To Nasdaq Copenhagen A/S Executive ManagementBernstorffsgade 40DK-1577 København Vwww.rd.dkTelephone +45 7012 53006 January 2026 Company Announcement number 2/2026 Fixing of interest rate and... Read More ...

Group 1: Market Overview and Trends - 40% of U.S. homes do not have a mortgage, indicating a significant potential client base for lenders [1] - The current housing market is facing a shortage of 6 million housing units, with only 1.5 million units being built annually, leading to a projected four-year timeline to address this gap [1] - The mortgage industry is experiencing low margins due to high competition and reduced volume, with many lenders and loan officers struggling to maintain profitability [1] Group 2: Technology and Innovation - MSP® by ICE is highlighted as a leading loan servicing software that enhances operational efficiency and compliance for servicers [2] - Friday Harbor has integrated Fannie Mae's Income Calculator into its AI Originator Assistant, improving income calculation accuracy for lenders [3] - AI is already transforming mortgage lending by enabling lenders to engage borrowers more effectively and improve productivity [4] Group 3: Joint Ventures and Acquisitions - Williston Financial Group and Gold Capital Partners have formed Metro United Title and Escrow to modernize real estate transactions, starting operations in Arizona with plans for expansion [8][9] - CapStone Holdings has acquired Structurely, an AI-powered sales engagement company, to enhance its technology platform and competitive advantage in the sales automation market [10] Group 4: Fraud and Security - A new wire fraud scheme is targeting settlement companies, with fraudsters impersonating bank representatives to redirect wire transfers, resulting in significant financial losses [11] - The FBI reported over 5,100 account takeover complaints in 2025, with losses exceeding $262 million, highlighting the need for enhanced security measures in the industry [11][12] Group 5: Housing Affordability - Insurance premiums have reached record levels, consuming 9% of typical mortgage payments and affecting borrower debt-to-income ratios, with an 18% increase in 2024 followed by 8.5% in 2025 [13] - States with lower insurance costs are attracting buyers from high-cost states, emphasizing the importance of discussing insurance costs during the pre-qualification process [14] - The Trump Administration is exploring policies to address housing affordability, including potential changes to conforming loan limits and credit score frameworks [15] Group 6: Regulatory and Industry Standards - MISMO has announced its 2026 Board of Directors, focusing on addressing critical issues in the mortgage industry, including AI and regulatory complexity [17] - The organization aims to advance standards that support automation and interoperability within the industry [19][20] Group 7: Economic Outlook - The economic outlook suggests a gradual bull steepening of the yield curve, with expectations for lower front-end yields and modestly lower long-end rates as labor market conditions evolve [22] - Recent manufacturing data indicates continued contraction, with the ISM manufacturing index at 47.9, marking the steepest year-end weakness since 2024 [23]

Core Insights - Redfin predicts that 2026 will mark the beginning of "The Great Reset," where wages will outpace home prices for the first time since 2008, potentially leading to more affordable housing in the future [1] - The mortgage banking industry is characterized by cyclical changes, and success in this field is attributed to consistency and hard work rather than luck or brilliance [1] - The housing market is expected to improve as 2026 approaches, with a focus on how quickly momentum will build and what factors will drive this progress [2] Industry Developments - LoanStream is offering up to 75 basis points (BPS) in price improvements on select non-QM products for loans locked between January 1-31, 2026, including options for international borrowers [2] - MAXEX has introduced fresh jumbo pricing, allowing sellers to access exclusive pricing and compete with larger lenders, enhancing underwriting efficiency and decision-making speed [2] - OutamateMods Retention is providing tools for lenders to retain customers proactively as refinancing activity increases, emphasizing the importance of loan retention in a competitive market [2] Technology and AI - A webinar titled "The Executive's Guide to Evaluating AI in Mortgage Technology" will address how mortgage leaders can assess AI-driven solutions, focusing on transparency and long-term value [3] Historical Context - A retrospective on the mortgage industry in 2006 highlights major players in various categories, including conventional conforming lenders and FHA/VA producers, providing context for current market dynamics [5][6][7] Advocacy and Legislative Efforts - The Mortgage Action Alliance (MAA) has successfully advocated for several legislative changes in 2025 and emphasizes the need for continued support in 2026 to address key industry issues [8] M&A Activity - American Business Media has acquired HomeQB, enhancing its offerings in mortgage certification and software, which will support loan officers in building strategic partnerships [9][10]

