Baby, it's cold outside. And yes, I'm talking about the market.

The data is finally catching up to what everyone slinging loans already knows: It's slow.

Rates actually were kind to us, we went 8BPS back in the right direction to 7.32%. That's still 113BPS higher than last year, but let's take our wins where we can. Apps dropped 5.3% for the week, with purchases down 7% and refinances another 2%.

"That's a lot of purchases dropping", you say?

Let's fact-check you with the experts.

NAR Pending Home Sales agrees with you. We dropped 7.3% for the month. The northeast was the best at only a 4.2% drop, but the West dropped 9.2% and the south 8.2%. Le ouch. Well, what about the builders?

NAHB's Housing Index showed the dropped to 29, from 32. Current sales dropped, 6 month expectations dropped, and buyer traffic dropped all the way to 18. We're now up to 43% of builders cutting prices.

Yeah, but that's just like your opinion, man. Let's follow the money!

Well, Housing Starts are down 5.2% for the month. Permits dropped for SFRs by 4%. Okay, so, I guess that's less optimal. Help please?

Bring on the Executive Order! It calls for... programs. Mainly for refinances. Hm. Let's read it in full anyways.

1.) Proactive PMI Cancellation: Fannie and Freddie would periodically review loans, basically use AVMs for valuation, and proactively cancel PMI for loans. Note this is forward-only, not retroactively applying for loans already done.

2.) Manufactured Homes: The best for our industry. It calls for HUD, FHFA, USDA, Commerce and VA to figure out using grants, permits, streamlined certifications/inspections and to give Prez DJT recommendations within 180 days. So... a year from now we might see impact?

3.) Title: Making the title waiver permanent, going >80% LTV, and going national. For... refinances.

4.) Helping Refinances: For R/T refinances, waiving appraisals, income re-verification requirements, and lessening documentation. Basically a streamline refinance? Also calls for LLPA reduction/removal for those loans, and the savings to be passed to the borrower.