Treasury Secretary Scott Bessent said in an interview on CNBC Thursday that he and Office of Management and Budget Director Russell Vought have been tasked with developing a fiscal plan to reduce government spending.

The annualized new single-family home sales pace, an indicator of the U.S. Census Bureau's New Residential Sales report, declined in three of the last four months.

Despite Treasury intervention to calm bond yields, persistent deficit pressure continues to trap mortgage rates, keeping application volume flat and squeezing origination revenue.