The fourth quarter results integrated the operations of both Redfin and Mr. Cooper into Rocket Cos., with the deals likely contributing to the full year loss.

MBS buying has become the near-term focus but a 2026 offering is still possible, Federal Housing Finance Agency official Bill Pulte told Fox Business.

Rocket Mortgage and Compass launched a three-year Redfin listing partnership, expanding access to 500,000+ homes, with executives saying they see no RESPA compliance issues.

While overall delinquencies eased in January, foreclosure starts jumped to their highest point since early 2020, signaling growing strain among late-stage borrowers despite steady mortgage performance.

Senate Majority Leader John Thune, R-S.D., moved to consider the housing package next week, but it’s not clear what version of the bill senators will be voting on as the House, Senate and White House are still negotiating priorities.

Knock Knock Knockin’ on 10yr Floor

Sometimes, it’s a shame that the 7yr Treasury isn’t the most popular bond market benchmark. If it were, today’s headline could reference “knockin’ on 7’s floor.” Whether it’s the 3.77 level in the 7yr Treasury yield or 4.0% in the 10yr, bonds are repeatedly approaching these “floor” levels over the past 2 weeks and today’s installment was the best yet–even if only barely.  Yet again, there’s not much for the bond market to hang its hat on in terms of motivations this week if not for the general stock market malaise. Apart from that, one would have to venture a guess that bond traders are discounting economic fallout from trade/geopolitical uncertainty, but there’s no objective way to measure those vibes in the short term. 

Econ Data / Events

Continued Claims (Feb)/14

1,833K vs 1860K f’cast, 1869K prev

Jobless Claims (Feb)/21

212K vs 215K f’cast, 206K prev

Market Movement Recap

08:36 AM Choppy and sideways overnight, but in a narrow range. MBS up 2 ticks (.06) and 10yr down 0.7bps at 4.039

01:10 PM MBS up an eighth and 10yr down 2.6bps at 4.019

02:21 PM MBS up 2 ticks (.06) and 10yr down 2.1bps at 4.024

03:52 PM best levels of the day with MBS up an eighth and 10yr down 3.4bps at 4.01

Given that we have the somewhat unpopular job of reporting that today’s average top-tier 30yr fixed mortgage rate is 6.00 again, rather than the 5.99 seen earlier this week, we can at least find one glowingly positive development as a silver lining. In fact, the silver lining is more than a consolation prize. It’s actually better news than another day at 5.99% would have been.  First off, there’s no functional difference between 6.00 and 5.99 when it comes to our daily rate index. A vast majority (95%+) of borrowers would see the exact same rate quotes on either day. As such, it’s far better news that the daily average has been 5.995 over the past 4 days (2 days at 6.00 and 2 at 5.99). That’s easily the lowest weekly average in more than 3 years, and the stability means that more borrowers are able to hear that news and act accordingly.  NOTE: if you happen to see separate news today regarding rates hitting 5.98%, that would be coverage of Freddie Mac’s weekly survey. You can use the chart below to explore long-term comparisons between our daily average, Freddie Mac, and MBA. [thirtyyearmortgagerates]

The latest example is ICE Mortgage Technology launching its new Homeowner Portal, powered by LERETA’s tax tracking data, “giving homeowners real-time visibility into their property tax and insurance payment information. The integration enhances transparency for borrowers while helping servicers improve efficiency and reduce inbound customer inquiries.” (Today’s podcast can be found here and this week’s ‘casts are sponsored by FirstClose, a leading home equity technology platform that combines digital application, automated workflows, integrated vendor management, and seamless LOS connectivity, to turn home equity into a scalable, predictable growth engine. Hear an interview with Yardi’s Doug Ressler on the post-pandemic structural shifts driving affordable housing construction to outpace overall apartment development, how regional differences reflect policy and migration trends, and what distinguishes metros that successfully deliver projects from those that stall.) Products, Services, and Software for Brokers and Lenders Less back-and-forth. More first-time-right verifications. Truework replaces manual verification waterfalls with a single automated platform, so underwriters, LOs, and ops can cut down the document chasing, conflicting numbers, and last-minute corrections. Lenders see up to 50 percent cost savings on verifications, with faster turn times, higher accuracy, and stronger R&W relief. Trusted by 4 of the top 5 lenders in the U.S., Truework gives your team verification results they can rely on. Learn more.

This is the problem with narrow trading ranges. Yesterday, yields were safely inside a narrow range near long-term lows. Today, they’re challenging the lowest levels since November. Any time we’re at the best levels in months, it’s normal to want to know why, but because of the narrow range, there isn’t really a new “why” for today’s share of the move. After all, 10yr yields are down less than 3bps, which is a below average move in the big picture. We can’t blame data as there isn’t a compelling option there. If we’re still desperate for a scapegoat, it may not be perfect, but there is enough correlation with the stock market’s struggle to make new highs that we can at least consider it.
Today’s chart shows how stocks have slipped from all-time highs and how bonds have benefited with every instance of significant slippage.

The 2nd chart is just for bigger picture perspective. 

The lender announced a partnership with Framework Ventures that aims to provide $500 million in credit through an integration into the Sky stablecoin ecosystem.