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Optimal Blue report: Purchase market remains resilient as pull-through rates weaken

PLANO, Texas, June 9, 2026 (SEND2PRESS NEWSWIRE) — Optimal Blue today released its May 2026 Market Advantage mortgage data report, which found that mortgage activity continued to cool as higher rates weighed on both purchase and refinance demand. Total rate-lock volume declined 9% month over month (MoM) but remained 7% higher year over year (YoY). Purchase activity continued to dominate production, accounting for just over 81% of total lock volume, while refinance share fell to 19%, its lowest level since June 2025.

Image ction: Optimal Blue’s May 2026 Market Advantage mortgage data report.

Mortgage rates moved higher in May, with the Optimal Blue Mortgage Market Indices (OBMMI) 30-year conforming fixed rate increasing 13 basis points (bps) month over month to 6.44%. The 10-year Treasury yield rose 5 bps to 4.45%, while the spread between the 10-year Treasury and the 30-year mortgage rate widened to just under 200 bps.

“Purchase activity continues to be the loan purpose leader in spite of affordability pressures,” said Mike Vough, senior vice president of corporate strategy at Optimal Blue. “More than four out of five mortgage locks were tied to purchase transactions in May, but the more notable shift may be what hpened after borrowers locked. Pull-through rates declined across both purchase and refinance pipelines, which tells us borrowers are closely monitoring changes in the rate market.”

Secondary market activity reflected shifting execution preferences in May. Agency mortgage-backed securities (MBS) executions declined to 41% of funded loan sales, while cash executions increased to 32%. Mortgage servicing rights (MSRs) for conforming 30-year loans increased 7 bps to 1.36%, representing a 5.44 multiple.

“We saw lenders continue to balance different execution options during May,” Vough said. “Agency MBS share declined while cash executions gained ground, reflecting the impact of agency execution strategies and/or specified pay-up impacts.”

Key findings from the Market Advantage report, derived from direct-source mortgage lock and secondary market data, include:

Volume trends and market composition

Refi demand retreats: Refinance share declined to 19% of total lock volume in May, its lowest level since June 2025. Rate-and-term refinance volume fell 34% MoM but remained 46% higher YoY, while cash-out refinance volume declined 13% MoM but remained 7% higher YoY.
Purchase share exceeds 80%: Purchase loans accounted for over 81% of total lock volume in May. Purchase lock volume declined 5% MoM but remained 3% higher YoY.
Conforming share continues decline: Conforming share declined to just under 49% of total lock volume in May after falling below 50% for the first time in ril. FHA share increased to 19%, non-conforming rose to 19%, VA declined to 13% and USDA held at 1%.
Non-QM share expands: Non-qualified mortgage loans accounted for 9% of total lock volume in May, up 83 bps MoM and 207 bps YoY.
Borrowers continue turning to ARMs: Adjustable-rate mortgages accounted for 11% of total production in May, the highest level since October 2022 outside of March 2026.
Property mix favors single-family homes: Single-family homes represented 64% of production in May, while planned unit developments (PUDs), a proxy for new construction activity, accounted for 28% of volume. Condo share declined to 6%.

Rates and pricing

Mortgage-to-Treasury spread widens: The OBMMI 30-year conforming fixed rate increased 13 bps MoM to 6.44%. Jumbo rates rose 27 bps to 6.70%, FHA rates increased 21 bps to 6.27% and VA rates climbed 15 bps to 6.06%. The 10-year Treasury yield increased 5 bps to 4.45%, while the mortgage-to-Treasury spread widened to just under 200 bps.
Servicing values gain ground: MSRs for conforming 30-year loans increased 7 bps to 1.36%, representing a 5.44 multiple moving in line with OBMMI.
Execution spreads diverge: Best-efforts-to-mandatory spreads held at 39 bps for conventional 30-year products and increased 4 bps to 47 bps for conventional 15-year products. Government 30-year spreads decreased 1 bp to 11 bps.
Top-tier pricing share declines: The share of loans sold at the highest price tier declined 208 bps to 77%, while fourth-tier-or-lower executions increased 86 bps to 6%. Third-tier share declined 18 bps to 4%.

Channel and execution

Agency MBS executions retreat: Hedged loan sales to agency MBS declined 349 bps to 41% of funded loan sales.
Cash executions gain share: Cash executions increased 362 bps to 32% of funded loan sales.
Investor count returns to 14: Investor participation declined to 14 in May after reaching 15 in ril.

