FOMC

Many industry observers believe Federal Reserve Board Janet Yellen will retire from the central bank once her term as chair expires in February. But there are reasons she might stay.

Nonbank mortgage employment took its biggest drop since January following the recent hurricanes, according to the Bureau of Labor Statistics.

Fed Gov. Jerome Powell, who was first nominated to the central bank by former President Obama, is widely seen as a continuity choice.

Continued economic growth, a strong jobs market and higher wages will lead to a 7.3% increase in purchase origination volume next year, according to the Mortgage Bankers Association.

Mortgage rates posted their biggest week-over-week increase since July and the 10-year Treasury yield also rose, according to Freddie Mac.

Mortgage rates increased for the first time in seven weeks, while the 10-year Treasury yield continued its upward trend, according to Freddie Mac.

Federal Reserve Chair Janet Yellen said Wells Fargo’s treatment of customers was “egregious and unacceptable," hinting that more regulatory action was likely.

Mortgage rates dropped to a year-to-date low for the third consecutive week as the 10-year Treasury yield also declined, according to Freddie Mac.

Loan application defects were unchanged for July compared with June, the first time in eight months there has not been an increase, according to First American Financial Corp.

Mortgage rates were little changed this week after declining the previous two weeks, according to Freddie Mac.