~Average mortgage rates as of May 30th, 2025~
30 yr. Fixed - 6.97%
15 Yr. Fixed - 6.23%
30 Yr. FHA - 6.47%
30 Yr. Jumbo - 7.10%
Disclaimer: Average mortgage rates as of May 30th, 2025. © MND's Daily Rate Index
1. New home sales jumped 10.9 percent in April
New home sales in April were at a seasonally-adjusted annual rate of 743,000, an increase of 10.9% compared with March and up 3.3% compared with April 2024, according to the U.S. Census Bureau and HUD.
As of the end of April, there were about 504,000 new homes available for sale. That’s down 0.6% compared with March but up 8.6% compared with April 2024. It’s also about an 8.1-month supply at the current sales rate.
The median sales price of a new home sold in April was $407,200 – an increase of 0.8% compared with the previous month but down 2.0% from a year earlier. The average sales price of a new home sold in April was $518,400 – an increase of 3.7% compared with March and an increase of 3.6% compared with April 2024.
2. Consumer confidence in May rebounds
Consumer optimism got a much-needed boost in May on hopes for trade peace between the U.S. and China, according to a survey released days ago.
The Conference Board’s Consumer Confidence Index leaped to 98.0, a 12.3-point increase from April and much better than the Dow Jones consensus estimate for 86.0.
Much of the positive sentiment, according to board officials, came from developments in the U.S.-China trade impasse, most notably President Donald Trump’s halting of the most severe tariffs on May 12.
“The rebound was already visible before the May 12 US-China trade deal but gained momentum afterwards,” said Stephanie Guichard, the Conference Board’s senior economist for global indicators.
First Time Home Buyer Cleveland County Down Payment Assistance Program!
If you or your client is a first time home buyer in Cleveland County OK you need to check out this down payment assistance program!
- 5.84% fixed rate
- 3.5% of the loan amount to cover your down payment/closing costs
- FHA, VA, and USDA loans (minimum 620 credit score)
- In the form of a 2nd mortgage completely forgiven if you live in the home for 5 years
Funds are limited so don't miss out!
3.🔥Quick Hits
📄House passes tax reform package with key wins for real estate. (NAR)
🗣️Trump summons Fed's Powell, tells him he's making a mistake on rates (Reuters)
📈Mortgage applications rise despite third straight week of rate increases (MPA)
4. Lower rates could bring more home sales: Fannie Mae
Fannie Mae has revised its housing outlook upward, citing easing mortgage rates and improved affordability.
The GSE now forecasts 4.92 million home sales in 2025 — up 60,000 from April’s estimate — and 5.25 million in 2026, with mortgage rates projected to fall to 6.1% this year and 5.8% next.
Mortgage originations are expected to rise to $1.99T in 2025 and $2.38T in 2026. Home price growth is seen slowing, with a 4.1% increase this year and just 2.0% in 2026, pointing to a cooling but stabilizing market.
Fannie Mae’s outlook comes amid renewed speculation over the GSE’s long-term future, with President Donald Trump signaling potential interest in re-privatizing Fannie and Freddie Mac.
5. Pulte calls on Powell to lower interest rates
The director of the Federal Housing Finance Agency (FHFA) took to social media Monday to tell Federal Reserve Chair Jerome Powell that it’s time to resume the central bank’s interest rate cuts.
FHFA Director William Pulte took a page out of President Trump’s playbook in putting political pressure on the Fed to lower rates.
“Jay Powell needs to lower interest rates — enough is enough,” he wrote. “President Trump has crushed Biden’s inflation, and there is no reason not to lower rates. The housing market would be in much better shape if Chairman Powell does this.”
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