Economy

House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.

The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.

The inability or unwillingness to make needed renovations affects mortgage servicers by diminishing the value of their real estate collateral for the loan.

The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.

Federal Reserve Chair Jerome Powell was noncommittal about cutting interest rates at the central bank's next monetary policy meeting in July, saying future actions will depend on incoming data. His comments come as President Trump ramps up his criticism of the Fed chair.

Richmond, Virginia-based Atlantic Union Bankshares has sold $2 billion in performing commercial real estate loans to Blackstone Real Estate Debt Strategies. 

The Federal Reserve's preferred measure of inflation moved further from its 2% target, underscoring the central bank's reluctance to cut rates.

The 30-year fixed rate mortgage is below 6.8% for the first time since May as the 10-year Treasury moved lower with the headlines of the past week.

Mortgage rates are expected to remain elevated but stable for longer, with some industry participants thinking it is good for the housing market.

Median home prices rose by 1% to a record high, but sellers are taking lower offers as the market shifts towards the buyers' favor.