McLEAN, Va. - (03/31/06) -- Mortgage rates rose slightly thisweek, for the third week in a row, according to Freddie Mac. Theaverage for the benchmark 30-year, fixed-rate mortgage increased to6.35% this week, from 6.32% last week; while the average for the15-year, fixed-rate loan rose to 6%, from 5.97%. ARM rates alsomoved higher again, with the one-year ARM average rising to 5.51%this week, from 5.41% last week; and the five-year ARM rate goingto 6.02%, from 5.96%. Freddie Mac's chief economist Frank Nothaftattributed this week's rise in rates to the Fed's action liftingthe overnight Fed Funds rate by 25 basis points again, to 4.75%.The Fed raised rates this week, as was expected, but the market wasa little surprised at the (Open Market) Committee's comments, whichimplied more tightening in the future, said Nothaft. That raisedthe expectation that inflation may be more of a threat than waspreviously thought, and that kind of thinking promotes upwardpressure on mortgage rates like we saw across the board thisweek.
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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.
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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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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
July 3