McLEAN, Va. - (02/10/06) Long-term mortgage rates inchedhigher this week, for the third week in a row, according to FreddieMac, the average for the benchmark 30-year, fixed-rate loan movedup to 6.24% this week, from 6.23% last week; while the average forthe 15-year, fixed-rate mortgage rose to 5.83%, from 5.81%. ARMrates also rose slightly, with the average for the five-year ARMmoving to 5.89% this week, from 5.87% last week; and the averagefor the one-year ARM going to 5.34%, from 5.33%. With no bigeconomic news to influence the direction of mortgage rates thisweek, the numbers drifted very slightly upward, said Frank Nothaft,chief economist for Freddie Mac. We see this trend continuingthroughout 2006, with the 30-year fixed-rate mortgage ending theyear at about 6.3% as the housing market eases back from lastyear's record-setting levels toward a somewhat more normal rate ofactivity.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3