AMBA Monday Morning News - Week of April 20th, 2026 
Message from the Board
Fellow Alaska mortgage banking professionals,
Spring is here, and if you're in the mortgage business in Alaska, you know what that means. The phone wakes up. Buyers who spent the winter waiting start asking questions again. The market that may have been quiet in January and February starts to move.
This spring feels different from the past couple of years. Not easy, but different. Rates are holding in a range that was unimaginable 18 months ago, the spring buying season is showing signs of life, and some of the uncertainty that weighed on the market through winter is starting to resolve itself. There's still a lot we don't know about where monetary policy goes from here, but this week starts to answer some of those questions.
The work you do every day matters more than it gets credit for. You help families make the most consequential financial decision of their lives. You work through complexity that most people never see. And you do it right here in Alaska, in a market that demands more of you than most. That's worth something. Go make it a great week.
Benjamin Reynolds - AMBA President
Thank you to the sponsor of our Monday Morning News
Next Luncheon!
April '26 Luncheon - Hidden Risks in Every File: Fraud, Title, and Delays feat. Alyeska Title
Every transaction carries risk — and the ones you don't see coming are the most costly.
Join us April 22nd as the team from Alyeska Title pulls back the curtain on what's actually happening inside the files crossing your desk right now.
From title issues that quietly kill deals to fraud schemes actively targeting Alaska transactions, this session covers the threats that can derail a closing before you even know there's a problem. Attendees will also walk away with practical strategies to get ahead of closing delays that are becoming all too common in today's market.
Whether you're a loan officer, processor, or branch manager, this is the kind of session that pays for itself the first time you spot a red flag before it becomes a disaster.
Come ready to take notes!
Luncheon Schedule:
Doors Open at 11:30 AM
Food Served at 11:45 AM
Meeting Starts at 12:00 PM
Meeting Ends at 1:00 PM
Reminder!!!
All member companies and employees have been added and have an account created. Login using your company email and, if this is your first time logging in, select the "Forgot Password" option to update your password. If there are any issues with logging in, please contact us at [email protected] or Benjamin Reynolds at [email protected].
This Month's Meeting Sponsor:
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Catering SPONSOR:
Virtual Meeting SPONSOR
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News From Last Week
Warsh Confirmation Hearing Opens Tomorrow as Powell Succession Nears
The Senate Banking Committee has scheduled Kevin Warsh's confirmation hearing for Tuesday, April 21 at 10 a.m. ET -- one day after this newsletter goes out. Warsh, Trump's nominee to succeed Chair Jerome Powell, filed his 69-page financial disclosure last week, clearing the procedural hurdle needed to schedule the hearing. His path to a full Senate vote still faces a complication: Sen. Thom Tillis, R-N.C., has said he will withhold his vote until the Department of Justice drops its criminal probe into Powell. Republicans hold a thin majority on the committee, making Tillis' vote potentially decisive. Powell's term as Fed chair expires May 15, and he has said he intends to remain in place as chairman pro tempore until his successor is confirmed.
Alaska Impact: The confirmation process, and its outcome, will shape the Fed's monetary policy direction for years. For Alaska mortgage professionals, clarity on who leads the Fed matters directly: it affects the rate environment, how quickly the central bank responds to economic signals, and whether the rate relief Fannie Mae projects by year-end actually materializes. Watch Tuesday's hearing for Warsh's comments on inflation, the Iran war's economic effects, and his timeline for any rate action.
Alaska LNG Property Tax Bill Racing Toward May 20 Session Deadline
Alaska's Legislature is dedicating its final stretch of session to a high-stakes debate over a property tax restructuring bill (HB 381 / SB 280) for the proposed Alaska LNG pipeline. Gov. Dunleavy's bill would exempt the 800-mile North Slope-to-Nikiski pipeline from existing statewide and local property taxes during construction and early operations, replacing them with a much smaller volumetric tax based on gas flow. According to the Alaska Department of Revenue, current law would generate $8.4 billion in state property taxes from the pipeline by 2042 -- the governor's bill reduces that figure to $829 million, a roughly 90% cut. Borough mayors along the pipeline route have pushed back sharply, arguing the bill inadequately protects local budgets. Senate President Cathy Giessel told Alaska's News Source last week that the Legislature is "striving to get it right," with just a third of the session remaining before the May 20 adjournment deadline.
Alaska Impact: This bill has direct implications for property tax conditions in the Kenai Peninsula Borough, Fairbanks North Star Borough, and Matanuska-Susitna Borough -- three of the state's most active residential mortgage markets. If the bill passes, it reshapes the long-term property tax base in those communities. If it fails, the pipeline's future remains uncertain, which carries its own economic ripple effects. AMBA members serving borrowers in these boroughs should follow this closely.
