Morning Roundup (2/27/25) – UWM Earnings
| Good Morning! Today is Thursday, February 27. Israel said will not withdraw from a strategic corridor in the Gaza Strip called for by a ceasefire. President Donald Trump said that the head of the EPA intended to fire 65% of its staff. Actor Gene Hackman died at 95. The Mortgage Note Reports Bright Future: Mat Ishbia, CEO of United Wholesale Mortgage, says they are excited about the potential ahead in 2025 after coming off a “banner year.” Editor Kimberley Haas has the story. Housing Rule Scrapped: HUD is doing away with the 2021 Affirmatively Furthering Fair Housing rule, suggesting it is effectively a “zoning tax.” Sales Drop: Pending sales sank to their lowest level on record due to a combination of high rates and severe weather. |
| Quote Of The Day “It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months. However, it’s evident that elevated home prices and higher mortgage rates strained affordability.” NAR Chief Economist Lawrence Yun |
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In other mortgage and housing news… GDP: The US economy grew at an unrevised 2.3% annualized pace last quarter, on par with estimates. Year-End Trends: Refinances were the star of the show in Q4 2024, rising despite higher interest rates, though purchases still accounted for the lion’s share of originations. Sellers Slash Prices: The share of homes with price reductions grew to 16.8% this month, offering buyers more room to negotiate. Fraud Alert: A Missouri woman pleaded guilty to a scheme to fraudulently sell Graceland in order to extort money from Elvis Presley’s family. How Things Change: Features like “cloffices” and Zoom Rooms have fallen out of fashion since the pandemic, but backyards and virtual tours are still in. |