Federal Housing Finance Agency Director Bill Pulte has continued to criticize Fed Chair Jerome Powell following a series of alarming real estate statistics. Earlier this week, Redfin (RDFN) reported that U.S. home sellers outnumbered buyers by over 500,000, marking the highest figure on record. In an X post on Wednesday, Pulte quoted the statistic and said “Jerome Powell is hurting the housing market.”
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In another post, Pulte said “Compared to President Trump’s First Term, mortgages are now double the cost because of Joe Biden and Jerome Powell! It is crushing American’s ability to buy a home. Jerome Powell must lower rates. Now.”
Pulte Pressures Powell to Cut Rates
Pulte has pressured Powell to lower the federal funds rate several times in recent months while 30-year fixed-rate mortgages (FRMs) hover around their highest levels since 2007.
The 30-year FRM is indirectly influenced by the federal funds rate (FFR) through its link to long-term bond yields, such as the 10-year Treasury. A higher FFR can lead to higher long-term yields, although the relationship isn’t 1:1. Long-term yields also respond to other factors, like inflation expectations and the economic outlook.
Track the FFR and the 10-Year Treasury yield with TipRanks’ Economic Indicators Dashboard.
