McLEAN, Va. - (06/09/06) Long-term mortgage halted theirshort-term march higher this weekif only brieflyasworries over job growth slowed the mortgage market. The average forthe 30-year, fixed-rate loan dipped slightly this week to 6.62%,from 6.67%, and the average for the 15-year, fixed mortgagedeclined to 6.23%, from 6.26%, according to Freddie Mac. ARM ratesalso eased, with the average for the one-year ARM slipping to5.63%, form 5.68%; and the average for the five-year ARM dipping to6.20%, from 6.26%. Rates have risen over the past two months totheir highest levels in four years. Mortgage rates are down alittle this week on news of disappointing job growth in May coupledwith downward revisions for the previous two months, said FrankNothaft, chief economist for the secondary mortgage market giant.The slight drop in long-term rates reflects a cautiously optimisticoutlook in the market that core inflation remains contained. Thesoon-to-be released Producer Price Index, followed by the ConsumerPrice Index, will give a better indication which way inflation isheaded.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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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.
July 3 -
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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