Pending home sales fell 5.4% as rates rise

Plus: Homeowner sues Shellpoint over RESPA violations

July 20, 2026

☀️ Good Monday morning! Today’s issue is 637 words, a quick 2.5-minute read.

Disclaimer: Average mortgage rates as of July 17, 2026. © MND Daily Rate Index.

1. Homeowner sues Shellpoint over RESPA violations

A New Jersey homeowner has sued Newrez/Shellpoint Mortgage Servicing in state court, alleging years of servicing misconduct that left her unable to avoid foreclosure despite repeated attempts to modify or reinstate her loan.

The complaint alleges Shellpoint issued a reinstatement notice dated June 22 that she didn't receive until June 30 — leaving one day before the July 1 deadline. She also claims the company continued foreclosure proceedings while her loss mitigation applications were still pending, failed to respond to notices of error, and provided conflicting information about her account and reinstatement figures throughout the process.

The plaintiff is seeking compensatory and punitive damages, attorneys' fees, and injunctive relief. Shellpoint declined to comment on the litigation.

2. UHM acquires AmeriTrust to expand non-QM

Union Home Mortgage has acquired the assets of California-based AmeriTrust Mortgage, a deal that closed in 45 days and brings roughly 200 employees and $913 million in 2025 production into the fold. Financial terms weren't disclosed.

The strategic rationale is non-QM. AmeriTrust had been leaning heavily into the segment, and UHM CEO Bill Cosgrove says the deal could push non-QM to 15-20% of UHM's overall volume in year one. Combined trailing 12-month production could exceed $20 billion.

"The entire industry is still facing record-low gross margins, and that tells us the mortgage industry still has a great deal of overcapacity relative to home sales. Consolidation will continue." UHM CEO Bill Cosgrove told HousingWire.

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3. More Nuggets

🏡 10 best housing markets for first-time home buyers. (National Mortgage News)

💰 Retirees wait for the day they can sell their homes and cash in—but there’s a secret Medicare ‘trap’ that could stop them in their tracks. (Fortune)

🏦 Trump Accounts for kids: What to know and how to sign up. (Axios)

4. Pending home sales fell 5.4% as rates rise

Signed contracts on existing homes dropped 5.4% in June — a meaningful miss for what is typically one of the busiest months of the year.

NAR chief economist Lawrence Yun pointed directly at rates near 6.6% combined with a median existing home price that hit an all-time high of $440,600 earlier this year. First-time buyers are bearing the heaviest burden.

The lock-in effect continues to strangle supply. Homeowners who locked in sub-3% rates have no incentive to sell, keeping inventory thin and prices elevated despite falling transaction volumes — the defining paradox of this housing cycle.

5. Mortgage rates jump to the highest level of 2026

Mortgage rates edged up to the highest level in a year, delivering a fresh blow to the housing market.

Mortgage rates jumped 6 basis points to an average of 6.55%, according to new data released by Freddie Mac. That's the highest level for the 30-year rate since late August, about 11 months ago.

"Our midyear forecast still calls for mortgage rates to ease modestly over the second half of the year, and this week's inflation data supports that view over the long run, but the near-term path remains hostage to how the Iran situation develops," Hannah Jones, a senior economist at Realtor.com, said in a statement.

☀️ You’re all caught up. See you on Wednesday!

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