What is something that small and mid-sized lenders can’t offer? Chase rolled out a program for borrowers to earn 100,000 Chase Points. (Bilt and UWM rolled out something similar a while back.) But, nearly every lender can help borrowers with the cost of a mortgage, and STRATMOR’s current blog is “Pricing That Can Help Borrowers.” In addition, in the credit world two new automated features for the FICO Score Mortgage Simulator were announced yesterday designed to help lenders move beyond manual “what-if” credit simulations and generate personalized borrower action plans more efficiently. The program “automates credit action planning for borrowers based on target score goals or budget, offers early score potential estimates, and is built directly on the mortgage FICO Scores used in lending decisions (FICO Scores 2, 4 and 5). (Today’s podcast can be found here and this week’s ‘casts are sponsored by NFTYDoor, the white-label HELOC platform for banks, credit unions, and brokers. Close in zero days with warehouse funding. Power your home equity lending with NFTYDoor. Today’s features an interview with Sagent’s Sridhar Sharma and Shane Leonard on how the latest and greatest in underwriting technology is reducing friction in the mortgage origination process.) Lender and Broker Products, Software, and Services “500 loans or 50,000. You get the same elite servicing platform. At MSF Servicing, no portfolio is too big or too small. That’s because we’ve eliminated the minimum loan count requirements that leave smaller servicers locked out of top-tier platforms. Whether you’re managing 500 loans or 50,000, you’ll have access to the same experienced team, the same state-of-the-art technology, and the same high-touch level of service, with no thresholds, no gatekeeping, and no compromises. Our servicing platform was purpose-built to scale without sacrificing quality. Boutique relationships and complex portfolios run on the same infrastructure that grows as you do. Finally, your borrowers will love the MSF mobile app, which delivers real-time account access, seamless payment tracking, and intuitive self-service, on their schedule. All backed by a dedicated borrower portal and multilingual support in 200+ languages that enhances your brand at every touchpoint. For more information, contact Rick Smith (860-989-9006).

We were close yesterday and we officially arrived today. Mortgage rates may still be elevated compared to almost all of the past 10 months, but they’re the lowest they’ve been since May 14th.  This was accomplished with a modest drop versus yesterday’s levels after another round of news on a potential U.S./Iran peace deal. This morning’s inflation data also helped the underlying bond market find its footing. In terms of nuts and bolts, top tier 30yr fixed rates fell to 6.59% for the average lender, down from 6.61% yesterday and from 6.75% last Tuesday. [thirtyyearmortgagerates]

June could be the true test for delinquencies and how many distressed borrowers impacted by a shift in Federal Housing Administration rules will reperform.

Housing advocates and compliance firms are suing to block a rule from the Consumer Financial Protection Bureau that they say guts the Equal Credit Opportunity Act.

Property taxes are up 30% since 2019, driven by pandemic-era home value gains. Mortgage borrowers pay more than those without a loan, and experts say relief is unlikely anytime soon.

All-cash home purchases hit a six-year March low of 28.9%, as a buyer-friendly market reduced the need to use cash to stand out, with sellers outnumbering buyers by a record-near margin, Redfin found.

The Federal Reserve Board governor is the latest Fed official to embrace the prospect of tighter monetary policy in response to rapidly rising prices that have taken hold in recent years.

How ‘bout this one: A firefighter went to the college graduation ceremony for a baby he helped deliver many years ago. Loan originators can be involved in many life events of their clients as well, as the months and years roll on, something that a software program can’t do. They’re also in a great position to explain the nuances of the summer home buying season to clients. They know that rates aren’t the only thing making homes unaffordable. The median home price rose from $274,900 in Q4 2019 to $414,900 in Q4 2025, according to the National Association of Realtors. That has affected affordability much more than the rise in mortgage rates (the average 30-year fixed rate increased from 3.90 percent at the end of 2019 to 6-something percent today, let’s say about 6.16 percent because I saw that number somewhere). If we apply those rates on top of the median home prices in question and assume a 20 percent down payment, we get monthly principal and interest payments of $1,037 at 3.90 percent and $1,341 at 6.16 percent if the home costs $274,900. With a median home price of $414,900, those monthly payments go to $1,566 at 3.90 percent and $2,024 at 6.16 percent. Higher prices are impacting affordability significantly more than higher rates. (Today’s podcast can be found here and this week’s ‘casts are sponsored by NFTYDoor, the white-label HELOC platform for banks, credit unions, and brokers. Close in zero days with warehouse funding. Power your home equity lending with NFTYDoor. Today’s features an interview with NEO Home Loans Ryan Grant on the evolution of interactions between mortgage professionals and borrowers, and how companies can best provide support to origination staff.)

Early in the trading session, the bond market began improving in response to more updates on a potential Iran peace deal. When bonds improve, rates fall, but the initial reaction proved short-lived.  Thankfully, the reversal didn’t do any new damage. This allowed the average lender to keep rates right in line with yesterday’s 6.61% for a top-tier 30 year fixed. You’d have to go back to May 14th to see anything lower.

In a Shocking Twist, Bonds Relive Another Groundhog Day

The present week began on a stronger note thanks to news that came out on Monday regarding a U.S./Iran peace deal being within reach. This time around, it was the fact that Iran’s state TV shared a draft of the framework for the memo that serves as the stop-gap peace deal while full details are negotiated. It turns out that this draft wasn’t obviously different from the one referenced on Monday, but markets remain cautiously willing to react to the same repackaged news time and again as if repetition increases the chance that the peace deal will eventually become official. Bonds were a bit more skeptical than oil prices, but ultimately ended the day without losing any ground.

Market Movement Recap

08:27 AM modest overnight gains and some extra buying just now after yet another round of peace deal headlines. MBS up 3 ticks (.09) and 10yr down 3bps at 4.459

10:49 AM sideways volatility. MBS up 3 ticks (.09) and 10yr down 1.5bps at 4.472