Kelman chose to step down from the company, which he had spent 20 years running, a week before its second phase of integration with Rocket.

Total lock volume increased 2% from November and finished 30% higher than last December, according to Optimal Blue’s latest Market Advantage report.

“These changes reflect adjustments we’re making to ensure our staffing levels, locations and expertise align with current business needs; efficiencies we have gained through technology; and progress against our transformation work,” the company said in a statement.

The bank did $16 billion of originations during the final three months of 2025, with the quarter-to-quarter increase beating industry-wide growth forecasts.

President Trump Tuesday told reporters he would not delay announcing his pick to fill a new vacancy on the Federal Reserve Board despite threats from Republican Senators to block any Fed nomination until a recently-disclosed Justice Department investigation into Fed Chair Jerome Powell is resolved.

According to our chart of MND’s mortgage rate index, 30yr fixed rates bottomed at 6.01% yesterday, but that’s because the chart logs the day’s latest entry.  On Friday, until late in the day, the chart showed a rate of 5.99%. It was only after several lenders raised rates in the afternoon that the index moved up to 6.06%. Today’s rates ended up just a hair higher than that at 6.07%. Most of the underlying market weakness that accounts for today’s jump occurred yesterday afternoon. Lenders who raised rates yesterday afternoon offered roughly comparable rates this morning.  Things might have ended up worse today had it not been for a reasonably well-received CPI report (Consumer Price Index). This important data showed inflation remaining in check in December, with the most closely-watched metrics coming in just below the median forecast.  Lower inflation is good for rates, all else equal, but inflation isn’t falling fast enough to have a big impact in the short term. In today’s case, it did more to help the bond market avoid losing ground than it did to spark a new rally. [thirtyyearmortgagerates]

CPI Helped Bonds Avoid Losing Ground

Bonds began the day in slightly weaker territory and managed to flip into slightly stronger territory after the CPI data. Core monthly CPI printed at 0.2, but was rounded down from 0.24. In other words, it wasn’t as big of a beat as the “0.2 vs 0.3” result suggested. The notion of inflation being “lower but still elevated” contributed to the tepid response. As for MBS, they were in positive territory all day even though charts made them look weaker due to monthly settlement.  Wednesday morning brings November’s retail sales data and Producer Price Index (PPI). Neither are as heavy hitting as CPI, but they could move the needle of they fall far from forecast. 

Econ Data / Events

m/m CORE CPI (Dec)

0.2% vs 0.3% f’cast, — prev

m/m Headline CPI (Dec)

0.3% vs 0.3% f’cast, — prev

y/y CORE CPI (Dec)

2.6% vs 2.7% f’cast, 2.6% prev

y/y Headline CPI (Dec)

2.7% vs 2.7% f’cast, 2.7% prev

Market Movement Recap

08:32 AM Stronger after CPI data. MBS up just over a quarter point and 10yr down 1.6bps at 4.16

10:50 AM Choppy after initial rally but still slightly stronger.  MBS up 5 ticks (.16) and 10yr down half a bp at 4.173

01:15 PM 30yr auction 4.825 vs 4.833 f’cast. Bid to cover 2.42 vs 2.38 avg.  No major reaction.  10yr down 1.1bps at 4.167 and MBS off weakest levels, up 5 ticks (.16) on the day.

04:37 PM 10yr yields down 0.3bps at 4.175 and MBS up 5 ticks (.16).

CPI came out just a bit lower than expected with the monthly core at 0.2 vs 0.3 and annual core at 2.6 vs 2.7.  The unrounded numbers were closer to forecasts and headline inflation was unchanged from last month. All that to say that there was no major directional suggestion for rates in today’s data. It’s best use is to confirm that inflation is roughly where we left it before data collection got wonky surrounding the shutdown.  Bonds are definitely stronger than they were before the data, but the gains have been choppy and fairly small so far. 

Today’s Capital Markets Wrap (3PM ET) will cover how mortgage rates may be impacted by the lack of a traditional flight to quality despite rising international unrest, alongside proposed limits on institutional SFR purchases, rate sheet changes, recent presidential commentary on GSE bond buying, and… the proposed credit card interest cap. “Rob, yesterday’s Commentary had a piece on President Trump’s proposal to cap credit card interest rates at 10 percent. Will it impact lenders?” One quick thought is, “If mortgagees are relying on borrowers refinancing their 25 percent credit card debt using home equity, but a person can obtain a 10 percent credit card online and quickly with no ‘hoops’ to jump through, some percentage will do that and not refinance their home using a mortgagee.” Another thought is, “Why stop at setting credit card interest rates? Could the president decide he’s going to set mortgage rate ranges, independent of credit risk, LTV, or default statistics?” Americans now carry a record $1.21 trillion in credit card debt. A new “White Paper reveals how persistent financial pressures are pushing households to rely more heavily on credit cards for everyday expenses, with the average user carrying a $5,595 balance: “Managing High-Interest Debt: How Cash-Out Refinances Can Help Homeowners Find Relief.” (Today’s podcast can be found here and this week’s are sponsored by Figure. Take advantage of Figure’s technology and products like its fixed HELOC, DSCR loan, piggyback loan, and direct debt paydown, helping you serve more of your existing network and expand into new markets. Hear an interview with Clever’s Jaime Seale on the widespread financial barriers and affordability concerns of younger generations, and why Millennials, in particular, are willing to stretch budgets significantly despite planning to purchase homes below current median prices.)

A new move that would open up more use of certain dedicated savings accounts for home purchase purposes is under consideration, according to Politico.