McLEAN, Va. - (08/05/05) -- Long-term mortgage rates movedhigher this week, for the fourth week in a row, according toFreddie Mac. He average for the benchmark 30-year, fixed-rate loanclimbed to 5.82% this week, from 5.77% last week; while the averagefor the 15-year, fixed-rate loan rose to 5.38%, from 5.34%. ARMrates also inched upwards, with the average for the one-year ARMrising to 4.47%, from 4.46% last week; and the average for thefive-year ARM going to 5.30%, from 5.27% last week. "Long-termmortgage rates will more than likely rise over the next few months,albeit modestly compared to shorter-term rates," said FrankNothaft, chief economist at Freddie Mac. "As the Federal Reserveincreases its targeted overnight-lending rate, home-equity loanswill become more costly. This is because many home-equity loans aretied to the prime rate, which generally follows every Fed ratehike. Currently, the prime rate is 6.25 percent and is expected bymany to rise to 6.50 percent next week,"
-
At a time of mild or nonexistent loan growth, middle-market borrowers in the Lone Star State are providing a boost to Fifth Third Bancorp and Huntington Bancshares.
April 19 -
New details have emerged about the negotiations that culminated in Capital One's blockbuster $35 billion agreement to acquire Discover. At one point last December, the two parties broke off discussions, according to a securities filing.
April 19 -
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
April 19 -
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
April 19 -
Truist Financial's top executive leadership team announces departures; First Horizon's chief credit officer is retiring; Ferry teams with Highnote to roll out a new Visa-branded payroll card; and more in the weekly banking news roundup.
April 19 -
The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.
April 19