Fleet Week tradition begins in New York
Fleet Week began in New York. This is a tradition in which the US Navy, Marines and Coast Guard bring active-duty ships to big cities.
Mortgage fees have increased as Washington’s policy continues to curb housing market activity.
For the week ending May 22, 30-year fixed-rate mortgages averaged 6.86%, Freddie Mac announced last week from 6.81%.
These figures do not include fees or points, and prices in some parts of the country may be higher or lower than the national average.
Since the beginning of the year, the rates for the most popular mortgage products have somehow barely made progress, moving carefully through the top 6% range. It’s not helping or hurting the housing market much, but there’s reason to believe that the rate environment could get worse from here.
Bond investors are increasingly concerned about fiscal policy proposals from the Trump administration and the Republican-led Congress. The sharp sale of bonds in April may have helped reverse some of the White House’s toughest tariff proposals, but the outline of the tax law that cleared the House on May 21 brought those concerns back to the fore.
When investors sell bonds, yields (charges) increase and borrowing costs increase. The 30-year fixed-rate mortgage reflects a 10-year U.S. Treasury memo that has been highly praised in the ongoing financial debate in Washington.
Parents’ GSE
However, mortgage fees are more complicated than bond investment outlook. They also reflect what is happening in the housing market and the housing finance system.
On May 21, President Donald Trump told social media that he was “very seriously considering revealing Fannie May and Freddie Mac.” This is a reference to two Washington-based mortgage guarantors who have been struggling with government sanctuaries since the 2008 financial crisis.
Fannie and Freddie play a key role in the housing market by purchasing mortgages from banks and other lenders. This allows lenders to stop risk, increase credit to more borrowers, maintain liquidity in the housing market and keep it more affordable than otherwise.
Fannie and Freddie were once private companies. As the subprime bubble swelled in the early 2000s, they lowered their underwriting standards to stay competitive. When the bubble burst in 2008, when the financial crisis was exposed, two companies were rushed to government control.
The arrangement was always meant to be temporary, but for nearly two decades, details of unraveling such a large and important institution have plagued three presidential administrations, including Trump’s first.
Many residential observers welcome discussions and suggestions regarding the termination of the reserve, but many have deep concerns about the process.
(Guaranteed by Fannie and Freddie) “Over 40% of each family’s mortgage origination, and has been doing so for decades. GSE wrote in an April 2025 analysis, Laurie Goodman, a fellow at the Centre for Housing Finance Policy at the Non-Paltisan Urban Research Institute.
“Without a well-defined vision, withdrawal from the reserve could cause havoc in the financial markets and in the US,” the housing market added, “Giveman added. “And I don’t think there’s any consensus on what this vision should be.”
“We welcome the discussion,” said Michael Bright, CEO of the Structured Finance Association, a mortgage-backed trade agency for the securities industry, in a conversation with USA Today.
“We want to see every proposal being thoughtful and implemented, with the impact of the bond market in mind,” Bright added.
