NAR sees existing-home sales rise slightly in July

Plus: Fed governor says she won't be 'bullied' as Trump demands she quit over mortgage fraud

August 22, 2025

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Disclaimer: Average mortgage rates as of August 21, 2025. © MND Daily Rate Index.

1. Fed governor says she won't be 'bullied' as Trump demands she quit over mortgage fraud

President Trump is considering firing Federal Reserve governor Lisa Cook, a Biden appointee, after Federal Housing Finance Agency director Bill Pulte accused her of mortgage fraud on social media, according to a senior White House official.

Pulte alleged Cook misrepresented two properties as her primary residence on mortgage applications in 2021. Trump demanded Cook’s resignation online and is exploring whether she could be removed “for cause,” though legal precedent makes firing a Fed governor difficult.

The dispute underscores the administration’s escalating attacks on the Fed, which Trump has repeatedly pressed to cut interest rates.

Cook denied wrongdoing and said she won’t “be bullied to step down… because of some questions raised in a tweet.” The Justice Department declined to comment on whether it will review the claims.

2. NAR sees existing-home sales rise slightly in July

Sales of previously owned homes saw a modest bump in July, breathing life into a housing market that has struggled under the weight of affordability challenges.

Existing-homes sales, which account for the vast majority of residential real estate transactions, increased 2% last month from June's seasonally adjusted annual rate of 4.01 million, NAR reported Thursday. The July figure was up 0.8% from a year earlier.

The median sales price of existing homes was little changed from last year at $422,400, up just 0.2% on an annual basis and the slowest year-over-year price growth since early 2023.

“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions," says NAR Chief Economist Lawrence Yun. "Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”

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4. loanDepot tests return to wholesale after 3-year exit

loanDepot is quietly re-engaging with mortgage brokers, signaling a possible comeback to the wholesale lending channel it shut down in 2022.

Several brokerage executives told HousingWire they’ve been contacted by loanDepot representatives describing a “re-introduction” of its wholesale operations and offering partnership packages.

The move would mark a reversal from the company’s decision under then-CEO Frank Martell to exit wholesale in order to cut losses and simplify operations. loanDepot has since leaned on consumer-direct lending, builder joint ventures and retail loan officers.

5. Mortgage applications dip as refinance activity slows

Mortgage rates inched only very slightly higher, but it was enough to drop total application volume 1.4% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

  • Applications to refinance a home loan fell 3% for the week but were 23% higher than the same week one year ago.

  • Applications for a mortgage to purchase a home rose 0.1% for the week and were also 23% higher than the same week one year ago.

“Purchase applications were little changed over the week but were at the strongest pace in four weeks and continued to run well ahead of last year’s pace,” said Joel Kan, an MBA economist, in a release. “Prospective homebuyers remain more active compared to last year despite economic headwinds and uncertainty and affordability challenges.”

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