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Existing Home Sales Drop on Inventory Shortage


The sale of pre-owned homes weakened last month and were down on a year-over-year basis for the second month in a row. Inventory shortages were blamed.

U.S. home buyers successfully closed on the purchase of 460,000 existing single-family homes, townhomes, condominiums and co-operatives during April.

Last month's completed transactions brought total existing residential home sales during the first-four months of this year to 1.526 million units.


Mortgage Rates Climb to 7-Year High, Could Fall


Although interest rates on single-family loans jumped to the highest level in seven years, one short-term forecast has them retreating in the upcoming week. But long-term forecasts call for further escalation.

Thirty-year fixed rates averaged 4.66 percent in Freddie Mac's Primary Mortgage Market Survey for the week ended May 24.

Based on historical data from the secondary lender, the last time long-term mortgage rates were this high was in the week ended May 5, 2011, when the average was 4.71 percent.


Refis Push Up 2018 Mortgage Lending Outlook


A reduction in forecasted purchase financing this year was more than offset by an increase in expected refinances. But next year's boosted refinance outlook wasn't enough to cover the purchase cuts.

Primary home lenders are expected to originate $482 billion in single-family loans, including refinances and purchase financing, during the three months ended mid-year 2018.

Freddie Mac, which made the prediction in its May 2018 Economic & Housing Market Forecast, raised its expectations from last month's outlook, when it projected $441 billion in second-quarter production.


Dodd-Frank Rollback Legislation Now Law


With the public and the media focused on the cancellation of North Korea summit, President Donald Trump sign into law legislation that will roll back burdensome Obama-era financial regulations.

On Thursday, Trump signed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bill had passed the House on Tuesday, while it was passed by the Senate in March.

At the signing ceremony, flanked by members of his cabinet and GOP lawmakers, Trump announced that the much anticipated meeting planned with North Korea in Singapore was being canceled.


Reperforming Mortgages For Sale


A small portfolio of reperforming residential loans that have a big share of modified loans and a geographic concentration in four large states is being offered for sale.

Approximately 117 reperforming first-lien mortgages that have an aggregate unpaid principal balance of $23 million are included in the offering.

On a weighted-average basis, the coupon rate is 4.353 percent, the loan-to-value ratio is 75 percent, and the FICO score is 586.