FDIC aims to reduce workforce by 1,250

Plus: Trump eyes trade deal with China, talks with Xi

April 23, 2025

🐪 It's Wednesday. Thanks for joining us. Today's newsletter is a 2.5-minute read.

Disclaimer: Average mortgage rates as of April 22, 2025. © MND Daily Rate Index.

1. Average closing costs hit $4,661 in 2024

Homebuyers paid an average of $4,661 in closing costs on purchase mortgages in 2024, according to LodeStar.

  • Closing costs averaged 1.06% of the sale price nationally, with a median of 0.88%. Costs ranged from 0.46% in South Dakota to 2.99% in Delaware, where high transfer taxes drove up expenses.

  • The average home price last year was $438,236; the median was $409,839. Excluding taxes and recording fees, average closing costs fell to $3,042.

States with little or no transfer taxes, including South Dakota, Alaska (0.54%), and North Carolina (0.56%), had the lowest closing costs relative to home prices. Delaware, New York, Vermont, Pennsylvania, and Washington, D.C. ranked among the highest.

Related: CHLA urges congressional restraint on mortgage fees in budget bill

2. More Fannie Mae departures amid leadership review

Federal Housing Finance Agency director Bill Pulte’s sweeping crackdown on fraud at Fannie Mae and Freddie Mac has claimed more top executives, deepening the turmoil at the mortgage giants.

  • Rob Levin, head of customer engagement, and Dan Dresser, who oversaw multifamily capital markets, are set to depart amid what the agency calls a “normal leadership review.”

Their exits follow mass firings, board shakeups, and mounting scrutiny of lending practices after Fannie reported $752 million in credit losses last year, some tied to investor fraud schemes.

3. Refi demand plunges, homebuyers pull back

Mortgage demand took a sharp hit last week as rising interest rates and growing economic uncertainty kept both buyers and refinancers on the sidelines. Total mortgage application volume sank 12.7%, according to the MBA’s latest data.

  • Refinance applications: Down 20% (week-over-week), but still up 43% year-over-year

  • Purchase applications: Down 7% (week-over-week), but still up 6% year-over-year

Mortgage rates have been on the rise, with the average 30-year fixed climbing to 6.98% — the highest in two months. Rates are now up nearly 38 basis points in just two weeks.

“Similar to the previous week, economic uncertainty and rate volatility impacted prospective homebuyers,” said Joel Kan, MBA’s vice president and deputy chief economist.

4. More Nuggets

📝 What the CFPB’s 2025 priorities memo means for lenders. (NMP)

🆕 Zillow is 'commingling' listings again after 4-year hiatus. (inman)

💬 Small brokers discuss perspectives on the CCP initiative. (NSC)

🏦 FDIC aims to reduce workforce by 1,250. (BankingDive)

🤨 60,000 Americans could lose rental assistance, unless congress acts. (ABC News)

🤝 Crosscountry, Blend announce technology partnership. (BizWire)

5. Charted: Share of homes for sale with a price cut

In total, 302,260 homes for sale on Realtor® in March 2025 had a price cut. That represents 33.9% of the 892,561 active housing inventory for sale.

That share is up from 31.7% in March 2024 and 29.4% in March 2023. During the pandemic boom, price cuts were far less common, with 22.8% of listings seeing reductions in March 2020 and just 18.7% in March 2021.

The share of listings with price cuts has now risen for three consecutive years.

6. Trump eyes trade deal with China, talks with Xi

President Trump said yesterday that the hefty tariff rate on China will significantly be reduced after he negotiates with Chinese President Xi Jinping, expressing optimism about a trade deal.

“145 percent is very high. It won’t be that high, it’s not going to be that high… it won’t be anywhere near that high,” Trump told reporters in the Oval Office. “It will come down substantially, but it won’t be zero," he added.

The overall tariff level currently imposed on China is 145 percent, which remained in place after Trump delayed the “reciprocal” tariffs on other trading partners for 90 days and reduced them to 10 percent.

Related: Can Trump fire Fed chair Jerome Powell? Here's what to know.

7. One funny tweet 😂

What'd you think of today's edition?

Login or Subscribe to participate in polls.

☀️ You’re all caught up. See you on Friday!

🚀 Wanna help our newsletter grow? Forward it to a friend or colleague.

Would you like to receive a ready-to-send weekly marketing email for your realtors and/or clients? Start your 30-day free trial here.

Was this email forwarded to you? Subscribe here.

Interested in advertising to 40k+ loan officers? Get in touch.