Mortgage Rates Slip Again to New Lows; Refinancing Surges
Mortgage rates reached new lows yet again this week with the 30-year fixed at 4.42 percent, down from last week’s 4.44 percent – and the historic dive in rates appears to have revived the refinancing sector.
The ...
Banks Finally Start to Ease Lending Standards, Fed Reports
Although modestly, big banks are starting to ease lending standards, particularly in the vital sector of commercial and industrial loans to small businesses, according to a new report by the Federal Reserve.
The ...
30-Year Mortgage Sets Record Low at 4.49%; 15-Year at 3.95%
Fixed-rate mortgages set new lows for the 7th week in a row, with the 30-year at 4.49 percent and the 15-year at 3.95 percent, Freddie Mac said today.
The 30-year was down from last week’s rate of 4.54 percent. ...
FTC Rule Bans Upfront Fees on Some Debt Relief Services
A new telemarketing sales rule prohibits for-profit companies that sell debt relief services over the telephone from charging an upfront free, according to the Federal Trade Commission.
Starting Oct. 27, these companies ...
Obama: Reform Ends Era of ‘Bad Loans’ That Fueled Crisis
Wall Street Reform was signed into law today by President Obama, promising an end to taxpayer-funded bailouts and a new consumer financial protection agency that will protect Americans from abusive practices in ...
Fed Caps Credit Card Penalty Fees at $25 for Non-Repeat Offenders
As part of the final phase of credit card reform, the Federal Reserve today capped penalty fees at $25 per violation, unless the card holder has made repeated violations or the card issuer can show that a higher ...
15-Year Rate Mortgage Sets New Low; 30-Year Rate at 4.79%
The 15-year fixed rate mortgage set another record low this week – 4.20 percent – which dates back to August 1991 when Freddie Mac started its weekly survey. The key 30-year fixed rate is at 4.79 percent ...
Record Low Mortgage Rates to Further Fuel Refinancing
The 30-year fixed rate mortgage continued its slide this week, averaging 4.78 percent, down from last week’s 4.84 percent and the lowest level since December.
It is nearing the record low of Dec. 3, 2009: ...
Will Consumers Win with Regulated Debit Card ‘Swipe’ Fees?
After years of attempting to even get a bill on the floor of Congress, business groups finally saw enough support to draw a bipartisan vote in the Senate for the first-ever regulation over the fees charged merchants ...
Senate Bans ‘No Doc’ Loans, Kickbacks in Mortgage Practices
The Senate has approved new rules overhauling some mortgage lending practices which contributed to the housing market meltdown, including banning lender kickbacks to brokers for originating high-cost loans and ...
