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What privatization of Fannie Mae and Freddie Mac means
Plus: Refinance applications tick back up as rates drop
šļø Made it to Friday! This is Mortgage Nuggets, the newsletter that keeps you up-to-date on the latest mortgage newsāevery Monday, Wednesday, and Friday.
Todayās newsletter is 708 words, a 2.5-minute read.
Disclaimer: Average mortgage rates as of Feb 06, 2025. Ā© MND Daily Rate Index.
1. Freddie Mac: Mortgage rates decline slightly
The average rate on a 30-year mortgage eased for the third week in a row, a smidgen of relief for prospective home shoppers getting into the market before the busy spring homebuying season starts.
The average rate fell to 6.89% from 6.95% last week, Freddie Mac said yesterday. A year ago, it averaged 6.64%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also retreated this week. The average rate fell to 6.05% from 6.12% last week. A year ago, it averaged 5.9%.
2. Refinance applications tick back up as rates drop
Mortgage applications for the week ending January 31, 2025, increased 2.2 percent from one week earlier, according to data from the MBAās weekly applications survey
Refinance applications were up 12% week-over-week and 17% year-over-year, while seasonally adjusted purchase applications fell 4%.
āMortgage rates dropped last week alongside lower Treasury yields following the FOMC meeting and a volatile stock market. The 30-year fixed rate hit a six-week low, prompting an overall rise in applicationsāespecially a 12% jump in refinance applications, their strongest week since December 2024ā
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3. More Nuggets
š¦ Bessent says Fannie, Freddie release depends on rates. (BloombergTV)
š¬ What privatization of Fannie Mae and Freddie Mac means. (The New York Times)
š” Homeownership rate for younger households declines. (NAHB)
āļø Tariffs could have a chilling effect on home construction amid inventory crisis. (BizJournals)
š„ Brown Harris Stevens CEO: Current mortgage rates are the new normal. (CNBC)
šŖ Chopra wants state regulators to continue CFPB's mission. (HousingWire)
šØ Coachās Corner
ā Ugh, Coffee Appointments can suck sometimes! Come on you can admit it.
š„ Try this hack instead! (Youtube)
ā Dave Krichmar CEO
4. Scott Turner confirmed as HUD secretary
Scott Turner, who was tapped to promote investment in distressed neighborhoods during President Trump's first term, has been confirmed as secretary of Housing and Urban Development. The Senate vote Wednesday was 55-44.
Turner spent nine years as a professional football player before being elected twice as a Texas State Representative. He's also been chief visionary officer at the multifamily housing developer JPI.
During his confirmation hearing, Turner said HUD is "failing at its most basic mission," noting record-high homelessness and a shortage of affordable housing that leaves people struggling every day. He did not offer specifics for fixing that, but said he would review every HUD program to assess which ones are working.
5. LendingTree hit with suit over data breach
LendingTree faces a class-action suit alleging its ārecklessā use of Snowflakeās cloud servers led to a June 2024 data breach that exposed customersā sensitive information.
Plaintiffs Linda Pierce and Nathan Thomas claim that personal dataāincluding financial details and identification numbersāwas compromised, with Pierce alerted by LendingTreeās QuoteWizard and Thomas reporting fraudulent charges and an unauthorized bank account.
Filed in the U.S. District Court for the Western District of North Carolina, the complaint accuses LendingTree and QuoteWizard of negligence and consumer protection violations while seeking compensatory and punitive damages.
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āļø Youāre all caught up. See you on Monday!
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