McLEAN, Va. - (07/29/05) -- Fixed mortgage rates moved higheragain this week, for the third week in a row, according to FreddieMac. The average for the benchmark 30-year, fixed-rate loan inchedup to 5.77% this week, from 5.73% last week; while the average forthe 15-year, fixed-rate mortgage rose to 5.34%, from 5.32%. ARMrates also moved higher, with the one-year ARM average moving up to4.46%, from 4.42% last week; and the five-year ARM average inchingup to 5.27%, from 5.26%. Despite the rising rates, economists stillsee rates as attractive for homebuyers. "Although inching upwards,the average 30-year fixed-rate mortgage rate for the month of Julywas lower than the annual averages since our survey began in 1971,"said Frank Nothaft, chief economist at Freddie Mac. "And the mostrecent figures for housing sales are reflective of these lowinterest rates in the mortgage industry."
-
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
4h ago -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
6h ago -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
8h ago -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
10h ago -
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
10h ago -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
April 25