"Jay Powell is hurting the housing market by being too late to lower rates. He needs to resign, effective immediately," Bill Pulte said in one post on X. He repeated the call in other posts, indicating he sees inflation has fallen far enough to warrant the move.

Pulte's social media posts contributed to escalating statements President Trump has made pressuring Powell to cut rates. The Fed chief's decisions are traditionally made independently and Powell has indicated his decisions will be based solely on economic data.

The median projection from policymakers continues to be that they'll cut rates twice before the year is out. But the number of them that anticipate there could be no rate cuts has grown.

Pulte indicated his interest in Fed rate cuts is tied to the way they could amplify the influence of the large government-related mortgage investors he oversees. He and President Trump see potential to sell off a stake in them as a potential revenue source.

"Fannie Mae and Freddie Mac can help so many more Americans if Chair Powell will just do his job and lower rates," he said.

When asked about the housing market during his press conference Wednesday afternoon, Powell acknowledged that its financing costs are elevated but indicated he won't depart from his current course.

"We have a longer run shortage of housing, and we also have high rates right now. I think the best thing we can do for the housing market is to restore price stability in a sustainable way and create a strong labor market," he said.

Pulte indicated he was listening to the remarks in his posts on Wednesday and said Powell "has no clue what he can do for the housing market. And he's not listening to the people who help lead the housing market."

Short-term rates the Fed controls aren't always entirely correlated with what happens to the longer ones that currently dominate the mortgage market, Charlie Wise, head of global research and consulting at TransUnion, noted during a meeting with NMN on Tuesday.

"That doesn't necessarily translate to relief on the mortgage rate side. Mortgages used to go in lockstep with the Fed funds rate, and haven't recently," he said during a discussion of the company's recent consumer survey and broader economic conditions.

TransUnion's survey indicated that while there have been concerns about uncertainty around economic impact of President Trump's fluctuating tariff negotiations and inflation in consumer prices that can threaten stability, consumers have been relatively optimistic.

The Fed tends to be reluctant to cut rates and can even raise them when inflation is high and is considered most likely to move to do so if jobs show weakness, which could have negative repercussions for mortgages as it tends to raise delinquency rates.

Wednesday's developments are considered most likely to leave rates in their current range, according to Mortgage Bankers Association Chief Economist Mike Fratantoni.

"All is, a Fed on hold aligns with our forecast for little change in mortgage rates for the time being," he said in an emailed statement.

Originations have been and will likely continue to be somewhat elevated but could be stronger, according to the association.

"MBA data continue to show modest increases in purchase application activity relative to last year, and we expect that trend to continue for the remainder of 2025 and 2026," Fratantoni said.