BREAKING 🚨: Housing Market
The largest mortgage lender in the United States, United Wholesale Mortgage, just fell to its lowest closing price in history after trading red for an 8th straight month, its longest losing streak ever! 📉 🏡 pic.twitter.com/gNyXRSmC4o
— Barchart (@Barchart) September 30, 2026
UWM reports a $451.9 million quarterly loss and raises $2.05 billion
UWM originated $39.7 billion of mortgages in Q2, roughly unchanged from a year earlier. Its gain-on-sale margin actually improved to 133 basis points from 113 basis points a year earlier.
Yet the company reported a $451.9 million net loss, compared with $314.5 million of net income in Q2 2025.
UWM also announced a $2.05 billion capital investment from Oaktree and the Ishbia family. Its total equity had fallen to about $1.0 billion at June 30 from $1.6 billion three months earlier.
Mortgage rates suddenly jump to 7.28%
https://www.reuters.com/business/us-mortgage-rates-jump-by-most-4-years-latest-week-2026-10-01/
The 30-year mortgage rate jumped from 7.03% to 7.28% in one week, the largest weekly increase in four years and the highest level in nearly three years. Mortgage applications were already falling before this latest jump.
That is directly relevant to mortgage lenders because the business depends on transaction volume.
Mortgage applications fall to the slowest level since 2025
https://www.realtor.com/news/real-estate-news/mortgage-applications-fall-slowest-pace-2025/
Total mortgage applications fell 6% in the week ending September 25.
Purchase applications fell 4% week-over-week and were down 14% from a year earlier.
Refinancing applications dropped 9% for the week and were down 56% year-over-year.
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