The biggest home sales in the country so far this year

Plus: FTC sues Zillow for “paying off” Redfin to quit

October 01, 2025

👋 Happy Wednesday! Belief in yourself is a muscle. Exercise it every day.

Today’s newsletter is 868 words, a 3.5-minute read. Let’s dive in…

Disclaimer: Average mortgage rates as of September 30, 2025. © MND Daily Rate Index.

1. Mortgage refinance demand plunges 21%

Total mortgage application volume dropped 12.7% last week compared with the previous week, according to the MBA’s seasonally adjusted index. The drop was mostly driven by a pullback in refinancing.

  • Applications to refinance a home loan fell 21% for the week and were 16% higher than the same week one year ago.

  • Applications for a mortgage to purchase a home fell 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 increased to 6.46% from 6.34%.

"Stronger economic data pushed Treasury yields and mortgage rates to a three-week high, abruptly ending the recent burst in refinance activity and confirming that this year's refi window will be short." Joel Kan, MBA’s deputy chief economist.

2. FTC sues Zillow for “paying off” Redfin to quit

The FTC is suing Zillow and Redfin, alleging an illegal, anticompetitive agreement where Zillow paid Redfin $100 million to exit the online rental advertising market for up to nine years. The FTC claims this move eliminates a major competitor, leading to reduced choice and higher costs for renters and property managers.

The suit is the fourth major legal challenge filed against Zillow in just over three months, underscoring growing scrutiny of the company’s business practices.

  1. June 23, 2025: Compass filed an antitrust lawsuit alleging Zillow’s “ban” on private listings was anticompetitive and harmed brokerages.

  2. July 30, 2025: CoStar sued Zillow for copyright infringement, seeking more than $1 billion in damages.

  3. September 19, 2025: A class-action lawsuit was filed against Zillow, accusing the company of hiding agent fees within its Flex referral program.

  4. September 30, 2025: The FTC filed its suit alleging Zillow’s $100 million agreement with Redfin was designed to suppress competition in rental advertising.

3. More Nuggets

🆕 Jerry Halbrook named president, COO of Covered Insurance. (LinkedIn)

🏘️ LGI Homes under fire for alleged misleading tactics that leave buyers facing foreclosure. (HunterBrook)

📝 CFPB ends WaFd mortgage consent orders early. (Banking Dive)

🏦 Here's JPMorgan Chase's blueprint to become the world’s first fully AI-powered megabank. (CNBC)

🤖 Rocket Pro unveils AI tools for brokers, promises no poaching. (NMP)

4. Government shutdown begins

The government has shut down, after senators failed to agree on a last-minute funding bill. The shutdown, the first since the end of 2018, is likely to bring some - but not all - US government services to a temporary halt

Earlier, President Donald Trump threatened mass ''irreversible" firings of federal workers if the shutdown went ahead. Essential workers will continue working - some without pay - but other government employees are now on unpaid leave. Politicians in Congress will still be paid.

Republicans and Democrats are blaming each other for the failure to pass the bill, which needed 60 out of 100 senators to approve it

5. The biggest sales in the country so far this year

Luxury real estate in 2025 has already seen some staggering deals, with trophy properties trading hands at eye-popping prices across the country.

Here’s a look at the most expensive sales so far this year:

  1. 2200 Gordon Dr., Naples, FL 34102: Sold for $133 million in April

  2. 594 S. Mapleton Dr., Los Angeles, CA 90024: Sold for $110 million in July

  3. 630 Nimes Rd., Los Angeles, CA 90077: Sold for $110 million in May

  4. 28719 Grayfox St., Malibu, CA 90265: Sold for $80 million in July

  5. 88 La Gorce Cir., Miami Beach, FL 33141: Sold for $74.3 million in April

  6. 4823 Kahala Ave., Honolulu, HI 96816: Sold for $65.8 million in March

  7. 71 Beverly Park, Beverly Hills, CA 90210: Sold for $63.1 million in June

  8. 66 La Gorce Cir., Miami Beach, FL 33141: Sold for $60 million in March

  9. 150 Charles St., Unit 9A, New York, NY 10014: Sold for $60 million in March

  10. 1028 Ridgedale Dr., Beverly Hills, CA 90210: Sold for $60 million in April

6. Freedom Mortgage faces charges of TCPA violations

Freedom Mortgage is facing a proposed class action lawsuit alleging the lender made illegal telemarketing calls in violation of the federal Telephone Consumer Protection Act (TCPA) and the SCTPPA.

Lead plaintiff Brittany Williams claims she received multiple unsolicited calls promoting home equity lending options from different Freedom Mortgage originators, despite her phone number being listed on the National Do Not Call Registry since 2017 and having no prior relationship with the company.

The suit, filed in federal district court in South Carolina, seeks to represent a proposed nationwide class estimated to number "at minimum, in the hundreds." It requests class action certification, a jury trial, and monetary damages.

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

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