This time Pulte used his social media account on X to take issue with the way Powell explained the distinction between the rates he oversees and those for home loans, indicating the role the Fed can play in housing has limits.

Pulte, director of U.S. Federal Housing,  indicated he saw comments made during Wednesday's press conference as indicating that Powell was downplaying a significant role the Fed has in residential real estate. (USFH is the branding Pulte uses for the Federal Housing Finance Agency, which is the oversight agency for two influential government-linked mortgage buyers.)

Powell is "saying that the Fed has nothing to do with housing The Fed has everything to do with housing," Pulte said in his X post.

Fed rates can and often do play an influential role in the direction of mortgage rates that currently are predominantly long term, but monetary policymakers' decisions don't directly affect them.

"We don't set mortgage rates," Powell said Wednesday.

Long-term rates are more directly correlated with how long-term bond yields respond to developments like Fed moves that impact short-term rates. (Trump administration officials have also considered Treasury bond interventions that could have an impact on rates).

Powell also noted that housing sector challenges include "a long-term housing shortage," emphasizing supply-side concerns.

"We haven't built enough housing. This is not something that the Fed can help with," he said.

"I think the best thing we can do for housing is to have 2% inflation and maximum employment," Powell added in his statements, which reiterated some past comments he's made in other Fed press conferences.

Since the Fed traditionally operates independently based on objective data and the bond market that affects mortgage rates has reacted adversely at times to political attempts to intervene, industry press statements show most mortgage-related professionals have been looking primarily at economic indicators to get a sense of the mortgage rate outlook. 

"While the Fed is predictably keeping interest rates steady, it's essential to consider that this week is one of the most consequential weeks when it comes to the future of the nation's economy. All eyes are on several key jobs and consumer confidence reports," said Marc Halpern, CEO of Foundation Mortgage.

While lower Fed rates could put downward pressure on mortgage financing costs, Powell has shown concern they also may reignite inflation the Fed has been trying to get under control and is reluctant to do so until there are signs of economic weakness he considers warrant it. He has shown particular concern about tariff impacts on the economy.

"What's uncertain is the near-term path to lower rates as the Fed assesses inflation and employment risks. What's certain is that when rates do drop, the mortgage industry is very astute at capturing refi opportunities," said Geno Paluso, CEO at Sagent.

Pulte has said he considers Powell to be already "too late" to lower rates. In addition, the Federal Open Market Committee that sets monetary policy has some disparate opinions within it.

"If there's dissent and pressure causes a rate cut, then it would give consumers more buying power," said Yuval Golan, CEO and founder of real-estate financing platform Waltz.

Signs of economic strength, in the meantime, do have some upsides for housing.

"As predicted, the Fed's decision to keep rates stable underscores the resilience of the U.S. economy," said Joseph Panebianco, CEO of AnnieMac.

"Resilient economies provide job security, which in turn provides homebuyers with the confidence needed to move forward despite affordability headwinds," he added.