Existing home sales declined 0.7% in May to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors reported today. Sales also fell 2.8% from a year ago. Total housing inventory in May was 1.28 million units, up 6.7% from the prior month. The median home price was $ 419,300, up 5.8% from the previous year and the highest price ever recorded.
Regulatory uncertainty and banking industry advocacy likely led to a slowdown in credit union acquisitions of banks so far in 2025, the industry news publication American Banker reported.
The rate for a 30-year fixed-rate mortgage was 6.63% this week. The rate for a 15-year fixed-rate mortgage was 5.79%.
Senate Banking Committee Chairman Tim Scott (R-S.C.) and committee’s Republican members introduced legislation to prevent federal banking regulators from using reputational risk as a component in supervision.
Rep. Tom Emmer (R-Minn.) reintroduced a proposed bill that would prevent the Federal Reserve from using a central bank digital currency to implement monetary policy.
The share of U.S. residents living in ‘credit secure’ counties grew over a five-year period, but more than one in 10 Americans live in places where they have trouble accessing mainstream credit.
The Senate Banking Committee voted to advance to the Senate the nominations of Jonathan McKernan to be director of the CFPB and Bill Pulte to be director of the FHFA.
