For more on this state of housing and mortgage demand, let's bring Matt Ishbia, CEO of United Wholesale Mortgage. The company is the number one mortgage originator in the country. Matt, it's great to have you back on the show.Welcome. Let's start right there. Is 7% the new normal.You know, I don't I don't know. I It seems like it's been there for a little while, but the the truth is you got to shop around. There's a lot of people that get rates at the six and a quarter, six and a half, and there's of course ...

Core Insights - Freddie Mac reported that the average 30-year fixed-rate mortgage (FRM) is at 6.81%, marking a four-week low, which may encourage potential homebuyers to enter the market [1][5]. Mortgage Rate Trends - The 30-year FRM decreased from 6.84% last week and was 6.87% a year ago [5]. - The 15-year FRM averaged 5.96%, down from 5.97% last week and 6.13% a year ago [5]. Market Context - The Primary Mortgage Market Survey (PMMS) focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with excellent credit who put 20% down [2]. - Increased inventory and declining mortgage rates are seen as potential catalysts for homebuyer activity [1]. Company Mission - Freddie Mac aims to enhance liquidity, stability, and affordability in the housing market, having assisted millions of families since its inception in 1970 [3].

Company Overview - Guaranteed Rate Affinity is a leading mortgage provider that has funded over $100 billion in loans since its inception, emphasizing its strong market presence and innovative joint venture with Guaranteed Rate, Inc. and Anywhere Integrated Services [5][6] Leadership Appointment - Linda Vo has been appointed as Regional Manager in North Texas, reflecting the company's commitment to expanding its reach in a key growth market [1] - Vo brings over 20 years of experience in the mortgage industry, including roles in wholesale, loan origination, sales management, and corporate strategy, making her well-suited to lead growth and recruiting efforts [2] Strategic Focus - In her new role, Vo will empower loan officers to take ownership of their markets while scaling the company's presence and recruiting efforts throughout North Texas [3] - The company is undergoing strategic expansion and culture-focused leadership development, aiming to attract top talent that aligns with its values [4] Industry Impact - Guaranteed Rate Affinity provides unmatched support to brokers nationwide, ensuring fast pre-approvals, appraisals, and loan closings, which enhances the home buying experience in a competitive market [6]

Group 1 - UWM Holdings, operating as United Wholesale Mortgage, went public through a significant SPAC deal in 2021 [1] - The company has been under observation for several years due to its compelling narrative [1] Group 2 - Ian Bezek, a former hedge fund analyst, has extensive experience in Latin American markets and specializes in high-quality compounders and growth stocks [2]

Core Insights - Freddie Mac's Primary Mortgage Market Survey (PMMS) indicates that the 30-year fixed-rate mortgage (FRM) averaged 6.84% as of June 12, 2025, showing a slight decrease from the previous week's average of 6.85% and a year-over-year decline from 6.95% [1][4] - The 15-year FRM averaged 5.97%, down from 5.99% the previous week and lower than the 6.17% average a year ago [4] - The stability in mortgage rates, along with improving inventory and slower house price growth, is viewed positively, especially during National Homeownership Month [1] Mortgage Rate Trends - The 30-year FRM has shown a slight decrease of 0.01 percentage points from the previous week [4] - The 15-year FRM also decreased by 0.02 percentage points from the prior week [4] - Year-over-year comparisons show a decline in both the 30-year and 15-year FRM, indicating a trend towards lower mortgage rates [4] Freddie Mac's Mission - Freddie Mac aims to enhance liquidity, stability, and affordability in the housing market across various economic cycles [3] - Since its inception in 1970, Freddie Mac has assisted tens of millions of families in buying, renting, or maintaining their homes [3]

Financial Data and Key Metrics Changes - In 2024, adjusted revenue grew by 30% to $4.9 billion, marking consecutive quarters of year-over-year growth [23] - Net rate lock volume rose by 28% to $101 billion, and adjusted EBITDA margin expanded from 2% to 18% [23] Business Line Data and Key Metrics Changes - The company has strengthened its efficiency and capacity through deliberate investments in data and technology, with automation unlocking over 1 million team member hours in mortgage underwriting [24] - The company now supports over $150 billion in annual origination volume without any increases in fixed costs [24] Market Data and Key Metrics Changes - The acquisitions of Mr. Cooper and Redfin are expected to diversify the business model and enable growth in any rate environment [25][26] - The integration of these acquisitions is on track, with dedicated teams working across 35 work streams to ensure a smooth transition [26] Company Strategy and Development Direction - The company aims to redefine the home ownership experience by integrating real estate, mortgage, and servicing into one national platform [2] - The focus is on providing a faster, more seamless experience that delivers significant cost savings through lower transaction fees and competitive mortgage rates [25] - The collapse of the Up C structure is intended to simplify corporate structure and financial reporting [27] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the future growth opportunities, particularly in purchase and AI, emphasizing the importance of building out the broker platform and strengthening consumer relationships [30] - The company is at a pivotal moment, poised for incredible growth and value creation for clients, partners, team members, and shareholders [27] Other Important Information - The company executed a comprehensive brand refresh in 2024, raising brand awareness and connecting with the next generation of homebuyers [24] - The class A public float is expected to increase from about 7% to around 35% after the acquisitions close [26] Q&A Session Summary Question: Where do you see growth opportunities over the next five years? - Management identified the biggest future growth opportunity as being grounded in purchase and AI, focusing on investing in the broker platform, strengthening consumer relationships, and driving recapture with new mortgage products [30]

