Not so solid job market

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☀️ Happy Monday! Let's do this. Today's newsletter is 591 words, a 2-minute read.

1. Not so solid job market

Jobs growth nearly stalled in July, the Bureau of Labor Statistics reported Friday, with just 73,000 jobs added, well short of forecasts and marking the weakest gain since the pandemic’s early months.

The unemployment rate held at 4.2%, while May and June job figures were revised down by a combined 258,000—the largest such revision outside the Covid-19 era. This revision prompted President Trump to fire the BLS commisioner.

The disappointing data sent 10-year Treasury yields tumbling to about 4.26%, driving mortgage rates lower and boosting market bets on up to a half-point Federal Reserve rate cut at its September meeting.

Federal Reserve Chair Jerome Powell now faces heightened pressure to ease the central bank’s restrictive stance as the labor market shows clear signs of softening.

2. Trigger-lead ban bill heads to President for signature

The U.S. Senate late Saturday approved the Homebuyers Privacy Protection Act (H.R. 2808) by unanimous consent after the House cleared it in June, sending the bipartisan measure to President Donald Trump’s desk for signature.

Under the new law, mortgage lenders and credit issuers may not send trigger-lead offers without explicit consumer consent or an existing relationship, and any unsolicited outreach must include a bona fide credit offer.

Industry groups cheered the move. “This new law will help protect consumers from the barrage of unwanted calls, texts, and emails they too often receive immediately after applying for a mortgage,” said Bob Broeksmit, MBA CEO.

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3. More Nuggets

💸 Flyhomes secures $15m to scale ‘Buy Before You Sell’ model. (FintechNews)

📊 ICE posts $851M profit in Q2 2025, raises revenue guidance. (HousingWire)

💼 NAR secures legal victory as Muhammad suit is dismissed. (NSC)

🆕 Jason duPont named COO at NEXA Mortgage. (NMP)

🏘️ 'Meme stock' surge lifts Opendoor out of delisting danger zone. (Bloomberg)

4. Charted: 12 states are back above pre-pandemic housing inventory levels

As at the end of July 2025, twelve states (Arizona, Colorado, Florida, Idaho, Hawaii, Nebraska, Oklahoma, Oregon, Tennessee, Texas, Utah and Washington) had more active listings than in 2019, before the pandemic.

That change gives buyers more leverage. Many seller markets have become balanced markets, and many balanced markets have swung in favor of buyers.

5. Borrowers sue CrossCountry over kickback scheme

Six North Carolina borrowers have filed near-identical lawsuits against CrossCountry Mortgage and Raleigh Realty, alleging a secret kickback arrangement masked as a co-marketing agreement.

Between early 2021 and mid-2022, CrossCountry allegedly paid Raleigh Realty $15,000 per month in exchange for exclusive mortgage leads. Text messages show Raleigh’s president threatening agents who referred clients elsewhere.

Plaintiffs claim this scheme violated RESPA and North Carolina’s Unfair and Deceptive Trade Practices Act, steering them into higher-cost loans and costing them “substantial” money. CrossCountry has not yet responded to the complaints.

6. Fannie Mae and the MBA update their forecasts

Fannie Mae and the MBA just released updated forecasts for the rest of 2025. While both expect moderate progress, their projections reflect a market still weighed down by high rates and affordability pressures. Here’s a summary of what they project for the housing market and the overall economy by the end of Q4 2025:

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

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