS 5.5 98.85 -0.08 UMBS 6.0 100.51 -0.06 GNMA 5.5 99.48 -0.08 GNMA 6.0 100.65 -0.06 Pricing as of: 11/14 11:50PM EST 10 Year US Treasury 4.4567 +0.0179 Price / Yield Change US Treasury 2 YR Treasury 4.350 0.000 5 YR Treasury 4.338 +0.012 7 YR Treasury 4.401 +0.014 10 YR Treasury 4.459 +0.020 30 YR Treasury 4.610 +0.027 Pricing as of: 11/14 11:50PM EST Latest Video Amazon deal is another element of bringing costs down: Insana Best bets in housing: Analyst May housing starts down 5.5% vs. up 3.5% est. Around the Web Reuters Weak inflation erodes conviction at Fed on rate hikes Freddie Mac Freddie Mac Announces Pricing of $198 Million Multifamily Small Balance Loan Securitization CNBC Fed should be cautious on further rate hikes, Kaplan says CNBC From Reagan top to Trump bottom? A presidential chart of the 10-year yield Bloomberg US Consumer-Sentiment Drop Shows Post-Election Bump Fading CNBC Negative-yielding government debt 'supernova' jumps to $9.5 trillion Calculated Risk Blog Comments on May Housing Starts Reuters U.S. housing starts hit eight-month low; building permits weak Market Watch The Fed: Fed's Kashkari says he didn't agree with Yellen that soft inflation is due to one-off' factors Calculated Risk Blog BLS: Unemployment Rates Lower in 9 states in May, Four States at New Series Lows CNBC US housing starts total 1.092M in May vs 1.215M starts expected Bloomberg The Man Who Ran the Bank Bailout Is the Fed's Toughest Internal Critic CNBC US Treasurys lower as investors continue to respond to the Fed's bond holding cuts

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