Today's Fed meeting announcement is the last one until September 20. Mortgage rates, of course, are prone to moving around even without the Fed’s direction. Meanwhile, the second quarter earnings from lenders are of great interest to warehouse banks and investors (including Freddie Mac and Fannie Mae). Those counterparties are contractually limited as to what they can do with companies that are not making money and have seen their net worth erode over the months and quarters. There is continued talk of over-capacity as companies eye the end of summer, continued high rates, existing borrowers with low rates, and limited houses for sale. (Anyone displaced can post their resume for free here where, for $75, employers can view them for several months.) There is no disagreement about it being a difficult environment for most lenders, unlike there being disagreement over housing prices. Who you gonna believe? The FHFA House Price Index rose 0.7 percent MoM: U.S. house prices rose in May, up 0.7 percent from April, and were +2.8 percent from May 2022 to May 2023. Or the WSJ telling us that home prices fell year-over-year in May for the second straight month? (Today’s podcast can be found here and sponsored by ReadyPrice, offering the industry’s most powerful universal delivery portal that gives brokers the edge they need. Shop, lock and deliver with multiple lenders, all in one place, for free! Hear an Interview with Adam Quinones, Founder of dataQollab, and Matt Graham, MBS Live, on yield curve inversion, markets betting against the Fed, and bond performance.)

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