Separately, MBA reported mortgage applications fell 5.3% for the week ending Oct 16 even as the 30yr rate eased to 7.41%, per MBA data — purchase apps still ran 18% below a year ago.

All three components declined. Buyer traffic dropped to 18, the weakest outside the April 2020 pandemic shock since 2012. NAHB cited mortgage rates, materials costs and labor conditions.

NAHB/Wells Fargo Housing Market Index fell 3 points to 29 in October, the lowest reading since June 2012. Consensus had looked for 31.

Weekly rates, Oct 22: The 30-year FRM declined to 7.32% from 7.40% last week. That is 113 bps above the same week in 2025 (6.19%). The 15-year FRM declined to 6.68% from 6.71% last week. That is 124 bps above the same week in 2025 (5.44%).

Preliminary Q3: net income $205M-$220M on $33.4B in originations ($22.8B purchase, $10.6B refi) at a 124 bp gain margin. UWM's MSR book stood near $270B UPB at quarter end, per filings cited by National Mortgage News and HousingWire.

UWM Holdings says it will sell $70B-$80B of mortgage servicing rights in Q4, expecting proceeds above $1.8B, per preliminary Q3 results released Friday. Proceeds plus ~$400M from a pending rights offering go toward paying down non-funding debt.

Per the EO: FHFA pilot to cancel mortgage insurance once a borrower hits a set equity threshold at current value, a permanent title-insurance waiver for refis, and a new task force on housing costs. That's what's been reported so far.

$BOUNCE graduated. Its Pons bonding curve filled and the liquidity moved into a locked Uniswap v4 pool. Launched through Baum.

Latest to pull back: AVI-SPL shelved a $690M leveraged loan and Mesirow postponed a $175M bond tied to a Midtown Manhattan office mortgage, as rising yields keep squeezing mortgage and CRE bond issuance.

Update: the bond-sale pause flagged last week has widened. Per Bloomberg, companies have postponed more than $5 billion in US and European debt sales this month across at least seven issuers — the biggest spate of delays this year.

Where stablecoins live, week of Oct 21: Ethereum $143.2B (48%, -0.7% w/w) Tron $94.1B (31%, -0.6% w/w) Solana $15.6B (5%, -1.2% w/w) Top 3 hold 84% of $300.8B across 170 chains.

Separately, NAR's pending home sales index dropped 7.3% in September to 66.0, the lowest since the series began in 2001 and down 11.3% year over year. NAR cited fast-rising mortgage rates.

Housing starts fell 5.2% in September to a 1.221 million annualized pace, missing the 1.305 million consensus and among the weakest readings since the pandemic, per Census Bureau data.

Deal adds California, Nevada, Indiana and Delaware to Dream Finders' footprint and expands its DC-metro, Texas, Florida and Carolinas presence. CEO Patrick Zalupski called it the company's largest acquisition since its 2021 IPO.

Combined entity becomes the sixth-largest US homebuilder by 2025 revenue, operating across 26 of the top 50 metro markets. Dream Finders expects over $100 million in annual run-rate cost synergies.

Dream Finders Homes closed its $2.2 billion all-cash acquisition of Beazer Homes today. Beazer shareholders got $33.50 per share in cash; the stock is now delisted from the NYSE.

The biggest stablecoins, week of Oct 20: USDT $183.0B (60%, -0.6% w/w) USDC $72.2B (24%, -0.9% w/w) USDS $6.9B (2%, -1.5% w/w) Top 3 hold 86% of $304.4B across 258 stablecoins.

Pulte also said FHFA is studying a shift to bi-merge or even single-bureau credit reporting for Fannie and Freddie loans, dropping the current tri-merge standard, per American Banker.