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Consumer Corner: Foreclosure settlement no magic bullet for economy
MCLEAN, Va., Dec. 31 (UPI) -- Freddie Mac of McLean, Va., said Friday that mortgage rates rose during the week ending Dec. 30.
Freddie Mac said the rate on the popular 30-year fixed-rate mortgage rose to an average 5.81 percent, with an average 0.6 in fees and points, up from last week when it averaged 5.75 percent. A year ago, the 30-year loan averaged 5.85 percent.
In 2004 mortgage rates averaged around 5.84 percent, the second lowest annual rate Freddie Mac had ever recorded, said Amy Crews Cutts, Freddie Mac deputy chief economist.
The average rate for the 15-year loan this week was 5.23 percent, with an average 0.6 in fees and points, up from last week when it averaged 5.18 percent. A year ago, the 15-year averaged 5.15 percent.
One-year Treasury-indexed adjustable-rate mortgages averaged 4.19 percent this week, with an average 0.6 in fees, up slightly from last week when it averaged 4.17 percent. A year ago, the one-year averaged 3.72 percent.
Freddie Mac purchases mortgages from lenders and packages them into securities that are sold to investors.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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SAN DIEGO, Feb. 13 (UPI) --
Northrop Grumman reports it will work on the second phase of the U.S. Navy project to deploy new tactical computing network systems aboard ships.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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