The Federal Reserve left the federal funds overnight rate unchanged Tuesday, but hinted that it might soon raise interest rates at a "measured" pace.At MortgageWire's deadline, economists were trying to decipher exactly what the Federal Open Market Committee meant when it issued a statement saying that "accommodation can be removed at a pace that is likely to be measured." Greenwich Capital economist Steve Stanley said a 200-basis-point increase "might be" considered measured, "relative to the 300-bp tightening in 1994." If short-term rates begin to rise, it will hurt the healthy profit margins now enjoyed by residential mortgage bankers. The yield curve -- the difference between short- and long-term rates -- will shrink, and mortgage rates likely will rise. But many mortgage-related stocks, including Freddie Mac and Countrywide, hardly budged in the wake of the statement by the FOMC, the Fed's monetary policy-making panel. The Fed can be found on the Web at http://www.federalreserve.gov.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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