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Any Fed rate increase would have little impact on mortgages, Md. bankers say
The Federal Reserve has greatly changed its plans since it initially forecast as many as four rate increases throughout 2016 after raising rates late last year for the first time in nearly a decade. Rate increases are likely only if the economy clearly is improving, which is why the financial services industry was watching last week’s jobs numbers with […]
FDIC sues big banks over alleged LIBOR rigging
The Federal Deposit Insurance Corp. has sued 16 big banks that set a key global interest rate, accusing them of fraud and conspiring to keep the rate low to enrich themselves.
Fed leaves low interest-rate policies unchanged
WASHINGTON — The Federal Reserve says the U.S. economy still needs support from its low interest-rate policies because it is growing only moderately. In a statement Wednesday after a policy meeting, the Fed said it would keep buying $85 billion a month in bonds to keep long-term interest rates low and encourage borrowing and spending. […]
Closing Fannie, Freddie could boost mortgage rates
WASHINGTON — Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis. Borrowers would probably end up paying slightly higher mortgage rates under House and Senate bills that […]
Fed says growth pause temporary, keeps up stimulus
WASHINGTON — The Federal Reserve said Wednesday that the U.S. economy “paused” in recent months because of temporary factors and reaffirmed its commitment to try to stimulate growth by keeping borrowing cheap for the foreseeable future. The Fed took no new action at its two-day policy meeting. But it stood behind aggressive steps it launched […]
Baltimore County retains AAA bond rating
Baltimore County has retained its prized Triple A bond rating from the three major rating agencies.
Morgan Stanley closes a bleak bank earnings season
NEW YORK — It’s tough being a big bank these days. Morgan Stanley, the storied investment house, reported Thursday that its revenue was down sharply for April through June and its profit missed Wall Street expectations. Its stock was clobbered — down more than 5 percent. The report capped a dismal season for the banking […]
Mortgage rate falls to record low 3.79%
WASHINGTON — Average U.S. rates for 30-year and 15-year fixed mortgages fell to record lows for the third straight week. The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify. Mortgage buyer Freddie Mac says the rate on the 30-year loan dipped to 3.79 percent. That’s down from […]
Bernanke says more Fed action is possible
WASHINGTON — Federal Reserve Chairman Ben Bernanke left open the possibility Wednesday of further Fed action to stimulate the economy. Speaking at a news conference, Bernanke walked a fine rhetorical line: He signaled that the Fed would act more aggressively to reduce unemployment if needed — but not at the cost of high inflation. Bernanke […]
Assembly enacts bill encouraging small business loans
Small businesses may find it easier to obtain bank loans under legislation passed by the General Assembly. The Lend Local Act, which was filed in the House of Delegates and state Senate, was amended to create a linked deposit program for small businesses in the Department of Housing and Community Development, putting up to $50 […]
Homebuying, refinancing costs stay low
WASHINGTON — The average U.S. rate on the 30-year fixed mortgage was mostly unchanged this week, as the cost of home-buying and refinancing stayed near record lows. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell slightly to 3.98 percent from 3.99 percent last week. In February, the rate touched […]
Rate on 30-year mortgage falls to 3.98 percent
WASHINGTON — The average U.S. rate on the 30-year fixed mortgage was mostly unchanged this week, as the cost of home-buying and refinancing stayed near record lows. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell slightly to 3.98 percent from 3.99 percent last week. In February, the rate touched […]
