- Mortgage Nuggets
- Posts
- UWM and Google announce AI partnership
UWM and Google announce AI partnership
Plus: Rates rise as trade turmoil shakes markets
☀️ Good morning. You made it to Wednesday — halfway there! Today’s newsletter is 872 words, a 3.5-minute read.
Disclaimer: Average mortgage rates as of April 08, 2025. © MND Daily Rate Index.
1. Rates rise as trade turmoil shakes markets
Mortgage rates hit their highest level since February this week, reversing course after a period of improvement.
The average rate on the 30-year fixed rate jumped 22 basis points Monday and another 3 basis points Tuesday to 6.85%, according to Mortgage News Daily, fully erasing the decline from last week.
Much like the stock market, the bond market has been on a roller coaster over the last week, and mortgage rates are along for the ride.
“While no one can be sure exactly how things will pan out in the long run, the market is currently expressing extreme disapproval of the new tariff plans. While interest rates had previously benefited from some of the chaos in the stock market, that ship has sailed. Now, both sides of the market are losing ground (stocks lower, rates higher).”
2. Markets where tariffs could have biggest impact
Homebuilders estimate that the recent tariffs will raise the cost of building a home by an average of $9,200. Under the current administration, the effective tariff rate on all imports has surged from 2.3% to 26%, according to Realtor.com.
While resale homes dominate the housing market, new construction plays a larger role in some states. In these areas, tariff-driven cost increases will have a greater impact on prices, affordability, and supply. Below are the states most likely to be affected, ranked by the share of new construction listings:
Idaho: 40%
North Carolina: 33%
Delaware: 31%
Utah: 28%
Nebraska: 28%
3. Mortgage demand jumped 20% last week
Volatility in financial markets caused a sharp drop in mortgage interest rates last week, which resulted in a big spike in mortgage demand. The increase in mortgage demand, however, may be short-lived, as mortgage rates shot higher to start this week.
Total mortgage application volume jumped 20% last week compared with the previous week to the highest level since September 2024, according to the Mortgage Bankers Association’s seasonally adjusted index.
Applications for a mortgage to purchase a home increased 9% for the week and were 24% higher than the same week one year ago while applications to refinance a home loan increased 35% from the previous week and were 93% higher than the same week one year ago.
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4. More Nuggets
⚖️ Senator calls on DOJ to investigate FICO's 'monopoly power'. (Hawley)
🆕 China to impose additional tariffs of 84% on US good. (CNBC)
💬 40-year Douglas Elliman broker to new agents: “Love it or GET OUT”. (HW)
🏚️ Almost half of the owner-occupied homes were built before 1980. (NAHB)
📈 Mortgage credit availability increased in March. (MBA)
5. Fannie Mae fires over 100 employees
The Federal Housing Finance Agency (FHFA) and Fannie Mae have announced the dismissal of more than 100 employees from Fannie Mae after they were caught engaging in unethical conduct, including acts of fraud.
“There is no room for fraud, mortgage fraud, or any other deceitful act that can jeopardize the safety and soundness of the housing industry. Since my swearing-in, we fired over 100 employees from Fannie Mae who we caught engaging in unethical conduct, including facilitating fraud, against our great company. Anyone who commits fraud against Fannie Mae does so against the American people.”
News of the dismissals from the GSE comes after reports Fannie Mae laid off 700 employees late last week, citing ethical violations stemming from allegations of misuse of the company’s Matching Grants Program.
6. UWM and Google announce AI partnership
United Wholesale Mortgage (UWM), announced a strategic partnership with Google Cloud to integrate advanced AI and data analytics into its lending platform.
The collaboration aims to streamline mortgage processing by enhancing underwriting automation, document handling, and client support with AI tools, including Google’s Gemini Flash 1.5 model.
Underwriters at UWM have increased their daily capacity from six to 14 loans—above the industry average of three. The partnership will also boost scalability, security, and personalized loan recommendations for UWM’s 50,000 broker partners and their clients.
☀️ You’re all caught up. See you on Friday!
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