WASHINGTON –Long-term mortgage rates remained near record low territory this week, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan ticked down to 4.10% this week, from 4.11% last week; while the average for the 15-year mortgage remained unchanged at 3.38%.
ARM rates were mixed, with the average for the five-year ARM rising to 3.08%, from 3.01% last week; and the average for the one-year ARM declining to 2.90%, from 2.94%.
Berkshire Hathaway's banking-related investment strategy is murky, after the arrival of new leadership and the sale of its stakes in Visa and Mastercard.
Amerant Bancorp in Coral Gables, Florida, appointed Carlos Iafigliola its permanent president and CEO; Morton Community Bank in Illinois reached a deal to buy a three-branch franchise in the Land of Lincoln; Bank First in Manitowoc, Wisconsin, agreed to acquire PSB Holdings; and more in this week's banking news roundup.
President Donald Trump administered Federal Reserve Chair Kevin Warsh's oath of office in a ceremony Friday morning. Warsh is expected to pursue changes at the central bank, including a push to reduce its $6.7 billion balance sheet.
Federal Reserve Gov. Christopher Waller said in a speech Friday that he favors holding interest rates steady until energy prices fall, but noted that the central bank should be ready to hike rates if inflation gets too far out of hand.
Cetin Duransoy said every employee at his company is now using AI in some way.
Many banks are missing revenue and cost-cutting opportunities—and potentially disenfranchising customers by not offering relevant app details.
