The fee imposed last year added an average of $1,400 to refinanced mortgages to advance the Trump administration’s “recap and release” plan for Fannie Mae and Freddie Mac.
The average U.S. rate for a 30-year fixed-rate home loan dropped two basis points to 2.88% this week, the third consecutive decline, Freddie Mac said.
The idea of having a public credit reporting agency housed at the CFPB was proposed more than a year ago by President Joe Biden when he was a candidate.
The Consumer Price Index jumped 0.9% in June and 5.4% from the same month last year, according to Labor Department data released Tuesday.
The purchase share of the market rose to 47% of originations in May, the highest since the beginning of the pandemic, according to a report from Ice Mortgage Technology.
Bond investors who exert the biggest influence on home loan rates are focused this week on a Tuesday inflation report and a double-header appearance in Congress by Fed Chairman Jerome Powell.
More than half of respondents to the Goldman Sachs' July QuickPoll said they believe the Fed won't begin tapering purchases of Treasuries and mortgage bonds until next year.
Home loan rates are falling in tandem with Treasury yields, which serve as a benchmark for mortgage-bonds, as investors worry about a resurgence of the Covid-19.
