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Housing Market Update | Week of August 4th

What a week for mortgage rates! Friday’s Bureau of Labor Statistics (BLS) jobs report made the 10-year yield look like a waterfall, dropping from 4.4% on Friday morning all the way to 4.2% at the end of the day. This sent mortgage rates lower and significantly increased the chances of a rate cut during the next Federal Reserve Meeting in September. Speaking of Fed meetings, the July Fed Meeting was last week. We didn’t get a rate cut, as expected, but Chairman Jerome Powell reinforced the point that the Fed is looking at increased weakness in the labor market to cut rates. Friday’s BLS gave us that kind of data; July’s job creation came in way lower than expectations, but the real story was May and June’s figures being revised lower by a combined 258,000 jobs. This has not only increased the likelihood of a rate cut in September but has potentially put a double rate cut in play. Below, we’ll explain more about the report, why revisions like this happen, and what this means for mortgage rates moving forward. Last Week's Mortgage Rate Recap Rates Dropped Last week had a ton of data and headlines that culminated with the 10-year and mortgage rates both dropping significantly on Friday. There's a lot to digest, so we'll break this down into two sections. Fed Meeting Mortgage rates held steady in anticipation of Fed Chairman Powell’s post-meeting press conference on Wednesday. As expected, we didn’t see a rate cut. In his press conference, Powell directly cited a higher unemployment rate and flat inflation as means to justify a rate cut this year. We did see two votes from Fed members in favor of a cut (the first dissent we’ve seen in more than a decade), and Fed Governor Adriana Kugler announced that she would step down from her role at the end of the week. This dissent, plus a shakeup in the Fed, both played a part in the markets now anticipating a cut during the next meeting in September. BLS Jobs Report What played the most significant part in this mood shift, however, was Friday’s BLS jobs report. Not only did July job growth come in lower than expected (110,000 expected jobs created, 73,000 actual jobs created), but the BLS reports for May and June were revised significantly lower. May’s report was revised from 125,000 to 19,000, and June was revised from 133,000 to 14,000. These are significant drops and suggest a labor market that’s on the verge of breaking. These revisions are certainly jarring, but when you dive into the underlying data, the writing’s been on the wall for a continually weaker labor force throughout the year. Private payroll data, consumer consumption figures, and residential construction jobs have all been trending lower throughout the year. If this continues, rates could continue to drop heading into 2026. This Week's Mortgage Rate Forecast Rates Could Go Lower Compared to last week, the week ahead is a quiet one. The biggest thing to keep an eye on is Thursday’s weekly Initial Jobless Claims report, which measures the number of individuals filing their first unemployment claim. As we’ve said all year, the labor market holds the keys to lower mortgage rates. If we see Initial Jobless Claims trend higher, it will support the data suggesting that the labor market, hiring, and job growth are all slowing significantly. And that would mean lower mortgage rates. Beyond this week, what should we expect with mortgage rates for the rest of the year? There are a lot of factors at play; we have another round of monthly data (BLS jobs report + CPI, PPI, and PCE inflation data) all coming before the next Fed Meeting on September 17th. If the labor data continues to weaken and we don’t see inflation grow, that will only increase the likelihood of a rate cut in September, and perhaps rate cuts in October and/or December to follow. The following month or so will be a pivotal point for mortgage rates and the housing market. It finally feels like we could be on the cusp of a market with higher demand, lower rates, and enough inventory to get more buyers a great deal. There's a lot going on in the market, so if you have any questions regarding rates or specific products for any of your buyers, make sure to stay in touch with your UMortgage Loan Originator for timely updates and expert insight!

Published August 4, 2025

RefinanceLoan TypesMortgage

How to Consolidate Debt Using Your Home Equity

If you’re like many homeowners holding off on refinancing because you don’t want to lose your low mortgage rate, it might be time to look at the bigger picture. Yes, rates aren’t what they were a few years ago. However, credit card debt is at record highs, with average interest rates north of 20%. For households juggling thousands in revolving debt, it’s not the mortgage rate that’s crushing monthly cash flow; it’s those high-interest minimum payments. If you’re feeling financially squeezed, loan products like a cash-out refinance or home equity line of credit (HELOC) can help you take control by using your home’s equity to consolidate debt and reclaim hundreds, sometimes thousands, in monthly breathing room. Brian Cardenas, UMortgage Loan Originator, has been using these strategies to save his clients hundreds of dollars per month. “Money is one of the biggest stressors that we experience in our lives,” said Cardenas. “People are sitting on a ton of equity and a really low interest rate on their home. But they also have this albatross around their neck of this high-interest debt that’s just crushing them.” According to the Federal Reserve Bank of New York, total outstanding credit card debt stood at approximately $1.21 trillion by the end of Q4 2024 – a $45 billion increase from the prior quarter, marking a 7.3% year-over-year rise. At an average APR of 21.37%, as reported by the Federal Reserve in February 2025, that extra debt adds up fast. With a cash-out refi or HELOC, you’re using the money you’ve already invested in your home instead of taking on more debt with high-interest credit cards or personal loans. Here’s how each works, so you know your options before you commit. What is a Cash Out Refinance and How Does One Work? A cash-out refinance allows homeowners to replace their current mortgage with a new loan that provides extra funds by tapping into the equity homeowners have built in their property. Essentially, homeowners can "cash out" a portion of their equity to use as they see fit. This process works by allowing homeowners to borrow against their home equity, which is the difference between the home’s appraised market value and the remaining mortgage balance. By taking out a larger loan, the borrower receives the excess in cash after paying off the original mortgage. For a clearer picture of how this can work, use UMortgage’s Refinance Calculator to see what a cash-out refi might look like for you. What is a HELOC Loan and How Does One Work? A Home Equity Line of Credit (HELOC) is a loan that lets you borrow against your home’s equity without replacing your existing mortgage. Think of it like a credit card that can be used, repaid, and used again over time. This flexible borrowing option is based on the difference between the home’s current market value and the outstanding mortgage balance. Homeowners can draw from the line of credit as needed, whether for home improvements, debt consolidation, or other significant expenses, and only pay interest on the amount they use. Why You Should Consult with an Expert Before You Act Accessing your equity is just like any other mortgage product: there’s no one-size-fits-all option. That’s why it’s so important to consult with a mortgage expert before you pull the trigger. Working with a UMortgage Loan Originator takes out the guesswork; you’ll have someone in your corner who will present you with all your options so you can make an informed decision that works best for your financial future. “After crunching all the numbers, I found out that there were some considerable savings that we can present to this borrower and help relieve some of the financial burdens that they’re experiencing every single month,” said Cardenas regarding a client whose debt he consolidated earlier this year. “We’re just simply presenting options and letting the consumer decide which, if any of these options, is going to fit their needs best.” If you want to discover your options to consolidate your debt with your home’s equity, or learn more about HELOC rates, fill out this form to connect with a UMortgage Loan Originator in your area. They’ll reach out shortly after you submit to start the process.

