Economy

Fintech firm IntraFi's most recent quarterly survey of bank executives showed rising pessimism among bankers related to "instability in Washington," as well as growing concerns about technology-enabled fraud.

The Long Island-based regional bank, which has been in turnaround mode for two years, reduced its earnings per share guidance for 2026 and 2027. It cited an expected decrease in net interest income due to higher levels of payoffs and paydowns in commercial real estate.

But in its earnings release, parent company Hilltop Holdings warned its full year 2026 results are going to be impacted by things outside of its control.

The 30-year fixed is still over 20 basis points higher than its February bottom, but fell 7 basis points this past week on Iran peace hopes, Freddie Mac said.

An uptick in problem loans within the heavily scrutinized office sector pushed down share prices at Rhode Island-based Washington Trust and Bank OZK in Little Rock, Arkansas, even though both banks reported solid profits.

Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.

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.