Economy

The top Senate Democrat pressed Treasury Secretary Scott Bessent for more details about the Trump administration's efforts to take the mortgage giants public.

Contract closings fell 0.2% last month to an annualized rate of 4 million, according to National Association of Realtors figures released Thursday.

In a separate announcement, the government-sponsored enterprise also announced the extension of Michael Hutchins' leadership term as interim CEO.

The 30-year fixed rate mortgage was down another 9 basis points this week, Freddie Mac said, but much of this pricing was before the Federal Reserve meeting.

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

The Federal Reserve is widely expected to lower interest rates, but questions about how big of a cut and the trajectory for future cuts remain uncertain — and the White House's power struggle with the central bank is a complicating factor.

Market watchers expect the Federal Open Market Committee to announce a 25 basis point rate cut today, but are also watching for signals of more cuts to come and how many members push for a larger 50 basis point cut.

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.