Mortgage Rates Tip Upward

Published January 10, 2013, 7:10 p.m. EST

Updated August 26, 2020, 10:30 p.m. EDT

1 Min Read

WASHINGTON Home loan rates moved slightly again this week, reaching the highest level in eight weeks, according to Freddie Mac.

Processing Content

The average for the 30-year, fixed-rate loan hit 3.40%, up from 3.34% last week; while the average for the 15-year mortgage rose to 2.66%, from 2.64%.

“Fixed mortgage rates increased slightly following a positive employment report for December,” said Frank Nothaft, chief economist for Freddie Mac.

ARM rates were mixed, with the average for the five-year ARM inching up to 2.66% from 2.64% last week; and the average for the one-year ARM dipping to 2.67% from 2.71% last week.

MORE FROM AMERICAN BANKER

Politics and policy

House will vote Wednesday on newest version of housing bill

The newest version of the House housing bill would make a ban on institutional investors owning some homes less harsh than the Senate version by removing a seven year mandate on selling build-to-rent homes.

By Claire Williams
Reporter

2h ago
Interchange fees

NCUA moves to block Illinois swipe fee law

The National Credit Union Administration Tuesday submitted a rule to the Office of Management and Budget stating that federal law preempts state laws on interchange, blocking an Illinois statute banning the collection of swipe fees on taxes and tips.

By Maria Volkova
Reporter

2h ago
Regulation and compliance

Regulators propose CAMELS rating overhaul

The Federal Financial Institutions Examination Council — whose members include federal bank regulators — issued a proposal Tuesday to overhaul the bank supervisory ratings process, the first such revision in 30 years. The proposal would reduce the weight management grades have on supervisory ratings and would require rating downgrades to be tied to explicit financial risks.

By Ebrima Santos Sanneh
Reporter

3h ago
Corporate governance

JPMorgan shareholders reject call for more lobbying disclosures

JPMorganChase's shareholders have occasionally floated proposals to make sure the bank's lobbying dollars match its public statements. At the company's annual meeting on Monday, support for one such measure was down significantly from a similar proposal in 2023.

By Nathan Place
National Reporter

3h ago
Industry News

Amid turnaround, Flagstar rewards CEO Otting, names co-presidents

Flagstar Bank extended Joseph Otting's employment contract by one year and granted him new stock awards. Simultaneously, the bank promoted two executives to serve as co-presidents, in a move that could be a hint at CEO succession plans.

By Allissa Kline
Reporter

5h ago
M&A

How NMI and Dwolla's combo boosts a key card alternative

The two fintechs will increase distribution of a 'pay by bank' option that has picked up steam in recent years as merchants and consumers seek relief from card fees.

By John Adams
Executive Editor, Payments

6h ago