Product mix and borrower profiles

First-time buyer participation softens: First-time homebuyers accounted for 44% of conforming purchase locks, 70% of FHA purchase locks and 44% of VA purchase locks, reflecting modest declines across all three major product categories.
DTI ratios show little change: Purchase debt-to-income ratios remained relatively stable, with conforming at 36.4%, FHA at 43.6% and VA at 42.8%.
Credit profiles remain stable: The average purchase credit score held at 731. Conforming borrowers averaged 754, FHA borrowers averaged 677 and VA borrowers averaged 715.
Pipeline conversion weakens: Purchase pull-through fell 539 bps MoM to 76.7% and declined 636 bps YoY. Refinance pull-through dropped 1,332 bps MoM to 65.3% but remained 304 bps higher YoY.
Loan balances edge higher: The average locked loan amount increased to $395,536 from $394,046 in ril, while average loan-to-value (LTV) was 81.6%. Average loan amounts ranged from $917,568 in greater San Francisco to $307,833 in Cincinnati, while regional LTVs ranged from 68.7% in greater San Francisco to 89.1% in San Antonio.

To view the full May 2026 Market Advantage report, complete the free subscription form:

About the Market Advantage Report

Optimal Blue issues the Market Advantage mortgage report each month to provide insight into U.S. mortgage trends and drivers of lending profitability. Data is sourced from the Optimal Blue PPE, which is used to price and lock more than one-third of all mortgages nationwide, and Optimal Blue’s hedging and loan trading system, which supports proximately 40% of loans hedged and sold into the secondary market. As the leader in mortgage cital markets technology, Optimal Blue has a direct view of both origination and secondary market activity and the interconnectedness of the two. Unlike self-reported survey data, Optimal Blue’s direct-source data accurately reflect the in-process loans in lenders’ pipelines and secondary market executions. Visit Optimal Blue’s website to subscribe to receive the free report each month.

Nothing herein shall be construed as, nor is Optimal Blue providing, any legal, trading, hedging or financial advice.

About Optimal Blue

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Image ction: Optimal Blue’s May 2026 Market Advantage mortgage data report.

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Arson Trial Starts for Man Blamed for Los Angeles’ Deadly Palisades Fire

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By Steve Gorman
LOS ANGELES, June 10 () – Opening statements were set to begin on Wednesday in the federal ⁠arson ⁠trial of a former Uber driver charged with deliberately setting ⁠a blaze that grew into one of the deadliest and most destructive wildfires on record in Los Angeles.
Jonathan Rinderknecht, 30, was indicted last October on one felony count each of destruction of property by means of fire, arson affecting property used in interstate commerce, and illegal burning of timber on public lands.
He is accused of "maliciously" starting a fire in ‌January 2025 that was quickly suppressed but continued to smolder ‌under dense vegetation before re-igniting a week later.
Fierce winds then whipped it into a conflagration that killed 12 people and laid waste to the seaside enclave of Pacific Palisades, leading to about $150 billion in property ⁠damage.
He pleaded not guilty ⁠but has remained in custody since his arrest in Florida, about two weeks before his indictment.
If convicted on all three counts, he would face at least five years in prison, and up to 45 years behind bars, the U.S. Justice Department says.
Prosecutors and defense lawyers were expected to begin presenting their case on Wednesday in U.S. District Court in downtown Los Angeles after Tuesday's completion of jury selection.
According to prosecutors, Rinderknecht kindled the fire a few minutes after midnight on New Year's Day near a hiking trail in the mountains near Pacific Palisades, overlooking the ocean adjacent to Santa Monica, after finishing an Uber shift.
Los Angeles firefighters believed they had swiftly extinguished the blaze, known as the Lachman Fire. But it erupted again on ⁠January ⁠7 and grew swiftly into the devastating Palisades ⁠Fire, federal investigators say.
Driven by hurricane-force Santa Ana winds, the flames scorched more than 23,000 acres (9,300 hectares) and destroyed some 6,000 structures.
It coincided with another catastrophic wildfire northeast of Los Angeles known as the Eaton fire, which killed 19 people and ravaged the community ⁠of Altadena.
MANGIONE ADMIRER, OR FIREFIGHTING SCEGOAT
Federal prosecutors have said Rinderknecht peared to harbor a resentment of the wealthy.
A pre-trial memorandum alleged he was closely news of Luigi Mangione, charged with murdering the CEO of insurance giant UnitedHealthcare and admired in some extreme left-wing circles as a working-class folk hero.
The memo also said Rinderknecht was "deeply agitated" over a fraying romantic relationship.
Court documents and public statements by Rinderknecht's lawyers suggested that at least part of his defense would hinge on the argument that he was being scegoated for failures of the Los Angeles Fire Department.
A onetime Pacific Palisades resident, Rinderknecht professed his innocence in a court declaration ⁠in March, denying that he wilfully started any fire.
He acknowledged seeing flames erupt from the vantage point of a hilltop he had climbed to ⁠watch New Year's Eve fireworks after dropping off his Uber passenger.
He said he called the 911 emergency number to report the blaze, and stayed on the scene until after firefighters arrived and offered to help them.
But according to a criminal complaint filed in the case, cellphone data showed that no one besides Rinderknecht was in the area where the Lachman Fire started.
WATCHING FROM 'BUDDHA HILL'
Court documents showed that while perched on "Buddha Hill," Rinderknecht listened to a r song whose music video depicted things being set on fire.
He then proceeded to light a real blaze and fled the scene, only to return a short time later to watch the flames and the firefighters.
During his 911 call, according to the complaint, Rinderknecht typed a question into the AI p ChatGPT asking, "Are you at fault if a fire is lift (sic) because of your cigarettes." ChatGPT's response was, "Yes," the complaint said.
Federal investigators concluded the blaze was probably started by someone using a lighter to burn combustible material such as vegetation or per.
In seeking bail for his client at a hearing last October, defense ⁠lawyer Steve Haney said Rinderknecht was essentially being charged with arson allegedly committed seven days before a much larger fire for which he is being prosecuted.
"So why are they blaming him for whatever the fire department didn't do?" Haney asked rhetorically, adding that the defense was not conceding prosecutors' assertion that one fire was a continuation of another.
At the time Haney said his client had no prior criminal record and no documented history of mental illness.
Prosecutors said in court filings that Rinderknecht was motivated by anger against the rich, saying he followed Mangione news on Google using such search terms as "Let's take down all the billionaires," and ranted to various Uber passengers about the December 2024 shooting death.

