McLEAN, Va. - (05/26/06) -- Long-term mortgage rates movedslightly higher this week, maintaining four-year highs, accordingto Freddie Mac. The average for the 30-year, fixed-rate loan roseto 6.62% this week, from 6.60% last week, while the average for the15-year, fixed-rate mortgage inched up to 6.23%, from 6.20%. ARMrates dipped slightly. The average for the one-year ARM slipped to5.61% this week, from 5.62% last week; while the average for thefive-year ARM dipped to 6.21%, from 6.23%. The rising rates havedampened home sales, according to Frank Nothaft, chief economistfor Freddie Mac. "Total housing starts for April were the weakestsince November 2004, and although new home sales in April were thestrongest this year, the number of homes for sale hit a recordhigh. Meanwhile, existing home sales declined an expected 2%,further evidence of an easing in housing," said Nothaft.
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The Philadelphia-based bank's parent company, Republic First Bancshares, had been roiled by a yearslong proxy battle involving activist investors groups and its former CEO.
April 26 -
The Wyoming-based digital asset bank filed paperwork to challenge last month's district court ruling, which affirmed the Federal Reserve's view about its discretion over master account applications.
April 26 -
The former head of the Consumer Financial Protection Bureau resigned Friday after the troubled rollout of the Free Application for Federal Student Aid led some House Republicans to call for his resignation.
April 26 -
The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
April 26 -
Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
April 26 -
The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
April 26