Economy

The move is somewhat counterintuitive relative to other market signals but Fannie Mae generally forecasts a net positive shift in lending conditions this year.

The financial services executive also previously served in leadership at Morgan Stanley and Carver Federal Savings Bank.

The Fed governor offered some of the most detailed remarks to date around the Federal Open Market Committee's intentions to ease monetary policy this year.

For the past week, the benchmark 10-year Treasury closed above 4%, as the markets priced in an increase in the consumer price index.

The consumer price index increased 3.4% in the year through December, the most in three months, led by increases in shelter costs.

The number, juxtaposed with a recent survey that suggests companies will hire, raises questions as to whether numbers have bottomed out. Much depends on rates.

But this week the 30-year fixed rate mortgage average increased for the first time in two months.

The online real estate and mortgage company alleges the defendants are violating the Sherman Antitrust Act by impeding a scheduling platform it owns.

The U.S. may be less rate-sensitive than other countries due to its long-term mortgages but could face tighter credit from hard-hit financial institutions.

The agency reconfirmed the new nonbank capital rule won't become effective until late next year after inadvertently publishing an update with an earlier date.

The so-called core personal consumption expenditures price index barely rose in November and trailed policymakers' 2% target by one measure, reinforcing the central bank's pivot toward interest-rate cuts next year.

Rates that have been below 7% for two consecutive weeks have given originators a gift at what's typically a slow time of year, Freddie Mac said.

The Bank Term Funding Program, set up in response to this spring's run of bank failures, is poised to close down in March. With the Federal Reserve now forecasting rate cuts next year, the bar for renewing the facility's authorization could be a bit higher.

Industry leaders share their thoughts on some of the forecasts that fizzled.

The Federal Open Market Committee meets Dec. 12 and 13 and in addition to their statement, they will issue a Summary of Economic Projections.

The report showed the gauge of prospective buyer traffic also climbed for the first time in five months, while a measure of expected sales reached a three-month high.

The enterprise is now calling for a recession to start in the second quarter of next year, with negative growth expected for the full year.

The upcoming election exposes the Federal Reserve to heightened criticism for its actions, said Brookings Institution senior fellow Sarah Binder.

Pending sales also increased in November as mortgage rates began to decline during the month, but cancellations reached a new record during the month.

The Fed's announcement is responsible for a 19 basis point drop in the 10-year yield over a two-day period, pushing the 30-year fixed under 7% for the first time since August, Freddie Mac said.