Consumer sentiment holds steady in May

The rate for a 30-year fixed-rate mortgage was 6.5% this week. The rate for a 15-year fixed-rate mortgage was 5.6%.

The U.S. trade deficit was $78.3 billion in July, up $19.2 billion from $59.1 billion in June, the Commerce Department said.

The ISM services index rose 1.9% from the prior month to land at 52% in August, the Institute for Supply Management said.

Independence of monetary policy is a critical element for the Federal Reserve’s success, economist Stephen Miran said during his nomination hearing for an open seat on the Fed board.

The House Homeland Security Committee advanced legislation to extend an existing law that enables the federal government to share real-time information about cyberthreats with the private sector.

New orders of manufactured goods decreased $7.8 billion, or 1.3%, from the prior month to $603.6 billion in July, the Commerce Department said.