While most people assume that California would take the cake for cities with the highest mortgages, a new contender is leading the pack. According to a recent study from Experian, the top five cities with the highest mortgage balances right now are in Florida. Read More: The Safest and Richest US Cities To Live in 2025 Explore More: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too The Sunshine State has booted its Western counterpart from the top spot. Multimillion-dollar ...

President Donald Trump is “opportunistically evaluating” taking Fannie Mae and Freddie Mac public as early as the end of the year, says Federal Housing Finance Agency (FHFA) chief William Pulte. “President Trump made the right decision not to take Freddie and Fannie public during his first term and is opportunistically evaluating an offering this time around, which could be as early as the end of 2025,” Pulte wrote in a series of X posts on Oct. 20. (1) “We are focused on running them like a business and ...

Core Insights - Mortgage rates have been fluctuating recently, with the average 30-year fixed mortgage rate at 6.11% and the 15-year fixed rate at 5.58% [1][18] - The 10-year Treasury yield has increased, which may lead to higher mortgage rates in the near future [1] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 6.11% - 20-year fixed: 5.98% - 15-year fixed: 5.58% - 5/1 ARM: 6.58% - 7/1 ARM: 6.69% - 30-year VA: 5.61% - 15-year VA: 5.13% - 5/1 VA: 5.69% [5] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, with the national averages rounded to the nearest hundredth [3] Market Trends - Mortgage rates have gradually decreased, with the 30-year fixed rate dropping by over half a point since early July [20] - Economists do not expect significant drops in mortgage interest rates before the end of the year, although minor fluctuations may occur [19] Buying Considerations - The current housing market is relatively favorable compared to the previous years, with home prices stabilizing and lower mortgage rates than in the past year [16] - The best time to buy a house is when it aligns with individual circumstances rather than trying to time the market [17]

Core Insights - Mortgage rates have decreased significantly compared to one year ago, with the national average 30-year fixed mortgage rate at 6.17%, which is 55 basis points lower than the previous year [1][14] - The 15-year fixed mortgage rate has also seen a decline, now at 5.41%, down three basis points from the previous week and more than half a point lower than last October [1][14] - The trend of decreasing mortgage rates has encouraged more homebuyers to enter the market, as noted by Freddie Mac's chief economist [2] Current Mortgage Rates - The current national average mortgage rates include: - 30-year fixed: 6.17% - 15-year fixed: 5.41% - 5/1 ARM: 6.68% - 7/1 ARM: 6.72% [1][5][14] - Refinance rates are generally higher than purchase rates, but specific current refinance rates were not detailed in the provided content [3][5] Future Projections - Forecasts from Fannie Mae and the Mortgage Bankers Association suggest that the 30-year mortgage rate will remain at 6% or higher for most of 2026, with a potential drop to 5.9% in Q4 2026 [13][15] - The MBA anticipates a 30-year mortgage rate of 6.4% by the end of 2025, indicating a stable outlook for mortgage rates in the near future [15][16]

Market Overview - Major market indexes experienced a mostly restful day, with the Dow down 109 points (-0.23%), S&P 500 down -0.99%, and Nasdaq down -1.57% [2] - The small-cap Russell 2000 dropped another -0.76%, now more than -2% down over the past five days [2] Earnings Reports - Apple reported record-high quarterly fiscal Q4 revenues of $102.5 billion, with earnings of $1.85 per share, outperforming estimates by 12 cents [4] - Amazon's Q3 earnings were $1.95 per share, exceeding expectations of $1.58, with revenues of $180.2 billion, a 13% year-over-year increase [5] - Twilio posted Q3 earnings of $1.25 per share, beating consensus by 20 cents, with sales of $1.3 billion, a 15% increase from the previous year [6] - Rocket Companies reported earnings of $0.07 per share, surpassing expectations of $0.04, with revenues of $1.78 billion [7] - Western Digital reported earnings of $1.78 per share, exceeding the expected $1.59, on revenues of $2.82 billion [8] Notable Company Developments - Apple declared a cash dividend of 26 cents per share and holds nearly $148 billion in cash and assets [4] - Amazon's AWS cloud business saw a 20% year-over-year growth, despite announcing significant layoffs of up to 30,000 employees [5] - Twilio announced the acquisition of Stytch, an ID platform for AI agents [6] - Rocket Companies acquired refi mortgage firm Mr Cooper, enhancing its service offerings for homebuyers [7] - Western Digital's revenue for the ongoing quarter is projected to be up by 20% at the mid-way point of fiscal Q2 [8]

Core Insights - Fannie Mae, a U.S. government-sponsored mortgage enterprise, has laid off over 62 employees across various departments, including Information Technology and Diversity, Equity, and Inclusion [1] Group 1 - The layoffs indicate a restructuring effort within Fannie Mae to streamline operations and potentially reduce costs [1] - Affected departments include critical areas such as Information Technology, which may impact the company's technological advancements and initiatives [1] - The decision reflects broader trends in the housing finance industry, where companies are adapting to changing market conditions and regulatory environments [1]

