Wells Fargo Fined $1 Billion for Abusive Insurance, Mortgage Practices

The government has handed down a $1 billion penalty to Wells Fargo for abusive consumer practices related to its administering of auto insurance and extensions on mortgage rate locks. In addition to the fine, the bank has been ordered to remediate affected consumers and implement improved practices. In 2017, Wells Fargo acknowledged it had charged […]

The post Wells Fargo Fined $1 Billion for Abusive Insurance, Mortgage Practices appeared first on RISMedia.

5 Things a Federal Reserve Interest Rate Hike Means for Your Wallet

(TNS)—Consumers tend to pay far more attention to the swings in their March Madness brackets than the latest moves by the Federal Reserve. The reality is the Fed’s action will have a more lasting impact on your wallet. The Fed moved to raise rates by 25 basis points, as expected. The Fed’s benchmark interest rate […]

The post 5 Things a Federal Reserve Interest Rate Hike Means for Your Wallet appeared first on RISMedia.

Mortgage Rates Stay Still

The average 30-year, fixed mortgage rate stayed still this week, inching up to 4.45 percent from 4.44 percent the week prior, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate has been rapidly rising since the start of the year. On Wednesday, the Federal Reserve increased its interest rate, denoting […]

The post Mortgage Rates Stay Still appeared first on RISMedia.

Fed Hikes Rates—How Many More Are to Come?

The Federal Reserve carried out its first hike of 2018 on Wednesday, increasing interest rates one-quarter percentage point and leaving open the possibility of more raises this year. The action was anticipated by the market, which has been on a robust—and, at times, rollercoaster—run. “In view of realized and expected labor market conditions and inflation, […]

The post Fed Hikes Rates—How Many More Are to Come? appeared first on RISMedia.

Fed announces rate hike, mortgages already on the rise

In a widely anticipated move, newly appointed Federal Reserve Chairman Jerome Powell on Wednesday announced a modest benchmark interest rate hike of between 1.5 percent and 1.75 percent amidst continued optimism over economic growth in …

Fannie: Economy to Roar on Stimulus

The economy is expected to grow at a full-bodied pace for the year, and boosted further by the stimulus, according to Fannie Mae’s Economic & Strategic Research (ESR) Group’s recently released Economic and Housing Outlook for March 2018. Analysts at Fannie forecast GDP growth at 2.8 percent, barring consumers reining in their spending, the impact […]

The post Fannie: Economy to Roar on Stimulus appeared first on RISMedia.

February Jobs Impress

Fed Has Green Light February brought the economy an impressive 313,000 jobs and 4.1 percent unemployment, with average hourly wages up four cents to $26.75. Construction jobs, notably, rose by 61,000. “[These] employment numbers strengthen the view that the U.S. economy is still on a strong growth trajectory,” said Gad Levanon, chief economist for North […]

The post February Jobs Impress appeared first on RISMedia.

Exceptionally strong jobs report guarantees aggressive rate hikes to come

The U.S. economy added 313,000 jobs in February and the unemployment rate remained historically low at 4.1 percent — sublime news that all but ensures as many as four benchmark interest rate hikes in 2018, according to monthly Labor Department figures released on Friday …

Mortgage Rates Rise for Ninth Straight Week

Mortgage rates are rising still, with the average, 30-year, fixed rate up for the ninth straight week, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The 30-year, fixed landed at 4.46 percent this week, up from 4.43 percent the week prior. “The 10-year Treasury yield has been bouncing around in a narrow 15 basis […]

The post Mortgage Rates Rise for Ninth Straight Week appeared first on RISMedia.

Mortgage Rates Move on Uptrend

Mortgage rates again moved up this week, continuing an uptrend, with the average 30-year, fixed rate at 4.43 percent, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate was 4.40 percent the week prior. The average 15-year, fixed rate this week is 3.90 percent, while the average five […]

The post Mortgage Rates Move on Uptrend appeared first on RISMedia.