The Federal Reserve just raised interest rates for the first time since 2023. Here's how mortgage rates may respond.
Prospective homebuyers have been waiting for meaningful relief from the high mortgage rate landscape for much of 2026. Rather than rates dipping, though, borrowing costs have remained stubbornly high instead, with the average 30-year fixed mortgage rate reaching 7.43% as of mid-September, up by a full point compared to just a few months ago. That has kept affordability strained for homebuyers who are already contending with elevated home prices and other rising essential goods costs. And now another complication has entered the picture. The Federal Reserve just raised its benchmark interest rate by 25 basis points, its first increase since 2023, pushing the federal funds target range to 3.75% to 4.00%.
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MBA Sues New Jersey Over Disparate Impact Rule
The Mortgage Bankers Association (MBA) recently filed a lawsuit in the U.S. district court for the district of New Jersey challenging the disparate impact rules adopted by the state. In December 2025, the New Jersey Division on Civil Rights (DCR) adopted Rules Pertaining to Disparate Impact Discrimination under the New Jersey Law Against Discrimination.
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California buyer opened a $57,000 property tax bill after closing, then learned it wasn't theirs
Opening a surprise bill for $57,000 would rattle almost any homeowner. For one California buyer, that shock arrived after closing on a Los Angeles-area residence in January - and the charge was ultimately tied to old property taxes they did not owe.
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US Lawmakers Introduce Bill to Assist Cannabis Businesses in Getting Insurance
State-licensed cannabis companies and related businesses would gain broad access to insurance markets under legislation a bipartisan pair of U.S. House members introduced on Sept. 16. Reps. Nydia M. Velázquez, D-N.Y., and Warren Davidson, R-Ohio, filed the Clarifying Law Around Insurance of Marijuana (CLAIM) Act to protect insurance companies from federal criminal prosecution should they choose to serve cannabis-related "legitimate" businesses. The legislation would also shield brokers, agents and insurers from civil liability.
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Former Attorney Pleads Guilty in Real Estate Fraud Scheme
Michael Saracco (40, Cocoa) has pleaded guilty to three counts of wire fraud. He faces a maximum penalty of 20 years in federal prison per count. Sentencing has been set for December 2, 2026. U.S. Attorney Gregory W. Kehoe made the announcement. According to court documents, Saracco is a former attorney who owned Driftwood Title located in Cocoa and All Florida Property Solutions (AFPS). Saracco maintained various Driftwood escrow accounts. Between August 2019 and July 2025, Saracco defrauded private lending companies, financial institutions, and title insurance underwriters.
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