Economy

Opendoor Technologies Inc. shares surged by as much as 69% Thursday after announcing the return of its co-founders to the board and a new chief executive officer. 

The 30-year fixed rate mortgage had its largest decline in a year as it is universally anticipated the Federal Open Market Committee will cut short-term rates.

Consumer prices rose 0.4% in August, up from 0.2% in July, as weak job growth and lingering tariff uncertainty reinforce expectations for a September Fed rate cut.

Bill Pulte, director of the Federal Housing Finance Agency, may have violated federal privacy laws by releasing personal information on mortgages taken out by Federal Reserve Gov. Lisa Cook — actions that served as a basis for President Trump's efforts to remove her from office late last month.

Mortgage delinquency rates increased versus the second quarter of 2024, with certain markets, especially in the South, reporting higher levels of difficulty.

The Bureau of Labor Statistics reported that the economy added 22,000 jobs in August, raising the unemployment rate to 4.3% and providing additional cover for the Federal Reserve to lower interest rates in September.

If they exit conservatorship, Fannie Mae and Freddie Mac might increase fees or retain servicing rights, shrinking their market share, according to the Chairman of Whalen Global Advisors.

The 30-year conforming fixed rate mortgage ended this week at its lowest since last Oct. 17, helped by bond traders pricing in a reduction in short-term rates.

Federal Reserve Bank of St. Louis President Alberto G. Musalem said central bank autonomy leads to lower inflation and stable employment numbers. His comments come amid the Trump administration's attempt to remove a Fed board member for cause.

Orlando-based Cogent Bank has hired a team to finance single-tenant net lease properties, an asset class characterized by exceptional credit quality.