Source: U.S. News & World Report

Published: June 10, 2026 10:05 AM

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Chamber invites community to Business Expo

News release
The Santa Clarita Valley Chamber of Commerce invites the community to attend the 2026 Business Expo on Thursday from 4 to 7 p.m. at the Valencia Town Center.
As the largest business showcase in the Santa Clarita Valley, the Business Expo will bring together more than 100 local businesses and nonprofits for an exciting evening of discovery, networking, community engagement and fun, said a news release from the chamber. Admission is free and open to the public.
Attendees will have the opportunity to explore a wide variety of local businesses, discover new products and services, connect with business owners and community leaders, learn about organizations serving the community, and experience firsthand the innovation and entrepreneurship that help drive the local economy, the release said.
The Business Expo is one of the most anticipated business and community events of the year, and we are looking forward to welcoming the community to Valencia Town Center, Di Thompson, 2026 chair of the SCV Chamber board, said in the release. This is a great opportunity for residents, professionals, and business leaders to connect with local businesses, discover new products and services, and support the companies and organizations that help make the Santa Clarita Valley such a great place to live, work, and do business.
Attendees will have the opportunity to enter for a chance to win more than $10,000 in raffle prizes donated by local businesses and community partners. Many exhibitors will also be offering their own giveaways and promotional prizes throughout the evening.
The Business Expo is a celebration of the businesses, nonprofits, and organizations that help make the Santa Clarita Valley such a vibrant community, Ivan Volschenk, president/CEO of the SCV Chamber, said in the release. With more than 100 exhibitors, thousands of dollars in prizes, and opportunities to connect with businesses from across the valley, the Expo offers something for everyone. We encourage the entire community to come out, explore, connect, and enjoy a great evening supporting local business.

Source: Santa Clarita Valley Signal

Published: June 10, 2026 1:05 AM

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LePage Wins Maine Republican Nod in Key US House Battleground

June 9 () – Former Maine ⁠Governor ⁠Paul LePage won ⁠the Republican nomination on Tuesday to run in the state’s 2nd Congressional District, U.S. media ‌projected, setting up a ‌November contest in a race that ⁠could ⁠help decide control of the U.S. House of Representatives.
The district, which covers much of Maine’s forested interior, is considered a key battleground and one of a handful of competitive seats likely to ⁠play ⁠a decisive role in ⁠determining the balance of power in Congress.
LePage, a combative political figure who ⁠served two terms as governor, is seeking a return to elected office and is expected to mount a high-profile campaign.
He will ⁠face the Democratic nominee emerging from a crowded primary ⁠field that included state Senator Joe Baldacci and progressives Matt Dunl, Jordan Wood and Paige Loud.
The seat will be open following the decision of centrist Democrat Jared Golden to not run for re-election. He had managed to hold the district despite ⁠its Republican leanings in presidential elections.
As with other Maine races, the final outcome may take time to confirm because of the state’s ranked-choice voting system.
(Editing by Michael Learmonth and Howard Goller)

