🚀 Mortgage Refinances up 20%

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Southwest Airlines plans to reduce its service to and from Atlanta in 2025, cutting over 300 pilot and flight attendant positions, though no layoffs are planned. The airline will reduce its gates from 18 to 11 and cut service to 21 cities, down from 37. This move is part of Southwest's broader effort to cut costs and boost profitability, while also expanding services in other locations like Nashville and offering overnight flights from Hawaii. The changes come amid pressure from activist investors and operational challenges.

2. Mortgage refinance applications surged 20% last week due to a drop in interest rates, which fell to 6.13% for 30-year fixed-rate mortgages. The refinance share of applications rose to 55.7% as homeowners looked to capitalize on potential savings. While the surge is notable, overall refinance activity remains modest compared to previous waves. Meanwhile, mortgage applications for home purchases increased slightly by 1%. Buyers are still facing high home prices and limited housing inventory, which dampens demand despite lower interest rates.

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4. Headlines

   1. Trump Media jumped 11% yesterday as it recovers from losses experienced due to lockup sell offs.

   2. Starbucks CEO Brian Niccol has agreed to work towards a collective bargaining agreement for all unionized cafes in the US.

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