Homeowner count drops for the first time since 2016

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😎 TGIF, everyone. Welcome back to Mortgage Nuggets. Today's newsletter is 816 words, a 3.5-minute read. Let’s dive in.

1. Mr. Cooper stockholders approve Rocket deal

Mr. Cooper Group shareholders have approved the company’s merger agreement with Rocket Companies, the company announced Wednesday.

Under the agreement, Mr. Cooper stockholders will receive 11 shares of Rocket for each share of Mr. Cooper common stock. In addition, Mr. Cooper may declare and pay a dividend of $2 per share before the transaction closes.

The merger would unite two major players in the mortgage industry but still requires satisfaction or waiver of remaining closing conditions before it can be finalized. Final voting results from the special meeting will be reported in a Form 8-K filing with the U.S. Securities and Exchange Commission.

2. DOJ opens criminal mortgage fraud probe into Fed Gov

The Justice Department is investigating Federal Reserve Governor Lisa Cook over whether she submitted fraudulent mortgage applications, according to an Associated Press release.

Investigators have begun issuing subpoenas, a person familiar with the matter said. The individual was not authorized to discuss the probe and spoke on condition of anonymity.

Last week, President Donald Trump announced he had fired Cook from the Fed’s powerful board — the first time a sitting governor has been removed. The move followed allegations raised by Federal Housing Finance Agency Director Bill Pulte, who referred the case to the Justice Department.

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3. More Nuggets

👴 Homeownership in the U.S. is getting older. (LendingTree)

🔄 FTC revisits noncompete rules after Biden-era ban blocked. (HousingWire)

🏡 Mortgage rates hit 6.5%, the lowest level since October 2024. (ABCNews)

📍 Mapped: Hottest zip codes in every state. (Newsweek)

4. Homeowner count drops for first time since 2016

For the first time in nearly a decade, the number of homeowner households has declined. According to Redfin, homeowner households fell 0.1% year over year in Q2, dropping to an estimated 86.2 million. While the dip is small, it marks the first decline since 2016.

At the same time, renter households jumped 2.6% to 46.4 million — one of the largest increases in recent years, Redfin noted, citing U.S. Census Bureau data.

Overall, the U.S. homeownership rate stood at 65% in Q2, down slightly from 65.6% a year earlier. The rental rate climbed to 35%, up from 34.4%.

5. Mortgage originations jump 19% in Q2

According to ATTOM’s mortgage origination report, 1.76 million mortgages secured by residential properties (1 to 4 units) were issued in Q2 2025. That’s up 19.4% from the prior quarter and 6.3% from a year earlier.

• The total dollar volume hit $601.7 billion, a 22.8% increase from Q1 and a 10.3% gain year over year. Both refinance and purchase loans saw strong quarterly growth, while home-equity lines of credit (HELOCs) also edged higher.

Even with the jump, lending levels remain well below their pandemic-era peaks. The Q2 surge was fueled more by seasonal momentum and brief rate dips than by a broad housing recovery.

6. Affordable listings grow to highest level since 2022

According to Zillow, about 439,000 homes listed for sale at the end of July were affordable to a median-income household. That’s the highest level since August 2022 and 20% more than a year ago.

The increase in affordable listings is largely tied to overall inventory growth, which has slowed price gains. In fact, more homes were on the market in July than in any month since November 2019. Total inventory is up 18% year over year, Zillow noted.

Still, fewer than one-third of July’s listings were considered affordable. That share is similar to last July but “far below” July 2020, when more than half of all homes for sale were affordable.

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

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