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Consumer Corner: Foreclosure settlement no magic bullet for economy
WASHINGTON, Aug. 27 (UPI) -- Average interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending Aug. 27, the Federal Home Loan Mortgage Corp. said Thursday.
The 30-year, fixed-rate mortgage averaged 5.14 percent with an average 0.7 points in the week, Freddie Mac said.
A week ago, 30-year, fixed-rate mortgages averaged 5.12 percent.
At 4.58 percent with an average 0.7 points, the 15-year, fixed-rate average also rose from a week ago. In the previous week, 15-year fixed rate loans averaged 4.56 percent.
"Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Similarly, new home sales rose for the fourth month in a row to 0.4 million, the strongest pace since September 2008," he said. "Moreover, 81 percent of major cities had house prices rise between the first quarter and second quarter of this year, owing in part to seasonality."
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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.
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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.
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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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