McLEAN, Va. - (11/04/05) -- Long-term mortgage rates rose againthis week to their highest level in more than a year, according toFreddie Mac. The average for the benchmark 30-year, fixed-rate loanclimbed from 6.15% last week, to 6.31%; while the average for the15-year, fixed-rate mortgage increased from 5.69% to 5.85%. ARMrates also moved higher, with the average for the one-year ARMinching up to 5.09%, from 4.91% last week; and the average for thefive-year ARM going from 5.63% to 5.76%. The rising rates continuedto reflect an expanding economy, according to Frank Nothaft, chiefeconomist for Freddie Mac. "Based on preliminary GDP figures forthe third quarter, the economy is expanding faster than had beenexpected," said Nothaft. "Originally, the markets had loweredeconomic expectations for the third quarter because of the impactof the hurricanes. So the news of an economy growing at such astrong pace gave financial markets a jolt and added to the impetusthat caused mortgage rates to rise again this week."
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The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.
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Backed by tech billionaires, the crypto-focused digital startup bank's timely application reflects the current administration's openness to new tech-driven banking models — and raises concerns about regulatory impartiality, considering its backers' political ties.
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The application follows on the heels of Circle and Wise, as crypto and payment companies seek crypto custody approval and direct access to the Federal Reserve payment system.
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The credit union regulator, responding to a recent executive order, has established strict new standards for prosecuting financial crimes. Regulators are now supposed to make criminal referrals only in cases where putative defendants appear to have known they were breaking the law.
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Three bank trade associations recommended phasing out paper checks to reduce government payment fraud in a joint statement submitted to the U.S. Treasury.
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Baton Rouge-based Investar Holding Corp. has agreed to pay $84 million for Wichita Falls Bancshares, which operates five branches in the Dallas-Fort Worth Metroplex.
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