The average interest rate on a 30-year fixed-rate mortgage hit 7.28% Thursday, according to Freddie Mac.

The ARM share of first-lien originations increased to 16.8% from 15.0% in the first quarter.

Matt Jones, the Trump administration’s nominee for commissioner of FHA, plans to continue to work to reduce mortgage costs and housing costs if confirmed for the position.

FICO launched a direct license program a year ago but adoption has been hindered by lack of approval from FHFA for use by the government-sponsored enterprises.

The average contract rate for a 30-year fixed-rate conforming mortgage jumped by 18 basis points in a week, to 7.30% as of Sept, 25, according to the Mortgage Bankers Association.

The planned implementation date has long been Nov. 2 but the government-sponsored enterprises pushed it to May 19, 2027.

“Credit bureaus need to focus on themselves and their costs, and compete,” wrote FHFA Director Bill Pulte. “Not credit scoring. Stay tuned. A lot will be happening in this sector.”

Fannie Mae and Freddie Mac will use the same LLPA pricing grid for both VantageScore 4.0 and Classic FICO, eliminating the 20-point haircut they were applying to VS4 loans.

Annually, home prices were up 2.6% in July, according to FHFA.

Retail and correspondent originations of government loans were up 16.7% and 13.7% from the first quarter to the second quarter, according to survey data analyzed by Inside FHA/VA Lending.