The real estate and fintech company completed the purchase of 100% of Mortgage One Group, marking a major step in its push into AI financing.

This data release means another milestone for the use of updated credit score models than the current FICO Classic has been met by Fannie Mae and Freddie Mac.

The Department of Housing and Urban Development got 67 responses to its request for information regarding the FHA program’s Minimum Property Requirements.

The rise in completed modifications occurred as many other loan performance indicators plateaued, and may reflect the temporary impact of recent rule changes.

Mortgage applications rose 0.4% on a seasonally adjusted basis from one week prior for the period ending June 26, according to the MBA’s Market Composite Index.

In a real sense, today’s rate update is more of an addendum to yesterday’s rate update. Yesterday afternoon saw heavy, continued selling in the bond market amid a flood of trading associated with the end of the quarter. Because mortgage rates are directly based on the bond market, this resulted in multiple lenders raising rates late in the day (after yesterday’s update).  Today has been much calmer by comparison with bonds holding fairly close to yesterday’s latest levels after some early weakness. Even so, there was still some weakness for mortgage lenders to account for. From yesterday morning, the average lender is up 0.11% on a top tier 30yr fixed quote.   If we adjust yesterday afternoon to account for the late day reprices, today’s rates are, instead, 0.05% higher. Either way, we’re currently back in line with the highs from the beginning of last week, but still below the highs from early June or mid-May.

Bonds Find Some Solace in Warsh Despite a Bit More Selling

The past 2 days have been rough for the bond market–nothing catastrophic, but “brisk” in terms of unexpected selling pressure.  To be fair, buying/selling pressure is never truly expected (otherwise, why wait to trade it?), and higher volatility was definitely a risk surrounding quarter-end and the data calendar. Today could have been worse, but the market found some solace in this morning’s Warsh comments the ECB SINTRA conference. Warsh stuck to the “no forward guidance” script but managed to offer some in a roundabout way by saying inflation risks have come down and that he was open to different views on the Fed’s balance sheet size. While not true forward guidance, it was a net-dovish message that the market reacted to. Shorter-term debt did best, but 10yr yields are ending up about 2bps lower than they were before Warsh.

Econ Data / Events

ADP jobs (Jun)

98K vs 113K f’cast, 122K prev

ISM Manufacturing

53.3 vs 54.0 f’cast

Market Movement Recap

08:43 AM Selling continues this morning. MBS down an eighth and 10yr up 2.7bps at 4.49.

09:51 AM Off the weakest levels. MBS unchanged and 10yr nearly unchanged at 4.467

01:53 PM MBS up 2 ticks (.06) and 10yr down 0.2bps at 4.463

03:23 PM MBS down 2 ticks (.06) and 10yr up 1.3bps at 4.479

Bonds have added modestly to Tuesday’s big quarter-end sell-off (a phenomenon that has nothing to do with the sorts of fundamental developments that dictate a vast majority of market movement). Thankfully, the random plumbing-related volatility is behind us as we begin the new quarter. Old-school potential volatility awaits. The morning’s first order of business will be to see if Warsh says anything interesting at the SINTRA conference. After that, ISM Manufacturing data at 10am is a B+ market mover if it falls far enough from expectations. 

We find ourselves in the 3rd quarter of 2026. The stock market has made the headlines, but between a) the reduction in the number of publicly held companies, and b) the weight given to AI-related stocks, it is worth reminding everyone that the stock market is not the economy. Economies are complex, as are countries. Did you know that more Europeans die each year from summer heat than Americans die from gun violence? Over 1,000 recently in France; 1,500 deaths in Western Europe are being attributed to the climate. Returning to this country, there are six state capitals West of Los Angeles. (You don’t need my help in naming them.) There is plenty to like about this country: Building materials giant Saint-Gobain continues to expand its U.S. footprint and has invested nearly $7 billion in North America since 2021, deploying prefab systems that can reduce build times 30-50 percent while avoiding tariff exposure. Where there’s a will there’s a way. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Experian. From lenders and landlords to employers and consumers, Experian helps connect the housing ecosystem with the data and insights needed to make faster, confident decisions. Lead a smarter housing journey with Experian. Today’s has an interview with PennyMac’s Isaac Boltansky on key federal policy developments shaping the housing market and broader U.S. economy.) Broker and Lender Software, Products, and Services What if your next conventional loan closed faster and saved your borrower up to $200? With Fetch & Close, eligible conventional loans move through employment and income validation automatically, with no changes to your process. Simply submit your loan as usual. If it qualifies, Fetch & Close reduces manual touchpoints, minimizes opportunities for error, and helps accelerate the path to closing. Eligible borrowers can also receive waived VOE/I fees, saving up to $200. Less work for you. Faster closings for your borrowers. Better results for everyone. Ready to close smarter? Connect with your Kind Account Executive today to learn more! Not an approved broker? Join the Kind movement and discover why more brokers are choosing Kind. Not all loans are eligible. Eligibility is based on LP AUS findings.

The portfolio for sale contains hundreds of millions of dollars worth of reperforming loans that the government-sponsored enterprise co-marketed with Citigroup.