Mortgages

Rate locks have increased every month this year, but May's pace came in more subdued than early-year numbers, according to Mortgage Capital Trading.

A Fannie Mae survey-high 86% of prospective buyers said it was a bad time to buy a home in May.

The 30-year fixed-rate mortgage average dropped back below the 7% level as investors reacted positively to news the economy is slowing, Freddie Mac said.

Despite the surge of inventory, the number of available homes is still below pre-pandemic levels, while price movements show wide regional variations, ICE Mortgage Technology said.

Although experts are predicting an active season, actual damages could be lower depending on how many storms make landfall and where, Corelogic reported.

Yields on the benchmark 10-year Treasury also rose in the past week as bond and note auctions got tepid responses from investors.

Fears that foreclosures and abandoned property rates could spike once Covid-19 moratoriums ended have not come to fruition, Attom Data Solutions said.

The Federal Housing Administration's clarification addresses interpretations of an 8th U.S. Circuit Court of Appeals decision that increased industry costs.

If approved by the Federal Housing Finance Agency, the program will not lead to large amounts of home equity being extracted, nor is it mission creep, wrote Keefe, Bruyette & Woods analyst Bose George.

Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.