FOMC holds federal funds rate steady; MBA expects rate cut later this year; House committee votes to slash CFPB’s budget.

Fed Chair Jerome Powell continued to insist that changes to the federal funds rate will depend on economic trends.

Guild opportunistically increased its market share of originations amid volatility in the first quarter.

The MBS Annaly started marketing in early April went through at a spread that likely wouldn’t have been achievable as recently as three years ago, according to officials at Annaly.

Locks for purchase mortgages were essentially level on a monthly basis in May, according to Mortgage Capital Trading.

Earnings performance improved compared with the fourth quarter.

UWM is investing in tech rather than looking to acquire mortgage companies.

Mortgage applications were up 11% on a weekly basis last week.

Volume was up 43.3% from the fourth quarter of 2024.

UWM took a net loss of $247.0 million in the first quarter, largely due to a $388.6 million drop in the fair value of MSRs.