Trump Draws A Line On Housing Prices: What It Means For The Market | Hot Sheet 02/04/26

On today’s Hot Sheet, Byron Lazine broke down President Trump’s housing remarks from his January cabinet meeting, as covered by BAM, focusing on lower rates and protecting existing home values.

He also reviewed fresh ADP data showing private-sector job growth slowed to 22,000 in January while pay for job-stayers rose 4.5% year over year.

Thirdly, he covered the latest MBA report showing mortgage applications fell 8.9% for the week, with purchase demand still higher than a year ago and refinance activity remaining elevated as rates eased to 6.21%.