Economy

Democratic senators including Banking Chair Sherrod Brown and Elizabeth Warren want to restrict tax breaks for large corporate investors that buy local homes and often drive up costs.

A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.

The new review requirements are set to go into effect in mid-September and will replace temporary guidance put in place following a 2021 building collapse.

The Home Loan banks are failing to serve huge numbers of Americans because of their reliance on outdated credit scoring models.

A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.

But the 30-year fixed remained in a tight range as investors digest mixed economic signals, including on inflation.

Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.

With new construction activity at the highest level in more than a year, the Federal Reserve Bank of Atlanta's GDPNow tracker is projecting residential investment added 0.1% to growth in gross domestic product in the second quarter.

The legislation has support among Republicans, who hold a slim majority in the chamber.

Gross domestic product is now forecast to only contract in the final three months of the year, and it's projected to merely stagnate in the third quarter instead of shrink, a June survey showed.