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The day began on a fairly hopeful note for the mortgage market. During overnight trading hours, the bond market improved following a report regarding a peace framework sent to Iran by The U.S.  When bonds improve, rates fall, all else equal. The gains were modest, but they allowed the average lender to set their first rates of the day at slightly lower levels compared to yesterday. Lenders prefer a “one and done” strategy when it comes to setting mortgage rates for the day, but they will make mid-day changes if the underlying market moves enough. The underlying market began moving more than enough just before the noon hour. Most lenders were forced to recall their initial rate offerings and make upward adjustments. The net effect at the time of printing is that the average lender is back in line with yesterday’s levels. 

The percentage of investors who view the market as better than it was a year ago fell to 36% from 45% in the winter, according to a spring survey.

Dino Lack will lead Union Home’s efforts to improve the lending experience through advanced workflow automation and artificial intelligence integration.

A rule change requiring trial modifications before other loss-mitigation options is creating workflow and liquidity challenges, especially for smaller servicers without deep resources.

In addition to 10 new AI agents for financial services, the company announced partnerships with software and data providers FIS, Microsoft, Verisk, Third Bridge, Fiscal AI, D&B, Experian, GLG, Guidepoint and IBISWorld.

The company turned a GAAP profit of $170.4 million for the quarter, with its volume and margins relatively flat compared with the fourth quarter of 2025.

Pre-Market Gains Stuck Around All Day

The entirety of the domestic trading session was very flat compared to the ground covered during the overnight session. Pre-market headlines regarding a potential peace deal accounted for a 7bp drop in 10yr yields and 3/8th point improvement in MBS. 10s gained about 1 more bp by the close and MBS added another eighth of a point, bringing to total rally over half a point on the day as of 4pm ET.  There were no other notable market movers by the time domestic trading hours began. The rally speaks to the likelihood that an official peace deal could create more rally momentum, but also to the market’s susceptibility to war-related headlines. 

Econ Data / Events

MBA Purchase Index (May)/01

171.1 vs — f’cast, 177.7 prev

MBA Refi Index (May)/01

928.6 vs — f’cast, 977.9 prev

Mortgage (Mar)ket Index (May)/01

285.3 vs — f’cast, 298.5 prev

ADP jobs (Apr)

109K vs 99K f’cast, 62K prev

Market Movement Recap

08:16 AM Stronger overnight on reports that a peace deal was within reach. Both sides have since refuted those reports. 10yr still down 5.7bps at 4.368 and MBS are starting out about 3/8ths higher.

11:19 AM At best levels. MBS up half a point and 10yr down 7.6bps at 4.349

01:42 PM holding near best levels. MBS up half a point and 10yr down 7.7bps at 4.348

“What do you call an aging actor who has finally paid off his house? Mortgage freeman.” Servicing is a highly important component of that, and I was fortunate to attend Sagent Ignite in Phoenix yesterday; we have a special live podcast today that was recorded from the event. Mortgagees follow demographics, whether it be aging owners or aging houses. Lenders know that there are plenty of old homeowners who have plenty of equity. GreenPath Financial Wellness (a nonprofit approved by the U.S. Department of Housing and Urban Development -HUD – and the National Foundation for Credit Counseling) reviewed data from its reverse mortgage counseling clients over the past two years. It found that more older homeowners are turning to home equity to close widening monthly budget gaps. Meanwhile, our housing stock isn’t getting any younger. The median home in the United States is at a record 44 years old, as new unit construction is still well shy of what it had been in the past. One ramification of this is that it’s getting more expensive to maintain those homes. The average homeowner in the United States spent $9,030 on replacement projects in 2023, up 59 percent from 2009. (Today’s podcast can be found here and this week’s ‘casts are sponsored by FirstClose, which provides fintech solutions to HELOC and mortgage lenders nationwide. Their home equity lending platform accelerates the home equity lending process, reducing application to closing times from 45 days to less than ten. Today we have an interview with Chris Marshall of Sagent at its 2026 Ignite Conference, as well as Scott Rodeman (Evergreen Home Loans), Chris Wittrig (Land Home), and Jane Roethler (Idaho Housing and Finance Association) on the latest and greatest in servicing technology.)

Mortgage rates spiked sharply on Monday, hitting the highest levels in more than a month as escalation fears ramped up surrounding the Iran war. Yesterday technically saw some recovery, but it may as well have been an “unchanged” day. Now today, we’re seeing a more legitimate recovery with the average lender back down to last Friday’s levels. The move follows a drop in oil prices inspired by progress toward a peace agreement. News came out overnight that The U.S. and Iran were close to signing a one-page memo outlining a more formal peace agreement. While full details would take time to hammer out, this would effectively end the war. Oil prices and bond yields fell at their fastest pace since mid April. Bond yields correlate with interest rates (in fact, they ARE interest rates), but mortgage rates are determined by slightly different bonds that are specific to the mortgage market. This means that mortgage rates and U.S. Treasury yields are almost always moving in the same direction, but at different paces, depending on the day.  [thirtyyearmortgagerates]