**WTMS Blog Today = What’s up in Mortgage Today (AM) – 06/24/2026**
The mortgage market ended sideways after the last meaningful rally faded on May 28, though yields are holding better than two weeks ago—a modest silver lining in an otherwise uninspired bond market. MBS prices surged nearly three-eighths this morning as the 10-year Treasury yield dropped 6.6 basis points to 4.432 percent, signaling intraday support despite the broader lack of bullish catalysts. Bond traders continue viewing rallies with skepticism, treating moves higher as opportunities to sell rather than trends to follow.
The technical ceiling remains critical; any move below 4.40 percent on the 10-year would signal meaningful momentum, but the Fed’s hawkish tone keeps investors cautious. For originators, this sideways churn means lock-in periods should remain tight until market direction clarifies. Congress sent the largest housing bill in decades to President Trump’s desk Wednesday, with overwhelming bipartisan support that suggests swift executive action.
The 21st Century Road to Housing Act passed the House 358–32 after clearing the Senate 85–5 on Monday, addressing the nation’s acute housing shortage estimated at over 4 million units. The measure focuses on boosting supply and restricting large investor purchases while streamlining development processes in key markets. Trump has signaled his support, making a signature likely within days.
For mortgage originators, expanded housing supply could eventually increase purchase volumes, though near-term policy implementation remains unclear. Two Harbors postponed its shareholder vote for a fourth time, delaying until July 2 after proxy filings revealed 54 percent investor opposition to the CrossCountry Mortgage deal at 12 dollars per share plus a stub dividend. The board has extended the timeline to win over skeptical shareholders, though 47 of 53 required regulatory approvals are secured.
United Wholesale Mortgage still offers 12.50 dollars cash or a lower stock alternative worth approximately 5.55 dollars per share in UWMC stock. If the vote succeeds July 2, closing is anticipated in August. The delay signals investor concerns about deal valuation and highlights ongoing consolidation pressure in the mortgage banking sector.
The Mortgage Bankers Association released research warning that housing supply may soon outpace demand as demographic tailwinds fade and new construction continues. Slowing household formation driven by aging populations, lower fertility rates, and reduced immigration could shrink demand precisely as inventory expands across multiple markets. Seller concessions hit record highs this spring, already signaling softening affordability pressures.
If construction remains elevated while household formation slows, some markets face price pressure and lower origination volumes. Originators should monitor inventory trends by geography, as supply-demand dynamics will increasingly determine regional profitability and purchase pipeline strength. Equities rebounded modestly as Treasury yields fell on easing inflation concerns, though artificial intelligence spending remains the focal point ahead of Micron Technology’s earnings announcement.
The dollar strengthened on safe-haven demand, pushing crude oil below 75 dollars per barrel as tankers transited the Strait of Hormuz with transponders active, signaling reduced geopolitical risk. The S&P 500 and Nasdaq 100 futures rose slightly, but tech sector volatility persists, with traders bracing for disappointing AI guidance from major chipmakers. Lower crude prices pushed U.S.
diesel below 5 dollars per gallon for the first time since mid-March, easing transportation cost pressures. For mortgage lenders, equity volatility affects wholesale funding availability and investor appetite for mortgage-backed securities. CertifID acquired CloseSimple, combining fraud prevention with closing automation to address two critical pain points for title companies and lenders simultaneously.
The deal pairs CertifID’s track record of blocking over 283 million dollars in fraud and recovering 132 million dollars for victims with CloseSimple’s workflow and portal automation. This follows CertifID’s 2025 acquisition of payments platform Paymints, signaling a broader strategy to bundle security, payments, and transaction management under one platform. Digital closing infrastructure increasingly influences loan production costs and customer experience metrics.
For mortgage originators evaluating technology vendors, integrated automation stacks may reduce operational risk while accelerating closing cycles.
**Locking vs Floating**
Bonds remain sideways with no clear bullish underpinnings; traders treat rallies with skepticism after May 28 marked the last meaningful move higher. The week’s high yields are slightly lower than those seen two weeks ago, which themselves improved from mid-May levels.
Rate ceilings and floors matter more than daily noise; monitoring the 10-year yield ceiling around 4.45 percent helps distinguish true momentum from noise.
**Today’s Events**
MBA mortgage applications rose 1.0 percent for the week ending June 19, driven by a 3 percent increase in refinance activity (17 percent above year-ago levels). Building permits and housing starts for May are due.
New home sales for May arrive later today. A 5-year Treasury note auction ($70 billion) occurs at 1 p.m. Federal Reserve Governor Cook speaks at 2 p.m.
**Bond Pricing**
**UMBS 30 yr**
| Coupon | Price | Intra-Day Change |
| 5.0 | 98.32 | 0.33 |
| 5.5 | 100.32 | 0.23 |
| 6.0 | 102.12 | 0.19 |
**GNMA 30 yr**
| Coupon | Price | Intra-Day Change |
| 5.0 | 98.66 | 0.30 |
| 5.5 | 100.43 | 0.16 |
| 6.0 | 102.08 | 0.14 |
**Treasuries**
| Term | Yield | Price | Intra-Day Yield Change |
| 2yr | 4.161 | 99.694 | -0.037 |
| 3yr | 4.171 | 99.873 | -0.047 |
| 5yr | 4.210 | 99.619 | -0.059 |
| 7yr | 4.309 | 99.644 | -0.065 |
| 10yr | 4.428 | 99.575 | -0.070 |
| 30yr | 4.872 | 102.009 | -0.075 |
