Morning Roundup (1/29/25) – Best Deals

Good Morning! Today is Wednesday, January 29. Attorneys general from 22 states and D.C. filed a lawsuit challenging President Trump’s funding freeze. Senate hearings start today for RFK as health secretary. Oklahoma education leaders approved a plan that would require public schools to request proof of children’s immigration status. The Mortgage Note Reports Best Deals: West Virginians have the lowest mortgage payments in the U.S., followed by other Southern and Midwestern states where it’s historically inexpensive to buy. Apps Sink: Mortgage applications slipped in the wake of Trump’s inauguration, primarily driven by a refinancing slowdown. |
Quote Of The Day “Americans are going to the closing table tomorrow and deserve to know that their loan will close on their home purchase. Without this clear assurance that the federal government will insure new loans or pay claims under these programs, there will be severe harm to borrowers and disruption to the mortgage market.” MBA’s Bob Broeksmit on OMB Federal Funding Memo |
In other mortgage and housing news… Chaotic Day: A judge blocked Trump’s attempt to freeze federal aid funds minutes before Americans lost help like SNAP benefits and housing assistance… Housing Toll: …but housing agencies that rely on the Fed to provide subsidized rents were unable to access funds in the meantime, and some still can’t. Rocket Win: An appeals court dismissed most of a $10M judgment against Rocket Mortgage related to a 2012 appraisal lawsuit. Rental Boom: In the U.S., 110,727 single-family rentals are under construction in 613 communities, many in the South and West. Falling Short: Delinquency rates for mortgages backed by commercial properties increased during Q4 2024 thanks to weak fundamentals and high rates. Silver Lining: A selling panic in tech stocks driven by Chinese AI newcomer DeepSeek may provide modest relief for mortgage rates this week after driving bond yields lower. |