Mortgage applications rise as rates fall to one-month low

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1. Mortgage applications rise as rates fall to one-month low

The 30-year fixed rate dropped to 6.42% last week — the lowest in a month — pushing total application volume up 1.8%. Refi apps gained 5% for the week and are 15% above last year's levels.

Purchase apps fell 1% and are now 3% below year-ago levels for the second straight week, as economic uncertainty tied to the Iran conflict keeps buyers on the sidelines.

Rates have continued edging lower this week, with oil price swings driving bond yield volatility. Trump said the war is "very close to over," which could provide further rate relief if it holds.

2. March existing home sales hit slowest pace since 2009

Existing-home sales decreased by 3.6% month-over-month in March, according to the NAR Existing-Home Sales Report. The report provides the real estate ecosystem—including agents, homebuyers and sellers—with data on the level of home sales, price, and inventory.

Month-over-month sales fell in all four regions. Year-over-year sales rose in the South and West and fell in the Northeast and Midwest. The median home sale price in March was $408,800.

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3. More Nuggets

⚖️ Mat Ishbia, UWM face new lawsuit over alleged role in MSU investigation. (NMP)

🤝 NAR reaches $52.25M settlement in buy-side commission case. (BAM)

🏡 Why this Redfin data journalist traded her 2.9% mortgage rate for 7.35% — and has no regrets. (Inman)

📝 Fed minutes show growing openness to rate hikes at March meeting. (Reuters)

🔎 Veterans United seeks dismissal of VA impersonation, steering lawsuit. (HousingWire)

🚨 TCPA class action targets Loanstream over 272K spam calls. (NMN)

4. Newrez is opening its physician mortgage program to brokers

Newrez has launched a Medical Professional Home Loan and unlike most niche products that stay in retail, is making it available through wholesale — giving brokers direct access to originate it.

The program offers up to 100% financing with no PMI, qualifies borrowers on projected income rather than current pay, and applies flexible DTI treatment for student debt. Loan amounts go up to $2 million.

The target: residents, fellows, and newly practicing physicians who have strong long-term earning potential but don't fit standard agency or jumbo underwriting boxes.

5. CHLA asks FHFA to fast track VantageScore

CHLA is calling on FHFA Director Bill Pulte to fast-track VantageScore implementation in conventional mortgage underwriting, citing a 1,567% increase in FICO-related costs over the past three and a half years.

Equifax and TransUnion have already cut VantageScore 4.0 pricing to roughly $1 per pull this year, but CHLA wants deeper structural change — including directing Fannie and Freddie to develop their own in-house credit assessment capabilities and scrubbing all references to "Fair Isaac" from GSE guidelines entirely.

The broader push reflects growing industry frustration that FHFA's move toward a multi-score environment isn't happening fast enough while credit costs keep climbing.

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

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