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The Pulse May 11

Sales tick up as rates climb and consolidation accelerates

April existing sales ground out a 0.2% gain while 30-year rates pushed to 6.37%, equity cushions thinned, and the UWM–Two Harbors fight intensified.

Monday, May 11, 2026 30-yr 6.370%10-yr Treasury 4.410%

April existing-home sales rose 0.2% to 4.02 million with the median price up 0.9% to $417,700 and inventory climbing to 1.47 million — but the print landed short of forecasts, the 30-year average ticked back up to 6.37%, and the 10-year retraced 5 bps off yesterday. NAR's Yun framed the move as affordability-driven resilience; the trade press read it differently. Two reads on this: Realtor.com and Inman lean into "cautious optimism" and resilient demand, while MPA and Scotsman Guide point at elevated borrowing costs, plunging sentiment, and Iran-related geopolitical drag holding the print well below expectations. The honest read is "the floor held under pressure" — demand isn't returning, it's enduring.

The bond market is sending mixed signals into that print. The 10-year sits at 4.41 (up 5 bps from yesterday but still 2 bps off Tuesday's intra-week high), Treasury rolled out a fresh round of IRGC oil sanctions this morning that keeps geopolitical headline risk live, and consumer sentiment at 53.3 (down from 56.6) plus a small uptick in jobless claims to 200k would normally argue for a bid. The cap on the rally is the inflation tape — core PCE and CPI both drifted higher month-over-month, which is keeping any Fed-cut conviction shallow even with fed funds already at 3.63%.

For origination this week: a file locked Friday at par is roughly an eighth worse on today's sheet, so float-down and relock conversations on May 28+ closings deserve the second look today rather than waiting for the next sharp move. Permit data fell to 1.36M from 1.54M, which argues construction-perm pipelines should be priced assuming softer builder buydown subsidies going into June. ATTOM's equity-rich share slipping to a 2021-low says cash-out conversations need to screen tighter against LTV decay than they did at Q4 — equity is thinning faster than the median-price ticker suggests.

On the corporate side, UWM raised its Two Harbors bid to $12.50 cash per share (or 2.3328 UWMC shares), calling CrossCountry's competing offer "clearly inferior" — Ishbia simultaneously pulled the structured-float-sale plan to clear the balance sheet for the deal. loanDepot filed a $250 million shelf, giving it dry powder without committing to a specific security. Opendoor reported $720M Q1 revenue against a $173M net loss but argued the resale-velocity fix has addressed its "fatal flaw." eXp printed $1.0B Q1 revenue (+5% YoY) with adjusted EBITDA up 88%. And on the agent-facing tooling front, Bright MLS shipped Bright Promote — Meta and direct-mail campaigns now run inside the listing platform, which is the kind of integration referral-source agents will mention by name.

pull every locked file closing on or after May 28, isolate the ones priced inside last Friday's bond rally, and call those borrowers with a float-down or relock plan before the close. A 5-bp move on the 10y is exactly the kind of drift that quietly erodes capture if you wait for the rate-sheet email to force the conversation.

What this brief is built on

1
Inman NewsMay 11

Existing-home sales defy consumer gloom, NAR data shows

Consumer confidence sat near historic lows in April, while the stock market climbed to record highs. Existing-home sales rose anyway, and NAR's chief economist says affordability is why.

2
HousingWire — MortgageMay 11

Equity-rich home share falls to lowest level since 2021

The Q1 share of equity-rich homes rose in only three states from the fourth quarter of 2025 and in six states from a year earlier.

3
HousingWire — MortgageMay 11

UWM boosts cash bid for TWO to $12.50 per share, topping CCM offer

UWM Holdings Corp. (UWM) raised its unsolicited offer to acquire Two Harbors Investment Corp. on Monday, proposing $12.50 per share in cash or 2.3328 shares of UWMC stock as it seeks to derail a pending merger with CrossCountry Mortgage (CCM).

4
HousingWire — OriginationMay 11

loanDepot seeks flexibility to raise capital through $250M shelf filing

loanDepot has filed a $250 million shelf registration statement, giving the company flexibility to issue a range of securities over time to raise capital, according to a filing with the Securities and Exchange Commission (SEC) on Thursday.

5
HousingWire — OriginationMay 11

UWM controlling shareholder stops structured stock sales

Mat Ishbia’s effort to expand the public float and trading liquidity of UWM Holdings Corporation has come to an end as the company pursues its acquisition of Two Harbors Investment Corp.

6
HousingWire — Real EstateMay 11

CEO Kaz Nejatian says Opendoor has fixed its ‘fatal flaw’

Opendoor reported $720 million Q1 2026 revenue and a $173 million net loss, while claiming faster resales and better cohort stability.

7
HousingWire — Real EstateMay 11

eXp’s next act: ‘Maximum optionality’ for agents and brokers says Leo Pareja

The company reported first quarter revenue of $1.0 billion, up 5% year-over-year, while adjusted EBITDA rose 88% to $4.1 million.

8
HousingWire — Real EstateMay 11

Bright MLS launches Bright Promote ad tool in listing platform

Bright MLS launched Bright Promote, letting agents run Facebook, Instagram and mail campaigns in-platform with budgets and insights.

9
Treasury PressMay 11

Economic Fury Ramps Up Pressure on Iran’s Islamic Revolutionary Guard Corps Oil Operations