Mortgage Rates Overview - The average 30-year fixed mortgage rate is currently 6.01%, while the 15-year fixed rate is at 5.44% [1][18] - Mortgage refinance rates are generally higher than purchase rates, but this is not always the case [3] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 6.01% - 20-year fixed: 5.95% - 15-year fixed: 5.44% - 5/1 ARM: 6.23% - 7/1 ARM: 6.51% - 30-year VA: 5.52% - 15-year VA: 5.14% - 5/1 VA: 5.22% [5] Market Trends - Mortgage rates have gradually decreased since the end of May, with the 30-year fixed rate peaking over 7% in January [20] - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to be around 6.4% through 2026, while Fannie Mae predicts it will remain above 6% next year, dropping to 5.9% in Q4 2026 [19] Buying Considerations - The current housing market is considered relatively favorable for buyers compared to the previous years, as home prices are not experiencing the same spikes as during the COVID-19 pandemic [16] - The best time to buy a house is when it aligns with an individual's life stage rather than trying to time the market [17]

Core Insights - The average rate on a 30-year U.S. mortgage has decreased to 6.15%, the lowest level of 2025, down from 6.18% last week, and significantly lower than the 6.91% average a year ago [1] - The 15-year fixed-rate mortgage also saw a decline, falling to 5.44% from 5.50% the previous week, compared to an average of 6.13% a year ago [2] - The 10-year Treasury yield is currently at 4.14%, slightly down from 4.15% last week, indicating a stable mortgage rate environment [3] Mortgage Rate Influences - Mortgage rates are affected by the Federal Reserve's interest rate policies, bond market expectations regarding the economy and inflation, and generally follow the 10-year Treasury yield [2][4] - The Fed's recent rate cuts, which began in September, have contributed to the easing of mortgage rates since July [3][4] Market Conditions - Home listings have increased significantly compared to 2024, with many sellers lowering their asking prices as homes take longer to sell [5] - Despite the favorable mortgage rates, affordability remains a challenge for first-time buyers, compounded by economic uncertainty [6] Sales Trends - Sales of previously occupied homes rose in November compared to the previous month but showed a decline compared to the same period last year, marking the first slowdown since May [7] - Home sales are down 0.5% for the first 11 months of the year compared to the same timeframe last year, with forecasts suggesting that the average 30-year mortgage rate will remain slightly above 6% next year [7]

Core Viewpoint - Billionaire investor Bill Ackman has reaffirmed his investment in Fannie Mae and Freddie Mac, calling their release from federal conservatorship his "Best Idea for 2026" [1] Group 1: Ackman's Proposal - Ackman's strategy involves a three-step "walk before you run" approach aimed at stabilizing the housing market while benefiting the U.S. Treasury [2] - The plan includes a repayment acknowledgment, where the U.S. Treasury and FHFA should recognize that the GSEs have repaid their initial $190 billion bailout, returning over $300 billion in profits to the government [8] - The proposal also suggests that the government should exercise its warrants for a 79.9% stake in both companies, creating a mark-to-market windfall estimated at over $300 billion [8] Group 2: 2026 Catalyst - Ackman identifies 2026 as a crucial year for this investment, projecting that if Fannie and Freddie trade at 16x and 13x their estimated 2026 earnings, their shares could see an upside of 300% to 400% [4] - The relisting of Fannie and Freddie would provide a three-year period for the Trump administration to finalize capital requirements and management structures [4] - Michael Burry has echoed a similar sentiment, suggesting that the government is preparing to re-privatize the GSEs through a massive IPO, potentially valuing them at $500 billion by 2026 [5] Group 3: Financial Implications - Ackman argues that freeing Fannie and Freddie from federal conservatorship could remove approximately $8 trillion in liabilities from the government's balance sheet [6] - This move is seen as a way to transform a crisis-era burden into a significant success story for taxpayers in financial history [6] - The final component of Ackman's plan is to relist the stocks on the New York Stock Exchange, which would enhance liquidity for institutional investors [8]

