Inside Lending | Market Snapshot for the Week of July 14, 2025

July 14, 2025/
  QUOTE OF THE WEEK
“It’s a strange world of language in which skating on thin ice can get you into hot water.”—Franklin P. Jones, American journalist
  NATIONAL MARKET UPDATE
  The Mortgage Bankers Association (MBA) reported purchase mortgage applications surged 9% on the week, to the highest level of activity in two and a half years, 25% higher than the same week a year ago. Optimal Blue reported rate lock volume on purchase loans held steady in June. Since the spring home-buying season usually starts to slow down then, this indicates that home sales in June will be stronger than expected. Realtor.com’s latest housing trends report reveals that despite a gain in delistings, buyers have more options now than at any time since the start of the pandemic—plus, about 20% of listings got price cuts.
  REVIEW OF LAST WEEK
  FRIDAY REVERSAL… Through Thursday, traders’ bullish enthusiasm drove the S&P 500 and the Nasdaq to new record highs. But Friday, the big indexes ended with modest losses driven by inflation concerns over tariff actions. Late in the week, Brazil got a 50% tariff letter and Canada one for a 35% levy on goods not covered by the USMCA. Yet stocks held up fairly well, as traders realized these letters were basically intended as negotiating leverage. Plus, initial jobless claims fell again, Small Business Optimism held at its high level, and the June Treasury Budget posted a surprising $27 billion surplus versus the $71 billion deficit a year ago. The reason? Income from tariffs! The week ended with the Dow down 1.0%, to 44,372; the S&P 500 down 0.3%, to 6,260; and the Nasdaq down 0.1%, to 20,586. Bonds fell as well, the 30-Year UMBS 5.5% dipping 0.04, to 99.17. Freddie Mac’s weekly survey reported the national average 30-year fixed mortgage rate “moved slightly higher” after falling for five straight weeks. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.     DID YOU KNOW… Fannie Mae’s Home Purchase Sentiment Index dipped a tad in June, yet 6 in 10 Americans still say it’s a good time to sell, while the share of those saying it’s a good time to buy went up nine percentage points from a year ago. 
  THIS WEEK’S FORECAST
  HOME BUILDING, RETAIL SALES, INFLATON… June Housing Starts are expected up for the month, while Building Permits are forecast off a trifle, as builders focus on completions to meet buyer demand. Economists predict Retail Sales will rebound in June, showing that consumers keep contributing to the economy, no doubt encouraged by moderating inflation, which should be confirmed by the June Consumer Price Index (CPI) report.
  FEDERAL RESERVE WATCH
  Forecasting Federal Reserve policy changes in coming months. The futures market still sees a rate cut in September, but then a hold in October. Note: In the lower chart, the 6.7% probability of change is a 93.3% probability the rate will stay the same. Current rate is 4.25%-4.50%. AFTER FOMC MEETING ON: CONSENSUS Jul 30 4.25%-4.50% Sep 17 4.00%-4.25% Oct 29 4.00%-4.25%   Probability of change from current policy: AFTER FOMC MEETING ON: CONSENSUS Jul 30   6.7% Sep 17  64.6% Oct 29  41.0%
  BUSINESS TIP OF THE WEEK
The most effective networking isn’t with new contacts, but with the ones you already have—the vast network of former clients, colleagues from past jobs, neighbors, childhood friends, fellow church members, hobby partners, old classmates and teammates, etc. Dial up your networking game by reconnecting with folks you already know!
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.