AMBA Monday Morning News - Week of June 22nd, 2026

Message from the Board

Fellow Alaska mortgage banking professionals,

We just crossed the longest day of the year, and from here the light starts its slow retreat, even though most of us won't notice for weeks. There's something useful in that marker. We're also closing in on the midpoint of 2026, the kind of moment that invites an honest look at where things stand rather than another round of resolutions.

For most of you, the first half of this year meant a full pipeline, a packed calendar, and more than a few stretches where the to-do list outran the daylight, which in Alaska in June is genuinely saying something. That pace is real, and it deserves a moment of recognition. Showing up consistently for clients working through one of the biggest decisions of their lives is not a small thing, even on the days it feels routine.

The second half tends to move just as fast. Keep what worked, set down what didn't, and hold onto the relationships that got you this far. That's usually enough.

Here's to a strong run through summer.

Benjamin Reynolds - AMBA President

Thank you to the sponsor of our Monday Morning News

News From Last Week

FED HOLDS RATES STEADY, BUT HAWKISH SIGNAL PUSHES MORTGAGE COSTS HIGHER

The Federal Reserve voted unanimously on June 17 to hold its benchmark rate at 3.50%-3.75% for a fourth straight meeting, according to the FOMC statement, while updated economic projections showed several policymakers now leaning toward a rate increase later this year instead of a cut, citing inflation running near 4.2% annually. Freddie Mac's weekly survey put the 30-year fixed at 6.47% for the week ending June 18, down slightly from 6.52% the prior week, even as daily rate trackers jumped immediately after the Fed's announcement.

Alaska Impact: With the Fed turning more cautious on inflation and weekly mortgage applications still swinging week to week, according to MBA data, Alaska borrowers shouldn't expect real rate relief before fall. This is a good week to walk active clients through rate-lock math instead of betting on a near-term dip.

AIDEA WORKFORCE HOUSING BILL BECOMES LAW AS GOVERNOR'S DEADLINE PASSES

House Bill 184, which gives the Alaska Industrial Development and Export Authority explicit authority to finance workforce housing projects of three or more units, was not among the nine bills Governor Dunleavy vetoed by his June 18 constitutional deadline, according to the governor's veto list and Alaska Legislature bill-tracking records, meaning the measure has become law. The bill cleared the House in February and passed the Senate 17-3 in May, with sponsor Rep. Andi Story calling Alaska's housing shortage "at crisis levels."

Alaska Impact: This gives AIDEA a second state-backed financing tool, alongside AHFC, for multifamily and workforce housing, particularly in resource-development corridors and smaller communities where traditional lenders often won't carry the risk alone. Members in commercial and multifamily finance should watch for AIDEA's first applications under this new authority.

VA PARTIAL CLAIM PROGRAM OFFICIALLY OPENS, GIVING VETERANS A FORECLOSURE OFF-RAMP

The Department of Veterans Affairs officially opened its new Partial Claim Program for servicer submissions on June 15, implementing the 2025 VA Home Loan Program Reform Act and giving delinquent VA borrowers a way to bring their loans current without changing their rate or monthly payment, according to VA's program announcement. Under the structure, the servicer advances the past-due amount and VA reimburses the servicer, with the balance repaid when the loan is sold, refinanced, or paid off. Servicers have until November 28 to fully implement the program.

Alaska Impact: Joint Base Elmendorf-Richardson is Anchorage's largest employer, and Alaska is home to a sizable veteran and active-duty population statewide. Servicers and VA lenders here should confirm their loss mitigation staff know this option exists and can walk struggling veteran borrowers through it.

HOUSING STARTS SINK TO FIVE-YEAR LOW AS MULTIFAMILY CONSTRUCTION STALLS

Privately owned housing starts fell 15.4% in May to a seasonally adjusted annual rate of 1.177 million, the lowest reading since May 2020, according to a joint U.S. Census Bureau and HUD report released June 16. The drop was driven mostly by a 41.6% plunge in multifamily starts, while single-family starts slipped a more modest 1.9%. Building permits held closer to flat, falling just 0.7% to 1.413 million, suggesting builders are holding back on breaking ground even where they already have approvals in hand.

Alaska Impact: Alaska already runs a persistent housing shortage, and a national pullback in multifamily construction makes state-level tools like AIDEA's new workforce housing authority more important, not less. Members financing builders or developers should expect continued caution on new multifamily starts through the rest of the year.

BUILDER CONFIDENCE FALLS FOR A 14TH STRAIGHT MONTH AS NAHB PRESSES CONGRESS

The NAHB/Wells Fargo Housing Market Index fell two points to 35 in June, the 14th consecutive month below the neutral 40 mark, according to NAHB's June 18 release. NAHB Chairman Bill Owens pointed to a national shortfall of roughly 1.2 million homes and urged Congress to act on a housing package now before the Senate, along with bills addressing construction labor shortages and local natural-gas bans, while 35% of builders reported cutting prices in June, the highest share so far this year.

Alaska Impact: Alaska builders face their own version of these pressures, with high material and shipping costs, a tight skilled-labor pool, and heating-fuel considerations that matter more here than almost anywhere else. Watch whether any of the federal proposals NAHB is pushing would specifically help rural and remote Alaska construction costs.

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

Loan officer Assistant - Raven Mortgage

POST YOUR JOB TODAY USING YOUR MEMBER ACCOUNT!