Welcome back to Power Lunch. Some new data out this morning. Pretty gloomy picture of the housing market as new home sales fell nearly 14% in May.High mortgage rates and affordability are continuing to challenge buyers. And that was the biggest monthly drop in almost three years. Let's get some more insight on what's going on here with power broker Ryan Sirant, the founder and CEO of Sirand.And uh Ryan, I I can't res. So I mean we've we got all the developments in New York City in particular today, right. I ...

Ugly picture for new home sales this morning, hitting a seven-month low. Market doesn't like it. Diana Ol has the numbers and the why.Diana. Yeah, Kelly, you stole my word. I was going to say ugly report.No question. Look, sales of newly built homes dropped nearly 14% in May from April. The street was looking for a 6% decline.This count is based on signed contracts. So, people out shopping in May when mortgage rates remain stubbornly high. The average on the 30-year fixed mortgage started May at 6.83% 83% r ...

Core Viewpoint - The real estate market in the U.S. is facing significant challenges this spring and summer due to high mortgage rates and uncertainty, leading potential homebuyers to adopt a wait-and-see approach [1] Group 1 - Navy Federal Credit Union's chief economist, Heather Long, highlights the severe conditions in the U.S. real estate market for the upcoming seasons [1] - Concerns over uncertainty and elevated mortgage rates are causing homebuyers to hesitate and refrain from making purchases [1]

30-year mortgage rates are wavering in a narrow range that's just a bit above their lowest reading since early May. Rate movement was mixed for other loan types. https://t.co/8eIrXXHdHc ...

After President Trump’s tax bill pushed mortgage rates higher in late May, momentum has reversed—with monthly payments now notably more affordable. https://t.co/JMSd8s4NON ...

30-year mortgage rates have been yo-yoing, with the latest move being a two-day dip that approaches a six-week low. Rates for many other loan types have fallen as well. https://t.co/YTUsoQK8QE ...

Core Insights - Annaly Capital Management, Inc. (NLY) is significantly impacted by mortgage rates, which have recently declined, with the average rate on a 30-year fixed-rate mortgage at 6.81% as of June 18, 2025, down from 6.87% a year ago [1] Group 1: Mortgage Rates and Demand - Lower mortgage rates are expected to improve housing affordability challenges, leading to increased loan demand [2] - The decline in mortgage rates is anticipated to enhance purchase originations and refinancing activities, which will likely improve NLY's book value as spreads in the Agency market tighten [3] Group 2: Financial Performance - Annaly's net interest income (NII) rose to $219.9 million in Q1 2025, a significant recovery from a negative NII of $6.45 million in the same quarter the previous year, aided by the Federal Reserve's interest rate cuts of 100 basis points in 2024 [4] - The upward trend in NII is expected to ease earnings pressure for Annaly, thereby supporting the company's overall performance [4] Group 3: Competitive Landscape - AGNC Investment's NII also reflects the influence of mortgage rates, with a reported NII of $159 million compared to a negative NII of $30 million in the prior-year quarter, indicating a potential reduction in operational challenges [5] - Arbor Realty Trust (ABR) experienced a 27.2% year-over-year decline in NII to $75.4 million in Q1 2025, but is expected to benefit from lower mortgage rates, which may ease earnings pressure [6] Group 4: Stock Performance and Valuation - NLY shares have increased by 9.6% over the past year, outperforming the industry growth of 4.5% [7] - Annaly's forward price-to-tangible book (P/TB) ratio stands at 0.98X, slightly above the industry average of 0.96X [10] Group 5: Earnings Estimates - The Zacks Consensus Estimate for NLY's 2025 earnings indicates a year-over-year increase of 6.3%, with a further growth expectation of 1.4% for 2026, reflecting upward revisions in estimates over the past 60 days [12]

Housing Market Overview - Housing starts and permits in May were below expectations [2] - New home construction is at a five-year low [1][5] Multifamily Housing - Multifamily starts decreased over 30% month-to-month [2] - Record supply of new apartment units has been delivered in recent years [2] - Permits, a future indicator, are higher due to stronger rental demand [2] Single-Family Housing - Single-family starts were flat for the month and down over 7% year-over-year [3] - Low builder sentiment and weaker outlook from Lenar's earnings report contribute to the slowdown [3] - Consumer reluctance to invest due to high costs, rates, and economic uncertainty [3] Mortgage Demand - Mortgage applications to purchase a home dropped again last week [4] - Applications for newly built homes were down over 4% year-over-year in May [4] - Mortgage rates have been hovering just below 7% [4]

After President Trump’s tax bill pushed mortgage rates higher in late May, the momentum has reversed—with monthly payments now notably more affordable. https://t.co/64mPv4PLMt ...

Confidence among US homebuilders in June hit its lowest level since December 2022 as high mortgage rates and policy uncertainty hit wouldbe buyers. With more on the landscape for homebuilders, we have Katie Hubard, Walton Global's executive vice president of capital markets joining us now. So Katie, there was actually an expectation we would see sentiment rebound here.Clearly not the case. What does this tell us about where home builders and really the overall housing market stand right now. Yes.Hi Ally, th ...