Business, Finance & Tech
Mortgage Rates Hold Steady as Fed Faces Political Pressure
Mortgage rates remained largely unchanged this week, holding steady despite growing political turmoil surrounding the Federal Reserve.
According to Freddie Mac, the average 30-year fixed mortgage rate came in at 6.56% for the week ending August 28, just slightly lower than last week’s 10-month low of 6.58%. The stability comes as President Donald Trump intensifies his criticism of the Fed, including a controversial move to fire Fed Governor Lisa Cook, who has filed a lawsuit challenging his attempt to remove her.
Some economists warn that ongoing political pressure could undermine the central bank’s independence and eventually push rates higher. “We are concerned about Fed independence, and we do believe that any significant loss in Fed independence will translate into higher rates,” said Eric Hathaway, a portfolio manager at RBC Global Asset Management.
Mortgage rates typically move in tandem with the 10-year Treasury yield, influenced by inflation expectations rather than directly by Fed decisions. Recent weak jobs data has fueled speculation that the Fed could cut interest rates in September, contributing to the recent dip in mortgage rates.
For buyers, current conditions may offer opportunities despite the uncertainty. Lisa Sturtevant, chief economist at Bright MLS, noted that more inventory and sellers cutting prices could give buyers additional negotiating power. “If you are a home buyer who is ready to get into the market, and you can afford to buy a home in this market, you can take advantage of more inventory and of more negotiating power than you could have a year ago,” she said.
While the future of the Fed’s independence remains in question, for now, the drama has not significantly impacted mortgage rates, leaving the housing market in a wait-and-see mode.
Credit: CNN Newsource
Explore: NBCPalmSprings.com, where we are connecting the Valley.
By: CNN Newsource
August 28, 2025
Latest Instagram Posts
The hiring of interim City Manager Jim Vanderpool is drawing criticism online over allegations of previous homophobic remarks and harassment. Vanderpool is pushing back, saying the complaint at the center of the controversy was misinterpreted. Be sure to visit nbcpalmsprings.com for the full report #palmsprings #lgbtqcommunity #coachellavalley #localnews #760
🦷🇺🇸 George Washington’s teeth had a story of their own… and trust us, it’s WILD. 😂👀 Forget the cherry tree—this is the history lesson nobody saw coming! 🍒🤯 Would YOU want to know the truth? 👇😂 🎭 Catch the laughs with Mann on the Aisle! #MannOnTheAisle #GeorgeWashington #WeirdHistory #HistoryFacts #comedytheatre
As Palm Springs Pride organizers prepare for the annual celebration, one local organization is questioning the reasons why they won’t be allowed to participate. Our @newsbyalondra has the full story in the 5,6 and 11 p.m newscast.
The Greater Coachella Valley Chamber of Commerce is holding three city council candidate forums ahead of the November Election. Be sure to visit nbcpalmsprings.com to hear from the President of the Chamber of Commerce who breaks down what residents should know about what they can expect from these forums. #coachellavalley #elections2026 #localnews #citycouncil #candidateforum
Small mistake or a matter of transparency? What’s your take? Drop a comment below 👇 #therogginreport #coachellavalley #desertrecreationdistrict #localnews #nbcpalmsprings
Engineering students craft a robot that takes down a 4x4 Rubik's Cube in less than 10-seconds.
Watch a gargantuan, 5.7-mile-long train nab a world record as it disappears over the horizon!
☕️ Social Time with Thalia & Jerry. Do you do yoga?
When we took a closer look at the Desert Recreation District, the numbers and details just didn’t line up. What are your thoughts on this? Drop your take in the comments👇 #therogginreport #coachellavalley #localnews #desertrecreationdistrict #nbcpalmsprings
Your face may reveal more than you think. Researchers developed AI that analyzes facial photos for clues about biological age and cancer survival. Potentially a future tool to help doctors? 🥼