Figures from the Census Bureau tracking sales of new homes haven’t been available since data for August due to the recent partial shutdown of the federal government.

A reduction in interest rates boosted refinance activity during the third quarter of the year.

“I would characterize trades these days as being more strategic than necessary,” said Nick Letica, chief investment officer at Two Harbors Investment.

Figure generated $89.8 million of net income in the third quarter, well beyond the $29.4 million in income the company had in the first half of the year.

Closed-end second liens and home equity lines of credit flowed into securitizations during the third quarter of 2025 after a brief slowdown in the second quarter. Nine months into the year, issuance was up more than 70% on an annual basis. (Includes three data tables.)

Declining interest rates lifted refi lending in the third quarter but couldn’t help the seasonal slowdown in purchase-mortgage originations. Nine months into the year, refi business was up nearly 50% on an annual basis. (Includes five data tables.)

Refi activity at United Wholesale Mortgage and Rocket Mortgage in the third quarter overshadowed any competing lenders.

FICO is confident the mortgage market will continue to use its credit scores even as FHFA and credit bureaus push the adoption of VantageScore.

Compared with a year ago, applications for purchase mortgages were up more than 30%.

“Many prospective homebuyers are watching the news of weakness in the economy and are carefully monitoring their own economic situations,” said Lisa Sturtevant, chief economist at Bright MLS.