Economy and Markets

The White House is directing Fannie Mae and Freddie Mac to buy $200 billion in mortgage bonds as part of a broader effort by President Trump to use federal entities to enact housing policy without new legislation, a move that has prompted concern on Capitol Hill about stretching statutory authority. At the same time, Freddie Mac reports the average 30-year fixed rate has fallen to 6.06% — the lowest in more than three years — boosting purchase and refinance activity even as Attom data show affordability remains strained with record median prices and home-price gains far outpacing wages.