Morning Roundup (2/26/25) – Sales Turnaround
| Good Morning! Today is Wednesday, February 26. The U.S. struck a deal with Ukraine that includes access to its rare earth minerals but Volodymyr Zelenskyy says a security deal is essential for the plan to move forward. The Israeli military struck sites in southern Syria. House Republicans narrowly passed a budget resolution. The Mortgage Note Reports Apps Slip: Mortgage applications drifted down again as Treasury yields moved lower on softer consumer spending data. Sales Turnaround: After a surprise bump in December, new home sales took a turn last month thanks to persistent unaffordability and winter weather. |
| Quote Of The Day “Treasury yields moved lower on softer consumer spending data as consumers are feeling somewhat less upbeat about the economy and job market. This pushed mortgage rates lower, with the 30-year fixed rate decreasing to 6.88%, the lowest rate since mid-December.” Joel Kan, MBA’s Vice President and Deputy Chief Economist |
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In other mortgage and housing news… Sticking Around: The Trump administration intends to keep the CFPB operating, although in a more streamlined form, according to a new court filing. “I Have To Sell”: Abrupt government firings have left federal workers throughout the country in flux, with many distressed over how they will pay the mortgage or rent. Bright Stars: These servicers shine bright in Fannie Mae’s 2024 STAR rankings, recognizing companies for “competency, capability, and overall performance.” Company News: Blend launched a new suite of refinance and home equity lending solutions, Rapid Home Lending. Cash Sales: About 30% of buyers were all-cash in December, down from 34% the year prior as rates have cooled from 2023’s 10-year peak. |