1.
Consumer Corner: Foreclosure settlement no magic bullet for economy
WASHINGTON, May 1 (UPI) -- Interest rates for 30-year, fixed-rate mortgages increased in the United States for the second consecutive week, Freddie Mac reported Thursday.
The average 30-year fixed interest rate averaged 6.06 percent with an average 0.5 point on the week ending May 1, compared with 6.03 percent for the week ending April 24, Freddie Mac said.
A year ago, 30-year fixed rate mortgages averaged 6.16 percent.
At 5.59 percent with an average 0.5 point, the 15-year fixed rate average declined during the week, from 5.62 percent the previous week.
"This week saw little change in mortgage rates on mixed news of higher inflation and a weaker housing market," Freddie Mac chief economist Frank Nothaft said.
The U.S. Federal Reserve indicated this week, "it expects inflation to moderate in coming quarters," Nothaft noted.
"But uncertainty about the outlook for inflation remains high," he said.
Nothaft predicted the Fed would cut interest rates further at the next Open Market Committee meeting.
|
|
|
| Additional Business News Stories | |
TEHRAN, Feb. 14 (UPI) --
More than 31 billion cubic feet of recoverable natural gas reserves have been discovered in Iran in roughly one year, the oil ministry said.
|
WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
|
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....
|
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.
|
| Stories | Photos | People | Comments |
View Caption
