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 homebuying 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 3.83 percent last week and the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, declined to 3.04 percent. That’s down from last week’s previous record of 3.05 percent. read more »
WASHINGTON — The government’s vehicle for promoting U.S. export sales survived a challenge from conservatives Tuesday with a Senate vote to renew the charter of the Export-Import Bank for three years. The vote, coming after the Senate rejected amendments to weaken or kill the bank, sends the measure to President Barack Obama for his signature.
The bill, which passed the House last week, also raises the independent federal agency’s lending cap from the current $100 billion to $140 billion. The vote was 78-20.
The bank, which has been renewed several dozen times with little notice since it was established in 1934, became caught this year between business groups that strongly support it and conservative organizations, such as Club for Growth, that said the bank is market-distorting and should be abolished. read more »
A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, which by one estimate may pocket $12 billion in extra revenue by refinancing loans.
The revisions to the Obama administration’s 3-year-old Home Affordable Refinance Program have yielded mixed results for homeowners, analysts and mortgage professionals say.
Some responsible homeowners are indeed getting lower-interest loans despite owing far more than their homes are worth. But others have loans that don’t qualify, or must jump through hoops the plan was supposed to eliminate, such as on-site appraisals and extensive paperwork. read more »
The bank he’s retiring from is a whole lot bigger than it was when Jim Carmichael came to Port Orchard 35 years ago, joining the executive management of Kitsap County Bank in 1977 when it had $47 million in assets and four offices.
Carmichael will retire as president and CEO at the end of June, having shepherded Kitsap Bank’s steady growth into an institution that has more than $900 million in assets and operates 21 locations across five counties in Western Washington.
“I have experienced both triumphs and great challenges during my tenure,” Carmichael said in a news release announcing his retirement. “We have achieved record growth, numerous mergers and acquisitions, assumed a failed bank, raised capital for the first time in over 50 years, and successfully navigated through the worst economic downturn since the Great Depression. read more »
1st Security Bank of Washington
www.1stsecurityofwa.com
(800) 683-0973
Alaska USA Federal Credit Union
www.alaskausa.org
(360) 876-0119
Not long ago, the Federal Reserve announced that it plans to keep short-term interest rates near zero until late 2014. The Fed initially pushed rates to that level in 2008, in an effort to stimulate economic growth. Clearly, low interest rates have a wide-ranging impact — but what effect will they have on you, as an individual investor?
If you need income from your investments, then the continuation of ultra-low interest rates may be a matter of some concern, particularly if you own certain types of fixed-income investments, such as certificates of deposit. While CDs are insured, offer return of principal at maturity and provide regular interest payments, they are not risk-free. read more »
The Western Union Co. recently launched WU Pay, a new electronic payments platform that the company said will significantly improve the customer experience and safety for millions of people seeking to make online payments or transfer money.
The new WU Pay platform allows online shoppers in the United States to pay for purchases from their existing bank accounts or in cash at Western Union agent locations. WU Pay is based on the eBillme platform, which Western Union acquired in October 2011. read more »
A bill changing credit union lending limits was expected to come to the U.S. Senate floor in April. The Small Business Lending Enhancement Act (S. 2231) would increase the business lending cap for credit unions from 12.25 percent of their total assets to 27.5 percent.
The bill is opposed by bankers, who say the change would mean a major loss of revenue-generating loans for tax-paying community banks. Supporters say the cap increase could bring billions of dollars in new capital for small businesses and create as many as 140,000 jobs in the first year. read more »
At Easter dinner, we were talking about how much things cost, namely healthcare. My good friend and mentor, Dean, had recently told me he purchased his first home for $12,000. Then my father-in-law chimed in and said their next door neighbor recently purchased a new sewing machine for $10,000. We all kind of chuckled and made comments like, “I wonder if you can drive that sewing machine to work?”
Isn’t it crazy to think how the purchasing power of the dollar has lost ground in the last 40 years? The Bureau of Labor and Statistics has an inflation calculator, and when I ran the calculator it said $10,000 in 1970 had the same purchasing power as $58,676 in 2012. read more »
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