McLEAN, Va. - (02/24/06) Long-term mortgage rates edgedlower this week, according to Freddie Mac. The average for thebenchmark 30-year, fixed-rate loan slipped to 6.26% this week, from6.28% last week; while the average for the 15-year, fixed-ratemortgage dipped to 5.89%, from 5.91%. ARM rates were flat, with thefive-year ARM average move up a single basis point to 5.96% thisweek, and the average for the one-year ARM falling to 5.32%, from5.36% last week. Freddie Macs Chief Economist Frank Nothaftcontinued see-sawing of rates for the short-term. Market confidencethat the Fed will continue to keep inflation low kept mortgagerates in check this week, said Nothaft. Over the long term, weexpect mortgage rates will bounce back and forth a bit, remainingnear current levels.
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The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.
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A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.
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The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.
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Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.
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In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.
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