Economy

Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."

Federal Reserve Gov. Stephen Miran Thursday said that the Iran war and tariffs will not have long-term impacts on inflation, but did say he is reconsidering his rate cut outlook for the year.

This week's Freddie Mac mortgage rate survey shows rates at the lowest in four weeks, but homebuyers are giving mixed signals even with improved purchase power.

Dozens of plaintiffs say they still haven't received a full explanation over the mass termination announced last April by FHFA Director Bill Pulte.

Office of Management and Budget Director Russell Vought told the House Budget Committee Wednesday that the Community Development Financial Institutions Fund is still a target for elimination by the administration because it promotes "woke" ideology.

Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed's path forward.

A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.

The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.

Fannie Mae and Freddie Mac should aggressively buy and restructure low-coupon MBS into CMOs rather than holding them, a move that would lower long-term mortgage rates, according to the chairman of Whalen Global Advisors.

New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.

The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.

Two former members of the Federal Open Market Committee said in interviews that they expect the Federal Reserve to keep rates steady amid uncertainty over the ongoing war with Iran and the resulting upward pressure on inflation.

In three separate appearances Thursday, Fed Gov. Lisa Cook, Gov. Michael Barr and Vice Chair Philip Jefferson said they are worried that U.S. involvement in the war with Iran could drive up inflation, leading them to conclude that interest rates should remain steady in the near term.

The 30-year fixed mortgage has increased by 40 basis points since February, while the 15-year is 14 basis points lower than a year ago, Freddie Mac reported.

What was once a bipartisan and broadly popular housing bill has been weighed down with a pair of provisions that banks can't support. Even with those headwinds, the bill is more likely than not to pass, but not without drawn-out negotiations between the House and Senate.

Housing economists at ICE Experience 2026 predict mortgage growth but also say the home finance industry has yet to fully adapt to the disruption of this decade.

For the second week in a row, the 30-year fixed increased by 11 basis points, Freddie Mac found, a result of reaction to oil price hikes from the Iran conflict.

The Federal Open Market Committee is widely expected to keep rates unchanged, but all eyes will be on Federal Reserve Chair Jerome Powell's commentary about the economic impacts of the Iran war and its longer-term impact on inflation.

A White House executive order issued Friday afternoon directing regulators to ease Dodd-Frank compliance burdens comes as a bipartisan housing bill advances on Capitol Hill.

The Senate passed a bipartisan housing bill in an 89 to 10 vote, but how quickly and easily the bill can pass the House remains unclear.