Economy

This week's Freddie Mac mortgage rate survey shows rates at the lowest in four weeks, but homebuyers are giving mixed signals even with improved purchase power.

The Minneapolis company boosted revenue, kept operating expenses in check, and beat analysts' first-quarter earnings expectations.

America's oldest bank enjoyed a 33% increase in its bottom line, as economic turbulence fueled business and the company's efforts to improve efficiency and boost cross-selling paid dividends.

Office of Management and Budget Director Russell Vought told the House Budget Committee Wednesday that the Community Development Financial Institutions Fund is still a target for elimination by the administration because it promotes "woke" ideology.

The development of artificial intelligence could be used to embed a moral architecture in the new financial system.

First-quarter earnings will provide insights into how the Iran war is affecting consumers and how AI is changing banks.

The White House Office of Management and Budget will issue paperwork allowing the Treasury Department to disburse congressionally appropriated funds through the Community Development Financial Institutions Fund, breaking an impasse that has stalled funding for months.

Economists surveyed by Wolters Kluwer are scaling back rate cut expectations as Iran conflict-driven energy costs push inflation higher, complicating the Fed's path forward.

A 21.2% spike in the price of gasoline was the biggest contributor to a 0.9% increase in the Consumer Price Index in March, according to a Friday report from the Bureau of Labor Statistics. The agency said other price increases were largely contained.

Oil rights can be a surprisingly illiquid asset. A fintech called Frontlands is hoping to change that by offering a credit card for the owners of oil wells and other natural resources.

The payments processing firm recently filed for Chapter 7 bankruptcy with a nearly $3 million disputed charge owed to a subsidiary of Global Payments.

Organizers of the Winter Park-based Portrait Bank said they exceeded their capital-raise target by a wide margin, clearing the path for a June soft launch.

The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.

The White House's proposed 2027 budget would slash funding to the Community Development Financial Institutions Fund, the latest in an ongoing campaign from the Trump administration to dismantle the politically popular program.

The partnership between the long-established bank and the fintech brokerage will handle the development of the government-owned account platform behind the new government-seeded retirement accounts for children. 

Consumer credit card balances are down, a sign consumers are pulling back on spending amid rising gas prices and the Iran war.

New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.

The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.

Thomas Owens, Trustmark's current chief financial officer, will take over as chief operating officer on May 1. The COO position has historically been a pathway to the top job at the Jackson, Mississippi-based bank.

The Minneapolis-based regional bank is extending home-improvement loan durations by as much as two years in a bid to continue capitalizing on a long-running remodeling boom.