Economy

Even as Freddie Mac's survey put rates at their highest since December 2000, factors like rising oil prices and a government shutdown could slow the economy.

The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.

The Federal Deposit Insurance Corp. Board's Vice Chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.

Fewer of these mortgages are paying off, adding to the amount of credit on investors' books, the Mortgage Bankers Association said.

High mortgage rates and the lack of inventory for sale pushed the sector into a downturn twice recently - between May and November last year and in May of 2023 - according to First American

The mortgages are part of a program that received congressional scrutiny earlier this year.

Decreased availability of bank capital for new commercial construction helped slow activity from the previous nine quarters, according to a new report.

Even though the average for the 30-year fixed loan declined for the second straight week, a buoyant economy will affect future movements, Freddie Mac said.

The FDIC is launching joint ventures to market $33 billion of commercial real estate loans from the failed Signature Bank, prioritizing its statutory obligation to preserve low-income housing availability.

Regional and consumer lenders subject to increased oversight will probably issue at least $15 billion of bonds over the remainder of the year and $44 billion maturing from this group through the end of 2024.