- Mortgage Nuggets
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- Mortgage rates tumble on tariffs
Mortgage rates tumble on tariffs
Plus: Long Island developer charged with check fraud
😌 Friday, finally! We hope you're holding up well and, more importantly, not obsessing over your portfolio. Today’s newsletter is 662 words, a 2.5-minute read.
Disclaimer: Average mortgage rates as of April 03, 2025. © MND Daily Rate Index.
1. Mortgage rates tumble on tariffs
Mortgage rates fell sharply yesterday following the Trump administration's tariff announcement, dropping to their lowest level in more than five months.
The average rate on the 30-year fixed loan plunged 12 basis points to 6.63%, according to Mortgage News Daily. That put it at the lowest level since October.
The massive sell-off in the stock market early Thursday sent investors fleeing to the bond market. That caused bond yields to drop. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.
“Tariffs and stock market volatility are not the only games in town for rates. Economic data is also very important and tomorrow's jobs report is typically the most important economic report of any given month. Depending on the results, it could help rates move even lower or bounce back up into the recent range.”
2. UWM rolls out 100 bps 'refi shield' as courts back ultimatum
United Wholesale Mortgage (UWM) secured key court victories affirming the legality of its controversial "All In" policy, which bars broker partners from doing business with rivals Rocket Mortgage and Fairway Independent Mortgage.
Violating brokers face substantial penalties, as demonstrated by a recent judgment against Kevron Investments for $70,000 in damages.
Separately, UWM launched "Refi Shield 100," incentivizing brokers with 100 basis points to reclaim loans previously sold to Mr. Cooper Group, following Rocket's acquisition of Mr. Cooper. UWM will also discontinue its servicing relationship with Mr. Cooper.
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3. More Nuggets
🧳 Long Island developer charged with check fraud. (TheRealDeal)
💸 Roam secures $11.5M in funding to expand assumable mortgage access. (TechCrunch)
💭 Mat Ishbia’s unfiltered thoughts on the Rocket-Mr. Cooper deal. (HousingWire)
📊 One Real Mortgage introduces loan officer incentives. (NMP)
4. Over half of agents now view NAR negatively
Redfin has released its 2025 Industry Survey, providing key insights into the current state of the real estate industry. Conducted by Ipsos with 500 real estate agents, the survey highlights concerning trends in agent satisfaction: only 21.2% of agents would recommend the profession.
Agents identified several prominent challenges currently facing the industry:
Affordability crisis: cited by 64.2% as their greatest concern.
Inventory shortage: a significant issue for 42.8% of respondents.
Declining commissions: worrying 42% of agents.
Impact of climate change on homebuyer decisions: reported by 39%.
Additionally, agent perception of the National Association of Realtors (NAR) has notably declined, with 51% now viewing NAR unfavorably—a marked increase from 19% in 2023.
5. RealPage sues Berkeley over rental algorithm ban
Real estate software company RealPage filed a federal lawsuit Wednesday against Berkeley, California — the latest city to try to block landlords from using algorithms when deciding rents. Officials in many cities claim the practice is anti-competitive and is driving up the price of housing.
Texas-based RealPage said Berkeley’s ordinance, which goes into effect this month violates the company’s free speech rights and is the result of an “intentional campaign of misinformation and often-repeated false claims” about its products.
“Berkeley is trying to enact an ordinance that prohibits speech — speech in the form of advice and recommendations from RealPage to its customers”
☀️ You’re all caught up. See you on Monday!
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