Published August 1, 2025

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Kristy Lynn

David is absolutely wonderful! He made this entire process in getting a VA Loan as simple as it could have possibly been for my first mortgage! I have and will continue to recommend him to every Veteran I know. Thank you for everything, David.

Raymond Gummer

I had a difficult mortgage due to county issues etc. Fortunately I also had the best people working for me. You'll never regret a moment having Corey on your side. He's so dedicated to the customer, keeps you up-to-date on everything, and is just one hell of a guy. I have my first home because Corey made it happen, and I couldn't thank him enough. This guy is truly top of his game and I'm blessed to have had him on my team.

Susan Lenhardt

I can't say enough good things about Vinnie. If you want someone that contacts you right away and is there for you and your buyers the entire time through the whole process then you have to talk to Vinnie and see for yourself. My buyers are always very pleased with his professionalism and efficiency. He definitely goes the extra mile for them. They appreciate it and so do I.

Kristy Lynn

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Dominique Bell

Nicole was an absolute pleasure to work with! From the first conversation we had I knew we were going to be a great team for our buyer. She is thorough and communicates each step throughout the entire process up until closing day and she got my buyer $10k in grants! Thank you Nicole for all your hard work!

Yuritt Pasos

Brian and his team are amazing. From the first time I met Brian, he took the time to explain every step of the process with great patience and knowledge. I can honestly say I never expected for this process to feel so easy but Brian made it possible. I will always be thankful for all the support provided.

Meredith Smith

My family had a fantastic experience with Sunnie! Extremely capable and supportive, she helped us through the whole process with ease and a personal touch. We can't thank her enough! Even years after we closed our home, she still provides us with advice and encouragement. Thank you Sunnie!

Miranda Adams

I went through UMortgage using a VA home loan, and the agents I worked with were amazing! They worked all hours to help us get into a house and we were able to close in under 30 days! Amazing communication from both team members involved, Melly and Andy. They really made the difference in us being able to buy our first home. Huge thank you to the UMortgage team!

Nathalie Montes

I’ve had the pleasure of working with Lisa over the past year, and I can confidently say she is one of the best lenders in the industry. Her expertise with a wide range of loan products and dedication to finding the best solutions for my clients truly set her apart. Lisa goes above and beyond to secure excellent rates while ensuring a smooth, professional, and timely process from start to finish. If you’re looking for a knowledgeable, responsive, and trustworthy lender, Lisa is the one to call! I look forward to continuing our partnership and highly recommend her to anyone in need of a top-notch mortgage expert.

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Who is UMortgage?

UMortgage is a national mortgage company that connects you with experienced mortgage brokers in your area. UMortgage's local Loan Officers use UMortgage's vast portfolio of lenders and loan products to ensure you get the most affordable mortgage possible that is tailored to your individual financial needs and homeownership goals.

How does a mortgage work?

A mortgage is a loan used to buy a home, with the house serving as collateral until the loan is repaid. You make monthly payments that cover both the loan amount and interest across the life of the loan, which most commonly spans between 15-30 years.

How do I get pre-approved?

Getting pre-approved with UMortgage is easy! You can get connected with a local UMortgage Loan Officer who will do all the heavy lifting for you by filling out some basic information in this form.

How do I find out how much I can spend on a home?

Your UMortgage pre-approval will provide you with an accurate estimate of your buying power to help you shop for homes within your budget. You can use our free affordability calculator for a more general estimate of your budget.

What are the benefits of working with a UMortgage Loan Officer?

UMortgage's Loan Officers help you access the most affordable mortgage by shopping for the lowest rate on your behalf and offering a mortgage specifically tailored to your financial needs. UMortgage prides itself on its exceptional customer experience—exemplified by our industry-best 95 Net Promoter Score—and guides you through the homebuying process & beyond with care.

What types of mortgages does UMortgage offer?

UMortgage offers expert services for all the major mortgage types: Conventional, FHA, VA, USDA, and Jumbo Loans. UMortgage also offers rate & term refinances, cash-out refinances, VA IRRRLs, and FHA Streamlines. Get connected with a UMortgage Loan Officer to learn what type of mortgage will set you up for long-term financial success.

How long does it take to get a mortgage with UMortgage?

Turn times vary from client to client, but UMortgage proudly gets clients from loan application (after you've had an offer accepted on a home) to the closing table in 2 weeks. You can read this blog for more insight into UMortgage's homebuying process.

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