🚀 Mortgage Demand Low

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Mortgage demand remains sluggish as interest rates hold steady, with the average 30-year fixed rate ticking up slightly to 6.69%. Refinance applications dropped 4% from last week but remain nearly 20% higher than a year ago, while purchase applications rose 2%, marking the strongest week in a month despite overall weak demand. Rising home prices pushed the average purchase loan size to $433,400, the highest in two months. Economists say buyers are showing a bit more resilience, thanks to cooling price growth and increased inventory, though activity remains muted. Even with political drama at the Fed, markets aren’t pricing in big rate moves yet, leaving housing stuck in a holding pattern.

2. The Federal Reserve pushed back against President Trump’s attempt to fire Governor Lisa Cook, noting that under the Federal Reserve Act, governors can only be removed “for cause,” and Cook has already vowed to challenge the decision in court. Trump claimed he was removing Cook over allegations of mortgage fraud, though her lawyer called the move unlawful and without factual basis. The Fed emphasized that long terms and removal protections safeguard the central bank’s independence, and said it will abide by whatever the courts ultimately decide—a battle that could reach the Supreme Court. If Trump succeeds and gains more appointees on the Fed’s board, it could give him greater influence to push for the steep interest rate cuts he has long demanded. For now, Cook has signaled she will continue in her role while the dispute plays out, setting the stage for a high-stakes legal and political showdown over central bank independence.

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4. SpaceX’s Starship roared back to life Tuesday with its 10th test flight, breaking a string of fiery failures that had cast doubt on Elon Musk’s Mars dreams. The towering 400-foot rocket successfully deployed eight mock Starlink satellites, tested its reusable heat shield, and managed controlled splashdowns for both its booster and spacecraft. NASA hailed the flight as a milestone for its Artemis program, which plans to return astronauts to the Moon in 2027 using Starship as its lander. For Musk, the launch restores momentum not only for his long-term colonization ambitions but also for a company eyeing a $400 billion valuation amid surging competition in commercial space.

   Headlines

   1. Cracker Barrel has announced that it will be returning to its old logo after public backlash to its new design.

   2. India’s $434 billion merchandise exports industry will face a significant test with the US, which accounts for 20% of the market’s sales, increasing tariffs to 50%.

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