The average interest rate on a typical mortgage dipped to 6.06%, the lowest level since September 2022, according to Freddie Mac.

Federal Reserve Chair Jerome Powell is coming to the end of his term, and his replacement could also affect future mortgage rates. Trump has been critical of Powell for not reducing interest rates more aggressively, and while the chair is supposed to work independently, pressure from the president could have an effect.

This week, United States President Donald Trump turned some heads around the country when he proposed a 10% cap on credit card interest rates for one year.

For bonds backed by bank-issued credit cards, the 10% cap would cause a key measure of bond income — called excess spread — to drop to levels similar to those seen during the global financial crisis, ...