Economy

Federal Reserve Chair Jerome Powell said insurance companies and banks are already pulling out of disaster-prone areas, which could pose problems.

Most participants in a monthly Wolters Kluwer survey no longer think the next short-term rate reduction will be in March.

While mortgage employment is lower year-over-year, the mixed bag of data makes it more likely that borrowing rates will remain higher for longer.

"Anything that is done around a safe and sound release is going to hinge on the effect of long-term mortgage rates," Bessent said. 

The 30-year fixed rate mortgage continues to slip away from the 7% mark, Freddie Mac said, but experts still expect them to stay higher for longer.

With the Federal Reserve eyeing changes to its annual examination of large bank resilience, this year's test could be the last of its kind.

Completed foreclosure auctions should be 8% lower this year, but if home value and unemployment expectations change, all bets are off, Auction.com said.

The Long Island-based company, which is in the middle of a makeover, saw its stock price rise sharply after reporting a net loss that was less than what analysts expected.

Mortgage rates declined by one basis point this week, not enough to change the equation to bring consumers back into the housing market, Freddie Mac said.

Scott Turner, President Trump's pick to head the U.S. Department of Housing and Urban Development, faced opposition from Democrats on the Senate Banking Committee, but his nomination was nonetheless approved by a vote of 13-11.