Mortgage Market - The average rate on the benchmark 30-year fixed mortgage decreased to 6.15% from 6.18%, marking the lowest level of 2025 [1] - The average 30-year fixed-rate mortgage started the year around 7%, indicating a significant decline in borrowing costs [2] Housing Market - Home sales in November rose by 3.3% across all U.S. regions, suggesting an improvement in the housing market [3] - Lower borrowing costs may enhance housing affordability, which has been a concern for the economy [5] Economic Indicators - The Bureau of Economic Analysis reported a third-quarter GDP growth of 4.3%, surpassing economists' expectations of 3.3% [6] - The consumer price index rose by 0.2% in November month-over-month and 2.7% year-over-year, both figures lower than economists' forecasts [7] - In November, employers added 64,000 jobs, with the unemployment rate increasing to 4.6%, the highest since September 2021 [8]

Mortgage Rates Overview - The average rate on a 30-year U.S. mortgage fell to 6.15%, down from 6.18% last week, and significantly lower than the 6.91% average a year ago [1] - The average rate on 15-year fixed-rate mortgages decreased to 5.44% from 5.50%, compared to 6.13% a year ago [1] Influencing Factors - Mortgage rates are influenced by the Federal Reserve's interest rate policy, bond market expectations for the economy and inflation, and generally follow the 10-year Treasury yield [2] - The 10-year Treasury yield was at 4.14%, slightly down from 4.15% the previous week [2] Recent Trends - The average rate on a 30-year mortgage has been stable since dropping to 6.17% on October 30, the lowest level in over a year [3] - Mortgage rates began to ease in July in anticipation of Federal Reserve rate cuts, which started in September and continued into October [3] Federal Reserve's Role - The Federal Reserve does not set mortgage rates directly, but its short-term rate cuts can signal lower inflation or slower economic growth, influencing long-term Treasury yields and mortgage rates [4] - However, Fed rate cuts do not always lead to lower mortgage rates [4] Market Conditions - Home shoppers with cash or financing at current mortgage rates are in a better position than a year ago, with a significant increase in home listings and many sellers lowering their asking prices [5] - Affordability remains a challenge for first-time buyers, particularly due to economic uncertainty and job market conditions [6] Sales Performance - Sales of previously occupied U.S. homes rose in November compared to the previous month but slowed year-over-year for the first time since May, despite low average long-term mortgage rates [7] - Home sales are down 0.5% for the first 11 months of the year compared to the same period last year, with economists forecasting the average 30-year mortgage rate to remain slightly above 6% next year [7]

Core Insights - Freddie Mac reported that the average 30-year fixed-rate mortgage (FRM) is 6.15%, marking a decrease from 6.18% the previous week and down from 6.91% a year ago, indicating a positive trend for potential homebuyers [1][4] - The 15-year FRM averaged 5.44%, down from 5.50% last week and lower than 6.13% a year ago, reflecting a similar downward trend in mortgage rates [4] Industry Overview - 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] - Freddie Mac's mission is to enhance liquidity, stability, and affordability in the housing market, having assisted millions of families in buying, renting, or maintaining their homes since 1970 [3]

Core Insights - Freddie Mac reported that the average 30-year fixed-rate mortgage (FRM) is now at 6.15%, marking a decrease from 6.18% the previous week and down from 6.91% a year ago, indicating a positive trend for potential homebuyers as the new year approaches [1][6]. Group 1: Mortgage Rate Trends - The 30-year FRM averaged 6.15% as of December 31, 2025, down from 6.18% the previous week [6]. - The 15-year FRM averaged 5.44%, a decrease from 5.50% the prior week [6]. - Year-over-year, the 30-year FRM has decreased from 6.91% and the 15-year FRM from 6.13% [6]. Group 2: Freddie Mac's Mission - Freddie Mac's mission is to enhance liquidity, stability, and affordability in the housing market, supporting families in buying, renting, or maintaining their homes since 1970 [3].