Morning Roundup (2/12/25) – Applications Up
| Good Morning! Today is Wednesday, February 12. Elon Musk defended DOGE’s work as “common sense” in an Oval Office appearance. Trump signed an executive order to expand Musk’s influence. Russia freed Marc Fogel, an American teacher held captive for more than three years. The Mortgage Note Reports Too Hot To Handle: Americans are accepting of longer mortgage terms if it means reasonable monthly payments. But 40+ year loans are risky bets. Apps Up Again: Mortgage applications increased again, buoyed by refinance strength as purchase demand remained constrained. |
| Quote Of The Day “If the economy remains strong and inflation does not continue to move sustainably toward 2%, we can maintain policy restraint for longer. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly.” Jerome Powell to the Senate Banking, Housing and Urban Affairs Committee |
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In other mortgage and housing news… CPI: Inflation picked up more than anticipated in January, providing further incentive for the Federal Reserve to hold the line on interest rates. Affordability Win: Today’s average home listing is selling for under its asking price and taking a long time to move, good news for buyers looking for a bargain… Wooing Buyers: …while nearly 23% of sellers actively slashed their prices in January to entice buyers off the sidelines. Company News: Penny Mac launched “Bring It Home,” a new video series where home loan experts share homebuying tips and insights. Earnings: Zillow Group reported $554 million in revenue for Q4, up 17% YOY, and $2.2 billion for the whole year, up 15%. Tough Start: January brought an increase in foreclosure filings that may be normal post-holiday catch-up but could foreshadow a turnaround from 2024’s decreasing activity. |