Mortgage Rates In The Basement
Mortgage Rates In The Basement
WASHINGTON-Long-term mortgage continued to decline towards their lowest in five decades, according to Freddie Mac.
The average for the benchmark 30-year, fixed-rate loan dipped from a 30-year-low of 4.58% last week to 4.57% this week. The average for the 15-year mortgage inched up from 4.04% to 4.07%. ARM rates moved lower too, with the average for the five-year ARM slipping from 3.79% to 3.75% this week; and the average for the one-year ARM moving from 3.80% to 3.75%.
"With mortgage rates falling to historic lows, refinance activity has been strong over the past three months," said Frank Nothaft, Freddie Mac's chief economist.
The Mortgage Bankers Association reported applications to refinance an existing mortgage rose to the highest level in 13 months last week, even as applications for purchases declined. Refinancing accounted for 79% of mortgage applications last week.
Four More Banks Are Shuttered
WASHINGTON-Four more bank failures were announced on Friday by the Office of the Comptroller of the Currency. Among the failures were the $282-million Bay National Bank in Baltimore, which is being acquired by the Washington-based private equity firm Hovde Acquisitions. Also in Baltimore, the OTS closed $6.3 million-asset Ideal Federal Savings Bank. The FDIC was unable to find a buyer for Ideal. Its failure will cost the fund $2.1 million. In Port Chester, N.Y., the $193-million USA Bank was closed, with the FDIC selling it to the $504-million Customers 1st Bank in Phoenixville, Penn. The largest bank to fail was the $644-million Home National Bank in Blackwell, Okla, which was closed by the OCC. It has been acquired by the $1.4-billion RCB Bank, Claremore, Okla., which assumed all the bank's deposits and $340.7-million in assets, while $260.8-million worth of assets were sold to the $2.3-billion Enterprise Bank & Trust in Clayton, Mo. through a loss-share agreement.
Collectively, the four failures represent $1.1 billion in assets and will cost the Deposit Insurance Fund $160 million.
Fynanz Adds Host of New Content To Site
NEW YORK-Fynanz, a provider of customized private student lending solutions, has added to its website at cuStudentLoans.org an entire section devoted to helping students and their families research and obtain valuable insight into college financing options. The site features Ken's Korner, hosted by a virtual financial aid advisor complete with an extensive educational blog, Twitter feed, Q&A section and links to other sites and articles with conten the company said will be updated multiple times each week. Authoring "Ken's Korner" will be Ken O'Connor, who has joined Fynanz as its Director of Financial Literacy. O'Connor previously spent 10 years as a financial aid officer at Fairleigh Dickinson University Metropolitan Campus in New Jersey.
1st United Services Paying It Forward
PLEASANTON, Calif.-1st United Services Credit Union has launched a "1st USCU Pays It Forward: School Spirit Edition," a Web 2.0-enabled program to support local schools. Under the "1st USCU Pays It Forward: School Spirit Edition'" program, members and nonmembers are encouraged to nominate their favorite school program to receive one of two available $500 donations from 1st United Services Credit Union. The program nominated can be related to athletics, music, scholarships, computer lab or any other school program. Nominations may also be made by submitting a video by including a link to the video (on YouTube, Facebook or other web site) in the nomination form.