Core Viewpoint - Covius Services, LLC has signed a definitive agreement to acquire Title365 Holding Co., enhancing its title insurance and settlement services capabilities and technology platform integrations [1][2]. Group 1: Acquisition Details - The acquisition is subject to third-party consents and regulatory approvals, with an expected closing in the coming months [2]. - Title365 is licensed in 43 states and serves top-10 lenders, capital market participants, and home equity originators, offering a full range of mortgage origination services [3]. Group 2: Strategic Implications - The acquisition will expand Covius' presence in the origination title space and complement its strengths in loss mitigation and default title services [5]. - Covius aims to deliver a comprehensive range of tech-enabled products and services across origination, servicing, and capital market sectors [5]. - Title365 will continue to partner with Blend to provide integrated title and closing services for Blend customers, ensuring seamless service delivery [4]. Group 3: Company Background - Covius is recognized for its technology-enabled solutions that enhance operational efficiencies and mitigate risks in the financial services industry [6]. - Blend Labs Inc. is a leading digital origination platform that powered $1.2 trillion in loan applications in 2024, focusing on streamlining workflows for financial institutions [7].

Core Insights - The average 30-year fixed-rate mortgage (FRM) decreased to 6.85% as of June 5, 2025, down from 6.89% the previous week and 6.99% a year ago, indicating a positive trend for potential homebuyers [1][5] - The 15-year FRM also saw a decline, averaging 5.99%, down from 6.03% last week and 6.29% a year ago, reflecting a broader easing in mortgage rates [5] Group 1: Mortgage Rate Trends - The 30-year FRM averaged 6.85% as of June 5, 2025, a decrease from the previous week [5] - The 15-year FRM averaged 5.99%, showing a similar downward trend [5] - Year-over-year comparisons indicate that both the 30-year and 15-year FRMs have decreased from 6.99% and 6.29%, respectively [5] Group 2: Market Context - The decrease in mortgage rates is seen as beneficial for potential homebuyers, coinciding with improvements in inventory and a slowdown in house price growth [1] - Freddie Mac's mission emphasizes promoting liquidity, stability, and affordability in the housing market across economic cycles [3]

Summary of Intercontinental Exchange (ICE) Conference Call - June 05, 2025 Company Overview - **Company**: Intercontinental Exchange (ICE) - **Speaker**: Lynn Martin, President of NYSE since 2022 Key Points IPO Market Sentiment - Initial optimism for the IPO market at the start of the year, which continued until mid-March [3] - Volatility in April caused several companies to delay their IPO plans, particularly international firms awaiting clarity on tariff debates [4] - Recent successful IPOs include Hinge Health, Mountain, and Circle, with Circle's IPO seeing a 30% increase from its offering price [5] - Companies that went public in 2024, such as Rubrik and Reddit, have seen their market caps triple, indicating readiness for the public market [6] Futures Business Positioning - The futures business thrives in volatile environments as companies seek to manage risk [8] - ICE has curated its futures portfolio to include energy, interest rates, and equity indices, focusing on global supply and demand dynamics [9] - Energy open interest has increased by 6% year-on-year and nearly 10% compared to the end of 2024, indicating growing trust in ICE's platform [10][11] Mortgage Business Opportunities - The mortgage business is seen as an opportunity to leverage data for revenue growth across ICE's services [14] - 65% of new mortgage originations occur through ICE's network, presenting a significant data opportunity [16] - The introduction of mortgage rate lock index futures is a step towards productizing mortgage data [17] Extended Trading Hours - ICE has extended U.S. equities trading hours to 22 hours a day, with plans for further extensions [20] - The focus is on adding reliability and resiliency to the trading ecosystem [21] Options Market Dynamics - Retail participation in options has surged, particularly with zero days till expiry (DTE) options, which have seen significant volume increases since COVID [27] - The average response time for processing incoming order messages has improved, with a peak of 1.1 trillion messages processed in April [28] Texas Market Developments - ICE has reincorporated NYSE Chicago debt to Texas, aligning with the state's business-friendly initiatives [33] - Texas is the largest state for ICE listings, and there is positive sentiment among companies considering dual listings [35] Tokenization and Crypto - ICE is cautiously optimistic about entering the crypto space, pending regulatory clarity [42][44] - Tokenization is viewed as a potential area for improving market structure, though its exact role remains uncertain [45][46] Future Trends - AI adoption is expected to be a significant storyline in the exchange space, with a focus on maintaining market integrity [49] - Globalization trends are also anticipated to influence the movement of companies to U.S. markets due to valuation appreciation [50] Additional Insights - The importance of institutional players in the futures market has been emphasized, with a focus on supply and demand dynamics [12][13] - The mortgage business is seen as a long-term growth opportunity, with a focus on efficiency and data utilization [16][18] - The competitive landscape in options trading has evolved, with retail driving significant volume increases [27][28] This summary encapsulates the key insights and developments discussed during the conference call, highlighting the strategic positioning and future outlook of Intercontinental Exchange.

With 30-year fixed home loan rates remaining above 6% for over three years now, 5% home loan rates are a faint memory. Most housing experts do not expect mortgage rates to decline significantly further through the end of 2026. However, a major economic setback — or simply time — could change that. MORE: See our top picks for mortgage lenders for first-time home buyers. When will mortgage rates go down to 5%? National Association of Home Builders CEO Jim Tobin believes that any 30-year mortgage rate cons ...