Economy

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.

While mortgage assumptions are on the rise, so too are complaints leveled against mortgage servicers for how they handle the loans. A common refrain is that the companies are moving too slowly.

U.S. consumer prices picked up in November, reinforcing the Federal Reserve's resolve to keep interest rates elevated in the near term.

The Treasury Department's Community Development Financial Institutions Fund has introduced significant updates to the CDFI certification application, aiming to simplify the process and establish clearer standards for responsible lending and community development.

While home lending employment fell, a stronger-than-expected report on the broader labor market immediately raised concerns about the potential for higher interest rates.

Household net worth decreased $1.3 trillion, or 0.9%, in the third quarter to almost $151 trillion, a Federal Reserve report showed Thursday.

Recent economic data pushed investors toward Treasurys over the past week, driving 10-year yields to as low as 4.1%.

Treasuries resumed their rally on Tuesday as further labor-market slowdown reinforced speculation the Federal Reserve will be able to cut interest rates next year to prevent a recession.

While Fitch and CoreLogic predict home prices will rise next year, Redfin is forecasting a 1% drop in the second and third quarters.

Spending on furniture and related items fell nearly 12% from the year-earlier period in October.

The 30-year average declined for the fifth consecutive week, as purchase demand picking up at the same time, according to Freddie Mac.