Chair Powell has ‘no intention’ of leaving Fed until DOJ probe ends 

Energy prices have jumped since the U.S. war with Iran began — and mortgage rates are not immune to the fallout.

With daily 30-year mortgage rates breaching 6.5% for the first time in six months and weekly average rates also hitting the highest mark in 2026 this week, NAR Chief Economist Lawrence Yun issued a warning about elevated oil prices: In addition to compounding business operating costs, they can fuel inflation concerns and lead mortgage lenders to raise rates.

"Higher oil prices, higher mortgage rates," Yun said.

After a few years of lackluster springtime housing market activity, 2026 began with "sizeable pent-up demand ready to come into the market," he noted — "so, terrible timing in terms of the recent rise in mortgage rates."

Here's what else happened in the nation's capital over the past week.

Powell may lead Fed longer than planned

Federal Reserve Chair Jerome Powell said that if a new Fed chair is not confirmed before his term expires in May, he will stay on as chair pro tempore.

President Donald Trump nominated former Fed Governor Kevin Warsh to the position in January. But the confirmation process has stalled due to a DOJ investigation into Powell over comments the Fed chair made last year about renovation plans for the Fed's headquarters.

Powell has suggested that the investigation is really about the Fed's approach to setting monetary policy, which has not aligned with Trump's demands for lower interest rates. Some members of the Senate Banking Committee have refused to move Warsh's nomination forward until the investigation is dropped — including Republican Thom Tillis of North Carolina, whose vote on the committee is critical.

Powell entertained questions about his plans for the first time after the Fed left rates unchanged during its March 17-18 meeting. If he does stay on as chair after his term officially ends, Powell noted, he wouldn't be the first to do so.

Additionally, "I have no intention of leaving the Board until the investigation is well and truly over, with transparency and finality," Powell said, though he hasn't yet decided whether he will stay beyond that point. Powell's term as a Board of Governors member isn't set to end until January 2028.

States sue HUD over fair housing guidance

The attorneys general for 15 states and Washington, D.C., filed a lawsuit on March 16 over the U.S. Department of Housing and Urban Development's (HUD) rollback of fair housing protections.

The new guidance issued last September to state and local fair housing enforcement organizations "significantly weakens" these protections "and makes it harder to hold landlords accountable for discrimination," the attorneys general said in a news release.

"HUD, without legal authority, is effectively undermining state laws that offer stronger protections than federal law," California Attorney General Rob Bonta said, alleging that the "unlawful" guidance "would only roll back the progress we've made to keep our families safe from discrimination that limits where they can live."

HUD Secretary Scott Turner responded to the lawsuit by doubling down in a post on social media, vowing to "continue enforcing the Fair Housing Act as written and intended."

FHFA moves to lower costs 'for millions of families'

The Federal Housing Finance Agency (FHFA) is repealing some homeowners insurance requirements for Fannie Mae and Freddie Mac mortgages.

The changes include the simplification of a maximum per-unit deductible rule for condos and the acceptance of Actual Cash Value (ACV) roof coverage for both single-family homes and condos.

The FHFA said in its March 18 announcement that the changes "will help to lower home insurance bills for millions of families, especially in rural areas and condo buildings."

Allowing ACV policies will give families "the flexibility they need" and ensure "rural communities have better access to choose an insurance plan that best reflects their needs," said Republican Sen. Eric Schmitt of Missouri, who advocated for the change last year.

Judge throws CFPB a lifeline

The Trump administration's efforts to dismantle the Consumer Financial Protection Bureau (CFPB) have hit another snag.

While the administration argued late last year that the bureau had no legitimate funding options, U.S. District Judge Edward Davila disagreed with officials' interpretation of the funding request process.

In a March 13 ruling, Davila said CFPB Acting Director Russell Vought and others acted "arbitrarily, capriciously, and contrary to law" in their refusal to seek funding and ordered the administration "to continue requesting the amount determined by the Director to be reasonably necessary."

The administration's efforts to shutter the CFPB have been ongoing since Trump began his second term in office.