Trump appointee Stephen Miran confirmed as Fed governor in 48-47 Senate vote, but appeals court upholds ruling that Lisa Cook can stay on board while she contests legality of removal order
Initial jobless claims climbed last week to the highest level since Oct. 23, 2021, but investors and economists are expecting 3 small rate cuts this year rather than a dramatic move on Sept. 17
Applications for purchase mortgages hit their highest level since July last week, and rates keep falling as weak jobs reports and more encouraging inflation data point to Sept. 17 Fed rate cut
Investors who fund most home loans are no longer wondering whether the Fed will cut rates this month, but by how much. At least 3 quarter-percentage point rate cuts are now expected this year
But an overall weakening labor market could include a silver lining for real estate as it puts downward pressure on mortgage rates
Purchase loan demand slipped last week, but rates are expected to keep falling with unemployed outnumbering job openings in July for the first time since the pandemic
Democratic senators asked federal regulator Bill Pulte on Aug. 29 to pause any efforts to reprivatize Fannie and Freddie and study potential impact on mortgage rates
A judge gave attorneys for the Fed governor until Sept. 2 to bolster their argument that she should keep her job, as Bill Pulte leveled new allegations of misrepresentation on a third property
If bond market investors get cold feet about buying government debt and mortgage-backed securities, that could push long-term interest rates higher, even if the Fed cuts short-term rates
The lawsuit alleges that a move to terminate Lisa Cook would violate the Federal Reserve Act, which requires 'cause' for a governor's removal, and gives Cook the right to notice and a hearing
With 7.24M Americans out of work in July and payroll growth slowing to an average of 35K jobs a month, the Fed is expected to pivot from fighting inflation to preserving jobs
Trump has attempted to remove Lisa Cook from the rate-setting board over allegations made by the head of FHFA. Cook has denied wrongdoing and said she would continue serving on the board
Investors pushed bond yields and mortgage rates down Friday after Fed chair says policymakers are starting to see unemployment as a bigger risk to the US economy than inflation
The president asked Cook to resign from her post after FHFA Director Bill Pulte accused her of mortgage fraud. Pulte has leveled similar accusations against other political adversaries
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