Mortgage applications dip in latest MBA survey

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1. Mortgage applications dip in latest MBA survey

Mortgage applications decreased by 2.0% in the week ending January 24, 2025, according to the latest data from the MBA’s weekly survey.

The results, which account for the Martin Luther King holiday, reflect a slight decline in application activity across both refinancing and home purchases.

The Refinance Index, in particular, experienced a 7% decline, although it was still 5% higher than the same week one year ago. The seasonally adjusted Purchase Index fell by 0.4%, while the unadjusted Purchase Index was down 4% from the previous week.

2. Federal Reserve holds interest rates steady

The Federal Reserve held the benchmark interest rate steady Wednesday amid concerns that Trump administration plans for tariffs, deregulation, mass deportations, and tax cuts may spur inflation in coming months.

With economic growth steady and inflation persisting above their 2% target, policymakers in a unanimous decision kept the federal funds rate at a range between 4.25% and 4.5%. The pause followed three consecutive cuts last year that reduced the main interest rate by a full percentage point.

A MESSAGE FROM CORELOGIC

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3. More Nuggets

🏡 Get ready for another shock to housing affordability. (Bloomberg)

📉 Yesterday saw the lowest rates in over a month, but there's a catch. (MND)

🫤 Consumer confidence drops in January as consumers turn pessimistic. (WSJ)

💵 Hoping for a raise this year? You can probably bank on it. (Axios)

🪪 State licensing may be in store for HEI originators. (BillTrack)

📚 Coach’s Corner

Here are the Top 10 Books that helped me blow up my Business! (Video)

— Dave Krichmar CEO

4. Nations Lending sues CMG over trade secrets, poaching

Nations Lending has filed a federal lawsuit in Ohio accusing two former branch managers, Mina Galab and Eric Estevez, and their new employer, CMG Financial, of trade secrets theft and employee poaching.

The suit alleges that while still employed at Nations, the managers diverted business and clients to CMG, violating non-solicitation agreements. Upon joining CMG in June 2024, eight loan officers followed them.

Nations claims CMG knowingly facilitated these actions and seeks a preliminary injunction to halt further solicitation. This isn’t CMG’s first such accusation; A&N Mortgage Services sued CMG in 2023 for similar claims.

5. Mapped: Household income required to buy a home in every state

In 36 out of the 50 states, homebuyers need to earn six figures to afford a home.

☀️ You’re all caught up. See you on Monday!

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