McLEAN, Va. - (04/20/06) -- Home loan rates rose again this weekfor the fourth week in a row, to their highest level since July of2002, according to Freddie Mac. The higher rates are weighing onmortgage lending, with the number of applications running roughly15% less than they were last year at this time, according to theMortgage Bankers Association. This week, the average for thebenchmark 30-year, fixed-rate mortgage climbed to 6.53%, from 6.49%last week; while the average for the 15-year, fixed-rate loan movedup to 6.17%, from 6.14%. ARM rates also continued their upwardclimb, with the average for the one-year ARM hitting 5.63%, from5.61% last week; and the five-year ARM rate moving to 6.16%, from6.13%. Mortgage rates drifted upward this week following therelease of the Consumer and Producer Price Indexes for March, whichcame in at the upper end of market expectations for inflation, saidFrank Nothaft, chief economist for Freddie Mac As a result ofhigher mortgage rates, housing market activity is beginning toslow, as evidenced in the lower housing starts statistics forMarch.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
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.
July 3 -
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.
July 3 -
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.
July 3