Mortgages Climb Past 5.5%
WASHINGTON -- Home-mortgage rates took another leap this week, bringing the average rate on a 30-year fixed-rate mortgage to its highest in seven months, Freddie Mac reported Thursday.
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Rate Rise Clouds Recovery
Rising interest rates threaten to dim prospects for a housing recovery and choke off a refinance wave that was a major plank of the Obama administration's economic-stimulus efforts. On Wednesday, rates on 30-year fixed-rate mortgages climbed to 5.79%, up from 5% two weeks ago, according to HSH Associates. That jump will cut roughly in half the number of borrowers with an incentive to refinance, according to FTN Financial.
Fed to Keep Lid on Bond Buys
WASHINGTON -- Federal Reserve officials are unlikely to significantly boost purchases of U.S. Treasury’s and mortgage-backed securities when they meet in late June, but could make other adjustments in the face of rising bond yields and fresh signs of an improving economy. Fed officials have become more confident recently that they have stabilized the economy and set the stage for recovery. But divisions are brewing within the Fed over whether it should do more to speed the healing, pause, or start pulling back to avoid an outbreak of inflation.
3 FHA Lenders Suspended
Three lenders approved to originate loans insured by the Federal Housing Administration were suspended by the U.S. Department of Housing and Urban Development over “serious” violations.