Freddie Mac: Rates Drop for Second Straight Week to 6.30%
According to Freddie Mac's Primary Mortgage Market Survey for the week ending April 16, the average 30-year fixed mortgage rate fell seven basis points to 6.30% -- the lowest level in about a month. The 15-year fixed dropped nine basis points to 5.65%. Rates have now declined for two consecutive weeks, reflecting calmer Treasury markets as Iran ceasefire developments and easing oil prices have pulled the 10-year yield down to roughly 4.29%. MBA's weekly survey for the week ending April 10 showed total applications up 1.8%, the first increase in five weeks, with refinance volume jumping 5.1%. Purchase applications, however, fell 1% week-over-week and remain below last year's pace, with Joel Kan, MBA's deputy chief economist, noting that "potential homebuyers remained hesitant given the current economic uncertainty."
Alaska Impact: Two consecutive weeks of rate decline is a real signal for Alaska professionals heading into what is typically the state's busiest buying months. The buying power gap versus a year ago -- when the 30-year averaged 6.83% -- represents meaningful improvement for Anchorage, Fairbanks, and Matanuska-Susitna buyers. This is the window to revisit conversations with clients who paused in March.
NAR: March Home Sales Slip 3.6%, but Median Price Sets New Record
The National Association of REALTORS reported that existing-home sales fell 3.6% month-over-month in March 2026 to a seasonally adjusted annual rate of 3.98 million -- the lowest level in nine months and below market expectations of 4.06 million. Sales declined in all four regions. Year-over-year, sales were off 1%. The median existing-home price rose to $408,800, a record high for the month of March and the 33rd consecutive month of year-over-year price gains. Inventory ticked up 3% from February to 1.36 million units, representing 4.1 months of supply -- still well below historical norms. NAR Chief Economist Lawrence Yun attributed the sales slowdown to "lower consumer confidence and softer job growth," and NAR simultaneously revised its 2026 existing home sales forecast down sharply, from a prior projection of 14% growth to 4%.
Alaska Impact: The national data reinforces what many Alaska professionals are seeing: buyers exist, but uncertainty and elevated prices are slowing decisions. The inventory picture in Alaska remains tight -- Anchorage's constrained-seller conditions persist. For members, the record median price underscores that the equity conversation with existing homeowners remains strong, even as purchase volume faces headwinds.
MBA: Independent Mortgage Banks Post 4-Year Profitability High in 2025
The Mortgage Bankers Association released its 2025 Annual Mortgage Bankers Performance Report on April 16, showing that independent mortgage banks and mortgage subsidiaries of chartered banks earned an average profit of $785 per loan originated last year, up from $443 in 2024. Net production income reached 21 basis points -- the highest level in four years. Seventy-eight percent of firms in the study posted pretax net financial profits in 2025, up from 68% in 2024 and just 36% in 2023. Marina Walsh, MBA's vice president of industry analysis, noted that "while profits have improved slightly in recent years, they are still less than half the historical average going back to 2008." The report also flagged a caution: without servicing income, only 64% of firms would have been profitable -- a reminder that servicing portfolios remain a meaningful contributor to the bottom line.
Alaska Impact: For Alaska-based lenders and mortgage bankers, the trend is moving in the right direction, but the margin environment remains thin. The data points to the value of retaining servicing where feasible and continuing to manage per-loan costs closely. The gap between where profitability sits today and the long-term average ($1,031 per loan) is the work still ahead for the industry.
Welcome New Members!
AMBA welcomes all Alaska mortgage banking professionals to join our growing community. Membership provides access to industry advocacy, professional development opportunities, networking events, and regular market intelligence updates tailored specifically to Alaska's unique market conditions.
2025-2026 Membership Benefits Include:
- Voice in state legislative advocacy through our new Legislative Affairs Committee
- Monthly educational sessions and industry updates
- Professional networking opportunities with Alaska mortgage banking leaders
- Access to Alaska-specific market data and trends
- Discounted rates for industry events and conferences
Contact AMBA at (907) 727-1076 or [email protected] to learn about Regular, Affiliate, Non-Profit, and Individual membership options. Visit alaskamba.org for complete membership information and dues structure. Join us in advancing Alaska's mortgage banking industry!
New Job Posts
Check out these careers!
Our Career Board is now available! Take a look at some of the new positions below:
Residential Lending Manager - Matanuska Valley Federal Credit Union
POST YOUR JOB TODAY USING YOUR MEMBER ACCOUNT!
