June jobs report likely to extend Fed rate pause

💼 It's Monday — and thanks for starting your week with us. Today's newsletter is 623 words, a 2.5-minute read. Let’s dive in…

1. Rocket defends Redfin deal amid broker backlash

Rocket Companies is pushing back against criticism that its Redfin acquisition sidelines brokers. The controversy centers on a “Preferred Pricing” offer—up to $6,000 in loan savings—available only through Rocket’s retail channel.

UWM’s Allen Beydoun called it bad for brokers, but Rocket execs argue the deal is a platform strategy, not a retail land grab. EVP Katie Sweeney said brokers are “built in” from day one, while GM Dan Sogorka called the backlash “noise,” emphasizing the broader ecosystem brokers will now access.

2. June jobs report likely to extend Fed rate pause

A solid June jobs report, with 147,000 new hires, gives the Federal Reserve more reason to hold rates steady this summer.

Fed Chair Jerome Powell has signaled rate cuts could come later this year if inflation softens, but June’s labor strength supports a wait-and-see stance.

Most officials aren’t pushing for a July move, and Powell continues to emphasize patience as the Fed assesses economic fallout from Trump’s aggressive trade policies. For now, the labor market’s resilience likely extends the Fed’s pause.

Related: Federal mortgage regulator Bill Pulte calls on congress to investigate Fed Chair Powell

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3. More Nuggets

📝 President Trump signs big beautiful bill — here's what it means for mortgage and housing. (NMP)

🏘️ The worst housing market in America is now Florida’s cape coral. (WSJ)

📈 Homeowner’s insurance premiums vary widely from state to state, but they are all going up. (CNBC)

📊 How far mortgage rates would need to fall to unlock a refi boomlet. (ResiClub)

4. New antitrust suit targets real estate brokerages

Kevin Cwynar, an Illinois homebuyer, filed a new antitrust lawsuit last week against several major brokerages — including The Real Brokerage, Realty ONE Group, Vanguard Properties, and The Agency — alleging collusion to keep buyer-agent commissions artificially high.

Filed in U.S. District Court in Chicago, the suit claims these firms, heavily linked to the NAR, upheld anti-competitive rules that obscured commission costs and steered buyers toward higher-commission listings. NAR isn’t a defendant but is named as a co-conspirator.

The suit seeks class-action status, a jury trial, damages, and an injunction to block similar commission practices going forward. Notably, this is the first such case not brought by the law firms behind earlier high-profile commission suits.

5. NWMLS accuses Compass of demanding ‘Free Riding’

Northwest MLS (NWMLS) has asked a judge to dismiss Compass’s antitrust lawsuit, arguing the brokerage is trying to “free ride” on MLS data while restricting access to its own listings.

The response claims Compass wants special treatment after its access to NWMLS listing feeds was briefly suspended over rule violations tied to private listings.

Filed in April, Compass’s suit accuses NWMLS of monopolistic behavior, alleging rules were weaponized to push it out of the Washington market. NWMLS denies this, arguing its policies mirror industry norms and are designed to preserve fairness — not suppress competition.

The MLS insists it has no legal duty to accommodate Compass’s preferred business model, framing the dispute as one competitor unhappy with rules it agreed to follow.

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

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