McLEAN, Va. - (10/07/05) -- Mortgage rates continued to risethis week, for the fourth week in a row, as concerns over energycosts and the after-affects of Hurricane Katrina start to takehold, according to Freddie Mac. The average for the benchmark30-year fixed-rate mortgage rose to 5.98% this week, from 5.91%last week; while the average for the 15-year, fixed-rate loan movedto 5.54%, form 5.48%. ARM rates also continued to move higher, withthe one-year ARM average increasing to 4.77% this week, from 4.68%;and the five-year ARM average inching up to 5.48%, from 5.44%."Mortgage rates have been rising for the last four weeks oninflation jitters caused in part by extended high energy costs.Still we need more concrete data to predict the direction of thenational economy, including mortgage rates," said Frank Nothaft,chief economist for Freddie Mac. "That said, we do think that theeconomy will continue to grow, albeit at perhaps a slightly slowerpace than in the recent past. Mortgage rates will most likelycontinue to rise with the expansion of the economy."
-
The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
10h ago -
A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
May 3 -
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
May 3 -
The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.
May 3 -
Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
May 3 -
In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
May 3