Financial Data and Key Metrics Changes - Adjusted revenue for Q3 2025 was $1,783 million, exceeding the high end of guidance [6][18] - Net rate lock volume reached $36 billion, up 26% from Q2, and closed loan volume was $32 billion, up 11% from Q2 [6][18] - Adjusted EBITDA was $349 million, with a margin expansion to 20% from 13% in the prior quarter [6][19] - Adjusted diluted EPS was $0.07 [6][19] Business Line Data and Key Metrics Changes - The company gained market share in both purchase and refinance segments, marking the strongest performance in these areas in the last three years [6][18] - Home equity product doubled year-over-year [20] - Redfin contributed to 13% of Rocket's retail purchase closings, indicating significant integration success [21][49] Market Data and Key Metrics Changes - The 30-year fixed mortgage rate dropped to 6.3%, providing relief for buyers and refinancing [5][19] - Existing home sales are projected to be the slowest since 1995, with around 4 million units expected [5] Company Strategy and Development Direction - The company is focused on integrating AI technology to enhance various business aspects, including lead management and processing efficiency [8][10] - The integration of Redfin and Mr. Cooper is expected to create a powerful recapture engine, enhancing the overall service offering [10][12] - The company aims to redefine the homeownership experience by providing an end-to-end integrated platform [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow despite a challenging housing market, citing pent-up demand from buyers [5][19] - The outlook for Q4 2025 includes expected adjusted revenue between $2 billion and $2.3 billion, reflecting continued market share gains [30][31] - For 2026, management anticipates a strong year, with market growth expected to be around 25% year-over-year [36][56] Other Important Information - The company closed the Mr. Cooper transaction on October 1, 2025, and will consolidate its financials in Q4 [6][18] - The total combined corporate debt balance remains unchanged, with a simplified capital structure [22] Q&A Session Summary Question: Revenue guidance and core performance - Management discussed the Q4 guidance, highlighting that the purchase pipeline is at record levels despite traditional seasonality [34][36] - They expressed optimism for 2026, citing potential market growth and improved lead flow from acquisitions [36][38] Question: Mr. Cooper acquisition synergies - Management provided updates on integration progress, noting strong lead flow and conversion from Mr. Cooper's servicing portfolio [40][42] - They confirmed a target of $500 million in total synergies, with $400 million expected from expenses and $100 million from revenue [42][43] Question: Redfin revenue drivers - Management highlighted the integration of pre-qualification experiences on Redfin, which has significantly increased application starts [47][49] - They expect to enhance the mortgage attach rate from 40% to 50% through improved client engagement and offerings [49][50]

Rocket Companies Inc. (NYSE:RKT) shares climbed Thursday after the company released its third-quarter earnings report, beating expectations on the top and bottom lines. RKT stock is up. See the real-time price action here.Here's what to know.The Details: Rocket Companies reported quarterly earnings of seven cents per share, which beat the Street estimate of five cents.Quarterly revenue clocked in at $1.78 billion, which beat the consensus estimate of $1.66 billion.Read Next: Elon Musk’s Tesla Fleet Dream — ...

Mortgage Rates - Mortgage rates have decreased for the fourth consecutive week, with the average rate on a 30-year fixed mortgage falling to 6.17% from 6.19% last week, compared to 6.72% a year ago [1][4] - The average rate on a 15-year fixed mortgage also declined to 5.41% from 5.44% last week, down from 5.99% a year ago [4] Market Dynamics - Nearly 1 in 5 American homes have reduced prices as buyers gain leverage in the shifting market, attributed to lower mortgage rates encouraging more homebuyers to enter the market [2] - The recent decline in mortgage rates, which have fallen 87 basis points from their mid-January peak, has provided relief for potential buyers and homeowners considering refinancing, although the housing market remains challenging due to economic uncertainties and rising house prices [9] Federal Reserve Actions - The Federal Reserve announced a second interest rate cut of the year, lowering the benchmark federal funds rate by 25 basis points to a range of 3.75% to 4%, following a similar cut in September [4] - Fed Chairman Jerome Powell indicated that the ongoing government shutdown may impact the central bank's decision-making process, emphasizing a cautious approach until clearer economic data is available [5][6] Treasury Yields - The benchmark U.S. 10-year Treasury note yield experienced its largest daily rise since June 6, increasing by about 2.3 basis points to 4.095%, which closely influences mortgage rates [8]

Mortgage rates decreased for the fourth consecutive week, according to the latest Freddie Mac (OTCQB:FMCC) Primary Mortgage Survey.30-year fixed-rate mortgages averaged 6.17% as of October 30, down from 6.19% last week and 6.72% in the same period a year ago.15-year fixed-rate mortgages averaged 5.41%, down from 5.44% a week ago and 5.99% a year ago."The last few months have brought lower rates and homebuyers are increasingly entering the market," said Freddie Mac's chief economist, Sam Khater. ...