The average rate on the 30-year fixed mortgage sank 16 basis points on Friday to 6.29%, according to Mortgage Daily News.

Cleveland Federal Reserve President Beth Hammack said maintaining the Fed's independence is crucial to keeping inflation low.

Nominated by Democratic former President Joe Biden to fill a surprise vacancy on the Fed board and confirmed in 2023, Kugler's term was not set to expire until January of 2026. In her Aug. 1 resignation letter, addressed to Trump, Kugler offered no explanation for why she was leaving her job just months before her term ended.

"So could they play catch-up? Yes, they could. Hopefully they will, but it's a more risky operation than a lot of people expect it to be."

While Trump has taken to name-calling and high-pressure moves such as public call-outs and televised meetings with Fed Chair Jerome Powell, Bessent took a more measured approach.

The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.

The Justice Department has launched a criminal probe into Federal Reserve Governor Lisa Cook — issuing subpoenas in both Georgia and Michigan as part of an investigation into alleged mortgage fraud, The Post has learned.

The DOJ has reportedly opened a criminal mortgage fraud probe into Federal Reserve Governor Lisa Cook, whom Trump has been trying to fire.