Core Viewpoint - The article discusses the current state of the U.S. housing market and the impact of mortgage rates, highlighting the disconnect between Federal Reserve policies and actual mortgage rates, as well as ongoing supply issues in the housing sector [1] Group 1: Federal Reserve and Mortgage Rates - Federal Reserve Chairman Jerome Powell stated that the Fed cannot control mortgage rates, which are more closely tied to the 10-year U.S. Treasury yield rather than the federal funds rate [1] - Despite the Fed's interest rate cuts, mortgage rates have not decreased and have instead risen since the Fed began lowering rates last year [1] Group 2: Housing Market Challenges - President Trump emphasized the need for the Fed to facilitate home purchases and refinancing, but acknowledged that rate cuts alone won't resolve the housing market's long-term supply issues [1] - The housing market is facing significant challenges, including a shortage of long-term supply, rising costs of building materials due to tariffs, and a labor shortage exacerbated by the deportation of foreign workers [1]