McLEAN, Va. - (09/02/05) -- Long-term mortgage rates declinedthis week to the lowest level in six weeks, as energy prices nearrecord highs made investors nervous about slowing economic growth,Freddie Mac said Thursday. The average for the benchmark 30-yearloan slipped to 5.71%, from 5.77% last week; while the average forthe 15-year, fixed-rate mortgage dipped to 5.32%, from 5.35%. ARMrates were mixed, with the average for the one-year ARM dropping to4.48%, from 4.56%, but the average for the five-year ARM holdingsteady at 5.30%. "Market jitters about high energy costs and thespill over into other sectors of the economy have led to a declinein bond yields, which typically means lower mortgage rates," saidFrank Nothaft, chief economist at Freddie Mac. "And speculationthat the Federal Reserve may soon take a break in raisingshort-term rates reduces upward pressure on long- and short-terminterest rates. As if all that wasn't enough, the devastationcaused by Hurricane Katrina and the echo effects on future energyprices in the U.S. may mean that mortgages rates will fall evenfurther in the coming days ahead."
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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The Federal Reserve has banned a Wyoming bank employee from the banking industry for embezzling more than $30,000 from a charity.
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