What's New in Real Estate!

Mortgage Demand Contracted at a Slower Pace Last Week

Mortgage applications dipped again last week, though the pace of decline slowed considerably. The Mortgage Bankers Association (MBA) reported a 0.8% decrease on a seasonally adjusted basis for the week ending April 3. Refinance activity continued to weaken, with the Refinance Index falling 3% from the previous week and now sitting 4% below year-ago levels. The slowdown reflects a sharp drop in borrower incentive following the recent run-up in rates. Purchase activity showed modest resilience, with the seasonally adjusted Purchase Index rising 1% from the prior week. However, demand remains softer overall, with purchase applications down 7% compared to the same time last year—the first annual decline since early 2025. MBA’s Joel Kan said “higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week,” adding that refinance demand has dropped to its lowest level since December 2025. He also pointed out that some segments of the market are holding up better, particularly FHA and ARM loans, which continue to benefit from relatively lower rates and improving housing inventory in certain markets. Application composition shifted slightly, with refinance share decreasing to 44.3% from 45.3% the prior week. ARM share increased to 8.6% . FHA share edged down to 19.3% , while VA share held steady at 16.1% and USDA share remained unchanged at 0.5% .

Source: Mortgage News Daily | 10 Apr 2026 | 5:30 pm

UAD 3.6, Spec Pool Tools; Credit Report FICO Program; Client and Market Trends For LOs to Monitor

Products, Services, and Software for Brokers and Lenders Yesterday this Commentary mentioned a guide titled, “AI in the Workplace: Acceptable Use Policies, Data Risk, and the Discovery Trap.” Many wrote for the piece, which is now posted on the internet! Spring EQ (NMLS# 1464945) is hosting a webinar next week (Tuesday, April 14 at 2:00 p.m. ET) to help brokers capitalize on today’s home equity opportunity. With homeowners sitting on near-record levels of equity, including $34 trillion in total U.S. home equity, an average of $295,000 per homeowner, and 50% holding first mortgage rates under 4%, the market is primed for growth. In Why Home Equity? Why Now? Unlocking Opportunities in Today’s Market, attendees will gain insights into current trends and strategies to turn today’s conditions into new business. The opportunity is already translating into results, with Spring EQ partners earning an average of $3,574 per loan in 2025. Register today! Visit EMMA to price, process, and manage your loans today. Not a partner? Join here: Wholesale or Correspondent. New cash-specified payups from Fannie Mae and Freddie Mac are now live. Vice Capital Markets clients can already incorporate both into their execution strategies. With new low loan balance categories and expanded commitment grids for 30-year fixed-rate mortgages, lenders now have more precise pricing options across both agencies. Acting quickly on these updates can make a meaningful difference in best execution and secondary market performance. Vice Capital ensures clients are ready on day one. Through ViceEx, lenders can seamlessly integrate new agency payups, compare executions and refine delivery strategies without disruption. In a market where timing and precision matter, immediate access to both Freddie Mac and Fannie Mae updates helps lenders stay competitive and capture new opportunities as they emerge. See how Vice Capital helps lenders optimize execution strategy at ViceCapitalMarkets.com.

Source: Mortgage News Daily | 10 Apr 2026 | 3:34 pm

No Whammies in CPI Data (And No Bond Market Reaction)

The median forecast for monthly core CPI was 0.28% (0.3 after rounding up for most econ calendars). Today's actual number was 0.196--obviously quite a bit lower than forecasts. In addition, supercore fell to .179 from .349. Despite those victories, forecasts correctly predicted a sharp rise in headline inflation which moved up from 2.4% to 3.3% year over year.  Apparently, it's hard to get excited about buying bonds with headline inflation over 3%, no matter how much one expects it. Yields are actually modestly higher after the data, adding to modest overnight weakness. That said, through 6am, 10yr yields have held in a narrow range that has topped out 2bps below yesterday's highs. 

Source: Mortgage News Daily | 10 Apr 2026 | 1:06 pm

Roughly Unchanged After Moderate Headline-Driven Volatility

Roughly Unchanged After Moderate Headline-Driven Volatility As has been the recent custom, there were dueling headlines concerning the Iran war today with opposing claims regarding the status of the Israel/Lebanon ceasefire. If that sounds like kind of a stretch when it comes to bond market significance, bond traders agreed.  That said, it was still traded to some extent. This resulted in mid-day volatility that took bonds from slightly weaker to slightly stronger territory, and then back to being roughly unchanged. Econ data was a relative non-event in the morning, but Friday's data has a slightly better chance of garnering a response. Econ Data / Events Jobless Claims (Apr)/04 219K vs 210K f'cast, 202K prev Continued Claims (Mar)/28 1794.0K vs 1840K f'cast, 1841K prev Core PCE (m/m) (Feb) 0.4% vs 0.4% f'cast, 0.4% prev Core PCE (y/y) (Feb) 3.0% vs 3% f'cast, 3.1% prev GDPQ4 0.5% vs 0.7% f'cast, 4.4% prev GDP Final SalesQ4 0.3% vs 0.4% f'cast, 4.5% prev Market Movement Recap 08:37 AM Very flat overnight. Slightly weaker after data. MBS down 2 ticks (.06) and 10yr up half a bp at 4.30 10:31 AM weakest levels. MBS down 9 ticks (.28) and 10yr up 1.4bps at 4.311 11:38 AM 10s now down 1bp at 4.285. MBS are within 1 tick (.03) of unchanged. 01:39 PM Best levels of the day for 10s, down 3.2bps at 4.264.  MBS unchanged (also near opening highs). 03:37 PM Off the best levels, but not with sustained selling. MBS down 2 ticks (.06) and 10yr down 1bp at 4.288

