Mortgage rates remained elevated amid global uncertainty and continued pressure on the bond market. Investors were also watching for potential policy changes that could help reduce borrowing costs for homeowners.
Mortgage rates eased slightly to 7.41%, but purchase applications remained down 18% year over year. Pending home sales also hit their lowest level since tracking began in 2001.
Despite slower demand, home values remained relatively stable as builders reduced new construction.
The biggest development was President Trump's executive order, “Decreasing Housing Costs for the American People”. It directs federal agencies to explore ways to lower costs for eligible borrowers, including reducing mortgage insurance expenses and lowering rates on VA and USDA loans.
The executive order could help eligible homeowners reduce monthly mortgage insurance costs and lower certain refinance closing costs. It also directs the VA and USDA to reduce rates on certain direct home loans. These changes could make homeownership and refinancing more affordable.
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