AMBA Monday Morning News - Week of August 3rd, 2026 
Message from the Board
Fellow Alaska mortgage banking professionals,
August in Alaska has its own particular rhythm. The fireweed is climbing toward its top blooms, state fair season is getting underway, and if you look closely in the evenings, you'll notice the light starting to lean back toward fall a little earlier each night. It's a season of transition here, and this year the mortgage market feels like it's in one too.
Rates have been stubborn through the summer, and that's tested a lot of patience across our industry. But the buyers who are still out there right now, the ones who didn't wait for perfect conditions, are the ones building relationships with all of you that will outlast this rate cycle. That's worth remembering on the days the numbers feel discouraging.
There's a lot of good work happening across Alaska's mortgage community this month, quietly and without much fanfare. Keep at it. The people you're helping into homes this August will remember who showed up for them.
Benjamin Reynolds - AMBA President
Thank you to the sponsor of our Monday Morning News
News From Last Week
Fed Holds Rates Steady, Mortgage Rates Push to 6.66%
The Federal Reserve held its benchmark rate steady at 3.50%-3.75% for a fifth straight meeting on July 29, with three regional bank presidents dissenting in favor of a hike. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed rate climbed to 6.66% the following day, up from 6.58% the prior week, as oil price volatility and persistent inflation data pushed rates higher amid an uncertain economic backdrop.
Alaska Impact: For Alaska buyers already stretching in a market with roughly a month of supply, another eight basis points matters. This is the week to revisit any client conversation that stalled earlier this summer.
Mortgage Applications Slide as Rates Hit 6.76%
Mortgage applications fell 6.4% for the week ending July 24, according to the Mortgage Bankers Association's weekly survey, as the 30-year conforming rate rose to 6.76%, the highest level since August 2025. Refinance applications dropped 10% while purchase applications slipped 4%. MBA's Joel Kan said rising rates are adding to affordability pressure even as inventory improves in some markets.
Alaska Impact: With Anchorage inventory still historically tight, higher rates raise the stakes on getting buyers pre-qualified before they start house hunting rather than after.
Fannie Mae Posts Best Quarterly Profit in a Year
Fannie Mae reported $4 billion in net income for the second quarter, up 7% from the first quarter and 20% year-over-year, marking its 34th consecutive profitable quarter, according to its July 29 earnings release. Purchase acquisition volume rose $17.9 billion from the prior quarter to $72.8 billion, even as rates ran higher than the company's economists had projected earlier this year. Serious delinquency held steady at 0.58%.
Alaska Impact: Steady GSE credit performance keeps conforming loan pricing predictable for Alaska originators working alongside AHFC and other agency partners, even with national rate volatility continuing.
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!
