Personal income increased 1%, or $233.7 billion, in January, the Commerce Department said today. The personal savings rate—a percentage of disposable personal income—was 3.8%. Meanwhile, personal consumption expenditures increased 0.2%, or $43.9 billion.
During a confirmation hearing, Bessent called for less regulation on banks and criticized credit card companies, although he stopped short of endorsing a campaign pledge by President-elect Trump to cap credit card interest rates at 10%.
A planned implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie has been paused in response to industry feedback, FHFA announced.
The rate for a 30-year fixed-rate mortgage was 7.04% this week. The rate for a 15-year fixed-rate mortgage was 6.27%.
President-election Trump nominated Bill Pulte as director of the Federal Housing Finance Agency. Pulte is CEO of private equity firm Pulte Capital Partners.
Builder confidence in the market for single-family homes in January was 47, up from 46 the previous month, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
Business inventories in November 2024 came in at $2.59 trillion, up 0.1% from the month prior and up 2.6% from a year ago, the Commerce Department said.
