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The Pulse Jun 26

PCE cools but mortgage rates stay pinned in the mid-6.5s

Thursday's inflation print gave bonds a friendly reversal, yet the 30-year held near 6.56% — while the CFPB finalized a uniform financial-data reporting rule and the VA modernized appraisal requirements.

Friday, June 26, 2026 30-yr 6.560%10-yr Treasury 4.410%

The week's one real catalyst came and went without moving your rate sheet much. Thursday's PCE inflation reading landed around 4.1% — cool enough to give bonds a friendly reversal, and the 10-year Treasury settled near 4.41%, holding under the 4.42% technical level that had been capping the recent rally. But the 30-year mortgage barely budged: 6.56% today, essentially where it sat a week ago and a hair below a month ago. That gap — Treasuries firming while mortgage pricing sits still — is the spread story, and it's why your borrowers aren't seeing the bond move show up in their quotes. Today is a quiet quarter-end Friday; the bigger near-term wildcard is the rebalancing volatility money managers create as Q2 closes Monday, not any scheduled print.

Yesterday's brief led with the bipartisan housing-supply bill — the 21st Century ROAD to Housing Act — that cleared both chambers and then stalled at signing. The update: the signing is still on hold, but the procedural clock is what matters here. If the bill isn't signed within 10 days it becomes law anyway, so the supply provisions are effectively on track regardless of the ceremony timing. Nothing in the delay changes what the bill does; it's a calendar footnote, not a substantive reversal.

On the regulatory side, the CFPB finalized a joint rule adopting uniform standards for how financial data gets reported across regulators — a plumbing-level change that standardizes data formats more than it touches day-to-day origination mechanics, but worth noting the Bureau is actively rulemaking again. The bigger operational item for anyone running VA files: the VA modernized its appraisal requirements, cutting outdated rules to reduce appraisal delays so Veteran buyers can move faster in competitive markets. If you've lost VA offers to appraisal turn-times, that constraint just loosened.

With the 30-year stuck in a six-week tight band — roughly 6.47 to 6.62 over the last month, and the mid-6.5s for the better part of two months — there's no rate-driven urgency to manufacture, and pretending there is erodes trust the moment a borrower checks Bankrate. The actionable read is on affordability: MBA data shows the median purchase payment rose again in May, with affordability slipping in 33 states. The borrower who's "waiting for rates" is waiting on a number that hasn't moved while their payment drifts the wrong way. That's the conversation — not a coming drop that the data doesn't support.

Two industry data points worth a glance. ICE's First Look shows mortgage performance held steady in May; the headline delinquency uptick was a calendar artifact — a Sunday month-end pushed some payments into June — not real credit deterioration. On the purchase side, Bank of America's 2026 Homebuyer Insights found that for the first time since 2023, a majority of consumers say it's better to buy than rent — a genuine sentiment shift even with rates where they are. And Scotsman Guide reports lenders are gaining leverage with builders under production pressure, opening the door to forward-commitment and buydown partnerships if you work the new-construction channel.

Pull your VA pipeline and any VA prospects who stalled on appraisal concerns, and send a two-line note that the VA just modernized its appraisal requirements to cut delays — a concrete, non-rate reason to re-engage a Veteran buyer this week.

What this brief is built on

1
CFPB — All ActivityJun 25

CFPB Announces Joint Final Rule on Adopting Uniform Standards for Reporting Financial Data

2
VA News — Home Loans TagJun 25

VA updates home loan appraisal requirements to help Veterans compete in today’s housing market

Updated home loan appraisal requirements reduce delays, cut outdated rules, and help Veteran homebuyers move faster in a competitive housing market.

3
Mortgage News Daily — Chrisman CommentaryJun 26

Credit and Verification, AI Compliance, CRA Sourcing Tools; Housing Bill Stalls; HMDA Data; Inflation Hopes and Rates

We know that a) Congress passed a housing bill which, if not signed within 10 days, becomes law anyway, and b) U.S. presidents are known to be candid. Once again, we see the intersection of housing, lending, and politics with not only the postponement by the President of signing the bill, but also the statement of his…

4
Scotsman GuideJun 25

Homebuyer affordability takes a hit in May

Rates rose and application payments increased, MBA reports The post Homebuyer affordability takes a hit in May appeared first on Scotsman Guide .

5
HousingWireJun 26

Mortgage performance steady in May as calendar drives delinquency bump

U.S. mortgage performance remained stable in May even as headline delinquencies rose due to a Sunday month-end that pushed some payments into June, according to Intercontinental Exchange’s First Look report.

6
National Mortgage ProfessionalJun 26

More Homebuyers Ready To Purchase Despite High Mortgage Rates: Bank Of America

For the first time since 2023, a majority of consumers say it's better to buy a home than rent or live with family, according to Bank of America's 2026 Homebuyer Insights Report. The findings suggest attitudes toward homeownership are improving even as affordability remains the biggest challenge facing prospective…

7
Scotsman GuideJun 25

Mortgage lenders gain leverage with home builders under pressure

Builders and IMBs are inking new deals, deploying aggressive incentive strategies to fill production gaps The post Mortgage lenders gain leverage with home builders under pressure appeared first on Scotsman Guide .

8
Mortgage Professional AmericaJun 25

Why the Fed's balance sheet may matter more to mortgage rates than the dot plot

Green says the Fed's MBS holdings and Fannie/Freddie bond buying could have more impact on mortgage rates than anything Warsh does with the benchmark rate