Inside Lending | Market Snapshot for the Week of June 9, 2025

June 9, 2025/
  QUOTE OF THE WEEK
“In theory, there is no difference between theory and practice. In practice, there is.”—Yogi Berra, American professional baseball player, manager, and coach
  NATIONAL MARKET UPDATE
  In May, the total number of listings topped 1 million homes for the first time since before the pandemic, while in April, the total value of homes for sale surged to a record $698 billion, up 20.3% from last year. The Mortgage Bankers Association’s weekly survey reported that mortgage applications “continue to exhibit annual gains, with purchase applications running 18% ahead of last year’s pace.” Overall spending on residential construction in April came in a smidge below the revised March estimate, but spending on single-families, though also off a bit for the month, were only 2.2% lower than a year ago.
  REVIEW OF LAST WEEK
  GOOD JOBS, GREAT MARKETS… The S&P 500 soared to 6,000 in the wake of a better-than-expected May jobs report, along with the news the President’s top trade reps will meet with the Chinese in London today. As usual, all was not upbeat, as the May ISM Manufacturing Index stayed in contraction territory, joined by the ISM Services Index, indicating a slowing economy. But the April trade deficit plunged to $61.6 billion. And May saw 139,000 new jobs, while the unemployment rate, at 4.2%, stayed in the lowest 10% of readings back to 1948. Plus, higher hourly earnings growth should keep consumers spending and the economy growing. The week ended with the Dow UP 1.2%, to 42,763; the S&P 500 UP 1.5%, to 6,000; and the Nasdaq UP 2.2%, to 19.530. Bonds overall dipped a smidge, though the 30-Year UMBS 5.5% went UP 0.74, to 99.01. In Freddie Mac’s weekly survey, the national average 30-year fixed mortgage rate decreased—“welcome news to potential homebuyers who also are seeing inventory improve and house price growth slow.” Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.     DID YOU KNOW… A new survey revealed a growing number of millennials are planning to buy a home—and soon. In April, 23% of millennial respondents said they intend to buy in the next six months, up from 15% last September.
  THIS WEEK’S FORECAST
  MORTGAGE APPLICATIONS, INFLATION, CONSUMER SENTIMENT… We’ll check the MBA Mortgage Applications Index to see whether purchase applications keep coming in ahead of last year. Economists expect inflation to continue to moderate in May, as measured by the Consumer Price Index (CPI). They’re also forecasting that the preliminary June read for University of Michigan Consumer Sentiment will head northward, a welcome sign for the economy.
  FEDERAL RESERVE WATCH
  Forecasting Federal Reserve policy changes in coming months. The strength of the labor market in May left futures traders expecting the Fed will not make their first rate cut until the fall. Note: In the lower chart, the 0.1% probability of change is a 99.9% probability the rate will stay the same. Current rate is 4.25%-4.50%. AFTER FOMC MEETING ON: CONSENSUS Jun 18 4.25%-4.50% Jul 30 4.25%-4.50% Sep 17 4.00%-4.25%   Probability of change from current policy: AFTER FOMC MEETING ON: CONSENSUS Jun 18   0.1% Jul 30  14.5% Sep 17  63.0%
  BUSINESS TIP OF THE WEEK
Give yourself positive inputs every day and maintain a vision of the best version of yourself—what you and your clients deserve. Confidence, resilience, and an unwavering belief in your value should be non-negotiable. 
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com

Email Me

This testimony is from my

This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.

I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.

Tim A.