Source: Mortgage News Daily | 9 Apr 2026 | 7:55 pm

Mortgage Rates Trickle Just a Bit Lower

Many borrowers will see no difference between yesterday and today's mortgage rate quotes. The average lender moved just a hair lower. Once again, the rate market is responding to war-related headlines and their impact on oil prices. Rates don't always care what oil prices are doing, but at present, there's more correlation than normal due to the inflation implications from a protracted conflict. Inflation is the true concern for bonds/rates when it comes to oil. Today's headlines involved various de-escalation anecdotes, mainly centering on Israel and Lebanon. Prior to those headlines, rates were set to match yesterday's levels. Afterward, the average lender was 0.02% lower for a top tier 30yr fixed rate.

Source: Mortgage News Daily | 9 Apr 2026 | 7:25 pm

Commercial, UAD 3.6, Data Analysis Tools; AI Governance, Consistency, and Focusing on the Basics

VantageScore, created in 2006, is a joint venture by the three major credit bureaus (Equifax, Experian, and TransUnion). Will it change your lending process? Possibly. Do government regulations change your lending process? States have trigger lead requirement overlays, over and above what was enacted at the Federal level in March. (Talk to your attorney.) Some states are rumored to be looking at bundling credit report fees, referring to the practice of combining various charges associated with obtaining credit reports into a single, all-inclusive fee, which can “help eliminate hidden costs, improve compliance with regulations, and simplify the pricing structure for consumers and lenders alike.” Some companies, like Birchwood, discuss bundling and transparency. Interest rates are relatively transparent, and on today’s The Big Picture at 3PM ET Chris Bennett of Vice Capital Markets will discuss strategies given shifting rates, geopolitics, and framing hedging given the Fed’s thoughts. (Today’s podcast can be found here and this week’s ‘casts are sponsored by JazzX, the first true end-to-end AI platform built for mortgage. From application to underwriting, JazzX is a new operating model that helps you scale growth, boost productivity, and transform how your team performs. Hear an interview with OFA Group’s Thomas Gaffney on what real problems tokenization solves in mortgage finance today, where it will gain early traction in residential real estate, and how lenders can assess regulatory risk and platform credibility as the market evolves.)

Source: Mortgage News Daily | 9 Apr 2026 | 3:52 pm

Flood of Data. No Real Reaction. Back to Watching Headlines

The overnight session leading into this morning's open was completely sideways--especially compared to yesterday's example. The boatload of econ data line items did nothing to change that. Expectations weren't high anyway. GDP (Q4) and monthly PCE (February) are both too stale to matter. Jobless Claims were a mixed bag with initial claims rising substantially and continued claims falling off a cliff (lowest since May 2024). But again, bonds have done nothing with the data and trading levels are almost perfectly flat to start another day of watching war headlines. 

Source: Mortgage News Daily | 9 Apr 2026 | 1:08 pm

Bonds Lose Almost All The Overnight Gains

Bonds Lose Almost All The Overnight Gains Bonds rallied sharply overnight--adding onto an already decent rally yesterday afternoon that took 10yr yields from 4.38% to 4.23% in less than 24 hours. Now at Wednesday's close, we're back to unchanged levels near 4.30%.  The move follows a similar correction seen in longer-term oil futures and, in a general sense, a news cycle that made the ceasefire seem increasingly tenuous as the day progressed. The absence of a bigger, sustained rally speaks to the uncertainty surrounding the U.S. withdrawal from the Middle East as well as lingering impacts on energy costs that may still flow through to inflation data. Market Movement Recap 09:08 AM logically stronger overnight and holding gains steadily so far. MBS up almost 3/8ths and 10yr down 5.2bps at 4.244 10:58 AM MBS up 5 ticks (.16) but down a quarter point from highs. 10yr down 2.8bps at 4.268, but up more than 3bps from lows.  02:09 PM No reaction to 10yr auction or Fed minutes. MBS up 6 ticks (.19) and 10yr down 2.2bps at 4.274 02:44 PM New lows. MBS just barely better than unchanged, and same story for 10yr yield at 4.293

Source: Mortgage News Daily | 8 Apr 2026 | 8:33 pm

Mortgage Rates Only Slightly Lower After Ceasefire News

It's a fluid situation in financial markets on Wednesday. The 2-week ceasefire in the Iran war caused a big reaction last night, but the benefit to the bond market (bonds dictate rates) has been increasingly wiped out during domestic hours.  If we measure the reversal versus yesterday's closing levels at 5pm ET, the reversal is almost complete. But bonds were already rallying in the afternoon due to expectations for the official ceasefire news. All that to say, we're still in noticeably better shape than we were mid-day yesterday, but the overall improvement is smaller than most borrowers would expect. In fact, the average top-tier 30yr fixed rate is just barely at the low end of April's range at 6.40% vs the previous low of 6.41% on April 2nd. Earlier today, it was as low as 6.38%, but mortgage lenders made mid-day changes in response to bond market deterioration. 

Source: Mortgage News Daily | 8 Apr 2026 | 7:27 pm