McLEAN, Va. - (06/03/05) -- Long-term mortgage rates declinedagain this week, for the third week in a row, according to FreddieMac. The average for the benchmark 30-year, fixed-rate loan dippedto 5.62% this week, from 5.65% last week; while the average for the15-year, fixed-rate mortgage slipped slightly to 5.20%, from 5.21%.ARM rates rose slightly, with the average for the five-year ARMrising to 5.1%, from 5.07%; and the average for the one-year ARMgoing to 4.26%, from 4.21%. However, Freddie's chief economistFrank Nothaft warned that improvements in the job market and risingwages will probably put upward pressure on mortgage rates in thecoming months.
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The embattled Long Island bank unveiled a turnaround plan that involves selling noncore assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
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During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
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House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
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Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
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A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
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Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
May 1