Source: U.S. News & World Report

Published: June 10, 2026 12:20 AM

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Factbox-NASA’s Artemis III Crew: a Test Pilot, an Italian, a Record-Holder and a First-Timer

June 9 () – NASA on Tuesday named three U.S. astronauts ⁠and ⁠an Italian astronaut as the crew ⁠for its next Artemis mission, a docking demonstration involving three spacecraft in Earth's orbit and planned for next year.
U.S. astronauts Andre Douglas, Frank Rubio and Randy Bresnik and Italian astronaut Luca Parmitano ‌of the European Space Agency will ‌be the crew for Artemis III, due to launch in 2027, with no specific date yet announced.
The ⁠four-man mission will ⁠test moon landers from Elon Musk's SpaceX and Jeff Bezos' Blue Origin for the first time in space, setting up a delicate docking demonstration one by one.
Here are some highlights from the crew's careers:
MISSION COMMANDER RANDY BRESNIK
Bresnik, 58, was selected to join NASA's astronaut corps in 2004. He has flown to space three times, logging roughly 150 days in space, 32 hours of which he spent spacewalking.
He is ⁠a ⁠test pilot and retired U.S. ⁠Marine Corps colonel who has more than 7,000 hours of flying experience in 95 different aircraft.
PILOT LUCA PARMITANO
Italy's Parmitano, 49, joined the European Space Agency ⁠astronaut corps in 2009 and has flown to space twice. He is the first European Space Agency astronaut to join an Artemis mission and the second non-U.S. citizen, as Canadian Space Agency astronaut Jeremy Hansen flew on Artemis II.
The inclusion of Parmitano in the Artemis mission marks Italy's latest involvement in NASA's Artemis program, as ⁠the agency's other international partners eye new roles.
MISSION SPECIALIST FRANK RUBIO
Rubio, 50, broke the record ⁠for the longest continuous spaceflight by a U.S. astronaut at 371 days during his first and only spaceflight.
He set that record in 2023 when the duration of his six-month stint on the International Space Station doubled because the Russian spacecraft he rode there on sprang a leak while docked. After waiting months for Russia to send a replacement craft, he returned to Earth in early 2023.
Rubio is also a board-certified family physician and flight surgeon.
MISSION SPECIALIST ANDRE DOUGLAS
Artemis III will be the first trip to space for Douglas, 40, who was selected to join NASA's ⁠astronaut corps in 2021. Born in Miami, he holds degrees in various areas of engineering, including three master's degrees and a doctorate in systems engineering from George Washington University.
Before joining NASA, he served in the U.S. Coast Guard as a naval architect and worked on various NASA programs while at the Johns Hopkins University plied Physics Lab as a professional staff member.
(Compiled by Joey Roulette; Editing by Jamie Freed)
Copyright 2026 Thomson .

Source: U.S. News & World Report

Published: June 9, 2026 10:51 PM

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China’s Xi Says He Reached Important Consensus With Kim in North Korea Visit, KCNA Reports

SEOUL, June 10 () – Chinese President Xi ⁠Jinping ⁠said he and ⁠North Korean leader Kim Jong Un reached an "important consensus" and agreed to safeguard regional and global peace, in a ‌message of thanks following his ‌visit to Pyongyang, North Korean state media KCNA said ⁠on ⁠Wednesday.
In the message carried in full by KCNA, Xi said the two sides had exchanged in-depth views on issues of common concern and reached a series of important joint consensus, reflecting their determination to further deepen ties.
Looking ahead, Xi said he was willing ⁠to ⁠work with Kim based on ⁠fundamental and long-term interests to steadily safeguard, consolidate and develop bilateral ties and contribute more to ⁠regional and global peace and development.
He also said the visit had been successfully concluded and that relations had entered a new historical stage, while expressing hope to meet Kim again.
Xi visited Pyongyang ⁠from Monday to Tuesday in his first trip to North Korea ⁠in seven years. Xi said the visit had established a deeper, more comprehensive understanding yielding a clearer path for development of ties, China's official Xinhua news agency said.
The two leaders agreed to expand cooperation across politics, the economy and culture, while pledging closer strategic communication between their governments, according to both countries' state media.
Other ⁠KCNA reports on Wednesday said the two leaders paid tribute at Pyongyang's Sino-Korean Friendship Tower that commemorates Chinese soldiers who died in the Korean War and toured a political training school for party cadres.
(Reporting by Kyu-seok Shim; Editing by Jamie Freed)

Source: U.S. News & World Report

Published: June 9, 2026 10:05 PM

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