McLEAN, Va. - (11/25/04) -- Long-term mortgage rates werevirtually unchanged this week, the short holiday week, according toFreddie Mac. The average for the benchmark 30-year, fixed-rate loanslipped slightly to 5.72%, from 5.74% last week, while the averagefor the 15-year, fixed-rate mortgage remained unchanged at 5.15%.The average for the one-year ARM rose to 4.27%, from 4.17% lastweek.
The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
The Bureau of Labor Statistics issued its unemployment report for June, showing that the economy added 147,000 jobs. The report supports the Federal Reserve's patience to cut interest rates.
A Federal Reserve proposal to calculate stress capital buffers would mean that the banking system could be less likely to withstand an economic shock, the Democratic senator said.
The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
