McLEAN, Va. - (10/08/04) -- Long-term mortgage rates rose thisweek, based on stronger economic signals, according to Freddie Mac.The average for the benchmark 30-year, fixed-rate loan increased to5.92% this week, from 5.72% last week; while the average for the15-year, fixed-rate mortgage moved up to 5.24%, from 5.12%. Theaverage for the one-year ARM also rose to 4.08%, from 3.97% lastweek. "The financial market thinks we've passed the 'soft patch' inthe economy, which would translate into stronger growth in thecoming months," said Amy Cutts, deputy chief economist for FreddieMac. "Stronger growth means a greater threat of inflation and thatmeans interest rates will start to rise in response to thethreat."
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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.
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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.
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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.
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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.
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