Mortgage originations saw a spring market boost
The mortgage market got a seasonal boost during the second quarter, according to a report released Thursday by real estate data firm ATTOM.
Loan originations increased 6.3% between March and June compared to the same three-month period a year earlier. In all, there were 1.76 million residential mortgages issued.
That translates to $601.7 billion in mortgages — a 10.3% increase from the same period in 2024.
While it's a positive shift, lending levels are still below their pandemic-era levels, according to the report. ATTOM CEO Rob Barber suggested "it's not a clear signal that the market has turned a corner."
“The increase in purchase and refinance activity reflects some buyer and homeowner response to marginal rate improvements, but underlying affordability and economic uncertainty continue to hold the market in check," Barber added in a statement. This was a typical spring bounce, not yet a breakout.”
Consumer spending boosts economic growth
The U.S. economy grew more than was first reported in the second quarter as consumers upped their spending and imports ebbed.
Data released Thursday by the Bureau of Labor Statistics showed that in the three-month period ended in June, the country's gross domestic product grew 3.3%. It's an increase from an earlier report that said the economy grew 3%.
It also marks a big upswing after the U.S. economy shrank during the first three months of the year. The growth was mostly driven by fewer imports and consumers spending more.
Fed Governor Lisa Cook sues Trump over dismissal
Federal Reserve Governor Lisa Cook sued President Donald Trump to block her dismissal from the board, marking a historic battle over the central bank’s independence.
The complaint, filed in the U.S. District Court for the District of Columbia, also named the Board of Governors of the Federal Reserve System and Fed Chairman Jerome Powell as the defendants.
Trump announced on Monday Cook’s removal due to allegations of misrepresenting mortgage loan documents on two residential properties.
Cook’s attorney, Abbe Lowell, argued in the lawsuit that the dismissal “would subvert the Federal Reserve Act (FRA), which explicitly requires a showing of 'cause' for a Governor’s removal, which an unsubstantiated allegation about private mortgage applications submitted by Governor Cook prior to her Senate confirmation is not.”
Cook intends to finish her term, which ends on Jan. 31, 2038. She is asking the judge to block Trump’s attempt and the Fed responding to carry out the president’s call.
White House spokesperson Kush Desai told Homes.com the president used his legal power to remove a governor from the Federal Reserve, citing credible allegations of financial misconduct.
The Fed declined to comment.
