The rate for a 30-year fixed-rate mortgage was 6.87% this week, down from last week when it averaged 6.89%, according to Freddie Mac. A year ago, the rate was 6.77%. The rate for a 15-year fixed-rate mortgage was 6.09%, up from last week when it averaged 6.05%. A year ago, the rate was 6.12%.
The Senate cleared a key procedural hurdle needed to end the government shutdown after several Democrats reached a funding deal with Republicans.
A proposal to create a nationwide cap on credit card interest rates would hurt millions of Americans by cutting off access to credit, President Trump’s former campaign adviser Steve Moore said in a new report.
Passage of a new regulatory framework for stablecoins likely won’t lead to a flood of bank customers pulling their money out of deposit accounts and into the digital currency, Federal Reserve Governor Stephen Miran said.
Policy uncertainty remains a top risk to U.S. financial stability, with public sentiment about artificial intelligence emerging as another risk, according to the Federal Reserve’s most recent Financial Stability Report.
Consumer credit increased at a seasonally adjusted annual rate of 2.7% in September. Total outstanding credit increased to $5.0766 trillion during the month, up 0.3% from August’s revised total of $5.063.5 trillion.
Homebuilders continue to face weak demand despite offering attractive mortgage rates, indicating that lower interest rates alone won’t revive the housing market.
