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  • Rocket completes Redfin deal, announces Rocket Preferred Pricing

Rocket completes Redfin deal, announces Rocket Preferred Pricing

Plus: Mortgage refinance demand surges

July 02, 2025

🤩 Happy Wednesday! We want to go ahead and wish you a Happy Fourth of July, as we’ll be off Friday for the holiday. See you on Monday.

Today's newsletter is 688 words — a 2.5-minute read.

Disclaimer: Average mortgage rates as of July 01, 2025. © MND Daily Rate Index.

1. Rocket completes Redfin deal, announces Rocket Preferred Pricing

Rocket said yesterday it has closed its acquisition of Redfin, merging the nation’s largest mortgage lender with one of the most visited home-search platforms. The deal marks a strategic shift as Rocket positions itself as an “end-to-end homeownership platform.”

The two firms immediately rolled out a joint program (Rocket Preferred Pricing) offering savings to borrowers who use both Rocket Mortgage and Redfin, with additional tools for buyers, brokers, and agents expected in the coming months.

Separately, Rocket disclosed in an SEC filing Monday that it completed a corporate and capital restructuring — a required step for closing both the Redfin deal and its pending acquisition of Mr. Cooper Group.

2. Mortgage refinance demand surges

Mortgage rates fell last week to the lowest level since April, leading current homeowners to seek savings.

  • Applications to refinance a home loan rose 7% last week compared with the previous week, according to the MBA’s seasonally adjusted index. Demand was 40% higher than the same week one year ago.

  • Applications for a mortgage to purchase a home increased just 0.1% for the week and were 16% higher than the same week one year ago.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased to 6.79% from 6.88%

“This rates decline prompted an increase in refinance applications, driven by a 10% increase in conventional applications and a 22% increase in VA refinance applications. The average loan size for a refinance application increased to $313,700 after averaging less than $300,000 for the past six weeks” said Joel Kan, MBA economist. “Purchase activity was essentially flat over the week, as overall uncertainty continues to hold homebuyers out of the market.”

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3. More Nuggets

⚖️ Mastermind convicted in $2M HELOC fraud scheme. (DOJ)

🏘️ Home prices edged down 0.1% in May, only the fourth monthly drop in the past decade. (Redfin)

🆕 Fannie Mae & Freddie Mac rebrand their fintech baby. (NMP)

📝 Trump shares handwritten note to Powell: ‘You have cost the USA A Fortune’ (the Hill)

💼 Senate passes tax bill with major wins for real estate. (NAR)

🤖 Flyhomes sells AI home search tech to The Real Brokerage, sharpens focus on mortgage business. (GeekWire)

4. Mauricio's ThePLS sues NAR over private listings

Mauricio Umansky has re-opened a lawsuit targeting the National Association of Realtors’ Clear Cooperation Policy.

The suit by The Agency co-founder claims NAR installed its CCP, which requires listings to be entered into the multiple listing service within 24 hours of being publicly marketed, in 2019 as a response to the competitive threat posed by the Pocket Listing Service, a private listing database co-founded by Umansky.

“NAR and the NAR-affiliated MLSs, and the MLS Conspirators, were aware of this competitive threat and acted through the Clear Cooperation Policy and otherwise to eliminate this threat,” the complaint alleges.

5. Zillow dismisses Compass's claims of 'irreparable harm'

Zillow urged a federal court to deny Compass’s bid for a preliminary injunction, arguing the brokerage’s three-month delay in filing its antitrust lawsuit undermines any claim of urgency.

  • Compass sued last week, alleging Zillow conspired with Redfin and eXp to block private listings, a tactic Compass calls central to its marketing strategy.

  • Zillow pushed back, saying antitrust law doesn’t require it to display Compass’s unsold listings for free.

Zillow also challenged Compass’s call for expedited discovery, calling the request overly broad and burdensome, but said a narrower version could be done within weeks. The company warned that Compass’s approach would hurt transparency and limit access for buyers.

6. 1 funny tweet 🤣

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

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