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- 1 in 7 pending home sales are getting canceled
1 in 7 pending home sales are getting canceled
Plus: Keller Williams takes on major investment from CoreLogic owner
🤪 Happy Wednesday! You've made it to the middle of the week! Today's newsletter is 885 words — a 3.5-minute read.
Disclaimer: Average mortgage rates as of Mar 04, 2025. © MND Daily Rate Index.
1. 1 in 7 pending home sales are getting canceled
Homebuyers are increasingly walking away from deals, especially in the Southeastern U.S., as a combination of economic and political uncertainties erode confidence.
In January, more than 41,000 home-purchase agreements were canceled, representing 14.3% of contracts signed that month. This marks an increase from 13.4% a year earlier, setting a new high for January cancellations since at least 2017, according to Redfin.
For would-be buyers, the hurdles are mounting. High mortgage rates, soaring home prices, and the specter of potential trade wars and federal spending cuts are all adding to the growing list of concerns, leaving many wary of committing to big-ticket purchases.
2. Keller Williams takes on major investment from CoreLogic owner
Keller Williams announced on Monday a new investment from CoreLogic parent company Stone Point Capital, which will take a major ownership stake in the Austin-based real estate franchise giant.
The deal will include a change in leadership, with Christopher Czarnecki, who previously served as CEO of the REIT Broadstone Net Lease, taking over as Keller Williams president and CEO — a role vacated by Mark Willis in January.
Gary Keller will stay on as co-founder and executive chairman and retain partial ownership in the company. He framed the move as an opportunity to help ensure the firm's growth.
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3. More Nuggets
🪵 Trump orders immediate expansion of US timber production. (Fox Business)
📰 No. 1 originator Shant Banosian named president of Rate. (HousingWire)
💸 Homebuyers are making bigger down payments. Coming up with that cash is still a struggle. (CNBC)
💰 Co-CEOs at $31 billion homebuilder split the title—but one makes millions more than the other. (Fortune)
🩻 ION: Going under the knife soon? Don’t save it for a Friday. (Gizmodo)
4. Mortgage application volume jumped 20.4% last week
A significant dip in mortgage interest rates has reignited loan demand, as both current homeowners and prospective buyers rushed back into the market following a sluggish start to the year.
Total mortgage application volume surged by 20.4% last week, according to the MBA’s seasonally adjusted index. Refinance applications saw the most substantial jump, rising by 37% week-over-week, and were 83% higher compared to the same period last year. Meanwhile, purchase mortgage applications climbed 9% for the week.
Mortgage rates were clearly the culprit. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, 806,500 or less, decreased to 6.73% from 6.88%, that is the lowest level since November 2024.
5. Union Home Mortgage adds $1B in lending capacity with NRL Mortgage acquisition
Union Home Mortgage (UHM) on Monday announced its acquisition of Nations Reliable Lending, aka NRL Mortgage. The acquisition of Texas-based NRL will strengthen UHM’s book of business in Texas and southwest Ohio in particular.
The terms of the deal were not disclosed. UHM, a growing independent mortgage bank based in Ohio, originated about $7.6 billion in mortgages last year. NRL did a little over $1 billion in volume. The acquisition comes roughly two years after UHM acquired Amerifirst Home Mortgage.
“Our company lives by the mantra of ‘Promises Kept,’ which not only includes promises to our customers, but to our employee partners. By coming together, we expand the reach of that promise further, while also continuing to build a unique workplace culture in the mortgage industry”
6. Milo surpasses $65 million in crypto mortgage volume
Milo, a fintech company specializing in crypto mortgage lending, has exceeded $65 million in total loan volume, reflecting what may be increasing demand for alternative financing.
To date, the company reports it has originated over $250 million in mortgages across its various loan products. By using digital assets as collateral, borrowers can invest in real estate while maintaining exposure to potential crypto appreciation.
The company partners with custodians Coinbase and BitGo to safeguard client assets and operates under regulatory oversight as a Soc2-compliant licensed lender. The company provides up to 100% financing, with loan amounts reaching $5 million.
☀️ You’re all caught up. See you on Friday!
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