The 30-year fixed rate mortgage topped 7% for the first time since last May, although late in the week, the 10-year Treasury peaked before reversing course.

Shares of Fannie Mae and Freddie Mac fell Monday after Keefe, Bruyette & Woods analysts downgraded the stocks to Underperform. Here's a look at the latest developments for the mortgage giants:

MCLEAN, Va., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today posted to its website its Monthly Volume Summary for December 2024, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.

The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, Freddie Mac reported on Thursday, extending a weekslong climb that could push more buyers and sellers to the sidelines.

Freddie Mac's (FMCC) total mortgage portfolio rose at an annualized rate of 4.8% to $3.58T in December, it disclosed on Monday, accelerating from November's 2.4% increase.

The federal funds rate and mortgage interest rates are often expected to move together, but they haven’t lately. Here’s why.

AM Durable Goods Durable Goods Orders measure the change in the total value of new orders for long-lasting manufactured goods, including transportation items. Durable goods orders are expected to rise 0.

These are today's mortgage and refinance rates. Mortgage rates are likely to remain elevated until inflation comes down further.

In December, economists believe the overall PCE index rose 0.3% on a monthly basis and 2.6% on an annual basis, according to FactSet’s consensus estimates. They anticipate that the core measure of PCE inflation, which excludes volatile food and energy prices, rose 0.2% on a monthly basis and 2.8% over the past year.

Many economists have felt relief over continued GDP growth. But ongoing data releases suggest that the foundation of the economy — consumer spending — isn’t sustainable.

Fannie Mae and Freddie Mac's stock were downgraded to "underperform" by KBW as they are currently priced above its expectations.

Here’s how the central bank’s interest rate stance influences car loans, credit cards, mortgages, savings and student loans.