At a hearing in the House, Powell reiterated that the Fed is waiting to see developments in tariff policies and the employment market before deciding whether to cut rates.

Economists at Fannie Mae project that the interest rate for a 30-year fixed-rate mortgage will average 6.5% during the fourth quarter of 2025.

The Mortgage Bankers Association and the American Bankers Association separately called for the CFPB to keep an anti-evasion exception established during the pandemic to help facilitate loan modifications.

Legislation to limit trigger leads passed the House and Senate with minor differences.

The buyer of the 8% unsecured paper was not disclosed.

The largest servicing gains in the past year were in servicing for Ginnie Mae, whole loans at nonbanks and in non-agency mortgage-backed securities.

“The best thing we can do for the housing market is to restore price stability in a sustainable way and create a strong labor market,” said Fed Chair Jerome Powell.

"A decision of this magnitude cannot be made on a whim without Congressional consultation and approval," according to the lawmakers.

The Senate joined the House in passing legislation to restrict trigger leads tied to mortgage applications.

The REIT plans to sell the mortgages originated by HomeXpress and retain some mortgage servicing rights.