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Best Syndication - Business News





 



Mortgage Rates Trending Higher in 2014

Wed, 01 Jan 2014 05:23:50 +0000

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(Best Syndication News) Interest rates have been trending higher over the last year; according to data collected by Best Syndication (see the charts below). On December 31st 2012, the average national interest rate was 3.428 percent. Today, the average overall rate is 4.375 percent.

Rates across the board were higher. The average FHA, VA, and Adjustable Rate Mortgage (ARM) rates were all higher. Although mortgage interest rates dropped slightly Monday, the weekly trend was higher. Stocks were also higher over the last year as the Federal Reserve continued their easing practices.

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Mortgage Interest Rates Rise as Uncertainty Sweeps Washington

Wed, 16 Oct 2013 08:13:59 +0000

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(Best Syndication News) Mortgage interest rates increased four of the last five days as the debt ceiling deadline loomed (see the mortgage rate charts below). Wrangling over the government shutdown and the debt ceiling pushed bond and note prices lower driving yields higher. The higher yields have had their effect on the current mortgage interest rates.

The U.S. Department of Treasury said that the yield on the 10-year note, the most common benchmark used by bankers to help calculate the interest on the 30-year fixed rate mortgage (FRM), increase five basis points (bps) on Tuesday. The Federal National Mortgage Association (OTCBB:FNMA) also increased their required net yield (RNY) rates five bps (see the benchmark chart below).

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Mortgage Rates Fall Again as Spooked Investors Flee Stock Market

Sat, 28 Sep 2013 07:26:02 +0000

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(Best Syndication News) Mortgage rates continued to drop this week after a 30-day downward trend (see the mortgage rate charts below). The lower rates are a reflection of the shift in money from equities to the safe havens.

The average 30-year fixed rate mortgage rate fell one basis point on Friday and is down 10 basis points (bps) on the week. Although mortgage rates are dropping right now, the 100-day trend has been higher (see the mortgage rate chart below). The average VA and FHA loan rates are lower, as are the average adjustable rate mortgages (ARMS) and Jumbo loans.

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Mortgage Rates Dropping Again This Week – Home Buyers Taking Advantage

Tue, 24 Sep 2013 09:00:18 +0000

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(Best Syndication News) Mortgage interest rates decreased again last week as application volume continued to rise (see the mortgage rate charts below). The low rate has prompted an increase in refinancing and home buying.

Last week the national average rate dropped 13 basis points (bps), but on Monday that conventional mortgage rate dropped another three bps to 4.207 percent. The average FHA rate slipped 15 bps while the average VA loan rate dropped 13 bps. This followed a 50+ point upward trend over the last 100 days.

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Mortgage Rates Mixed This Week with FHA and Jumbo Loans Dropping

Wed, 11 Sep 2013 06:45:24 +0000

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(Best Syndication News) Mortgage interest rates were slightly higher today, but jumbo and FHA fixed rates fell (see the mortgage rate tables below). Consumer credit expanded in July, according to data released by the Federal Reserve, but less than forecast.

The average 30-year fixed rate mortgage (FRM) jumped one basis point to 4.418 percent on Tuesday, but the average FHA loan rate fell two basis points (bps). VA mortgage rates jumped another four points in one day.

Interest rates have been trending higher over the last month and 100-day period. Uncertainty surrounding the central bank’s easing programs pushed stocks lower but put upward pressure on mortgage rates. The average FHA mortgage rate is 103 basis points higher.

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Mortgage Rates Edge Higher on Improved Economic Conditions

Fri, 06 Sep 2013 07:25:23 +0000

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(Best Syndication News) Mortgage interest rates continued to increase on expectations that the Federal Reserve will slow their stimulus programs. The same pressure has put downward pressure on the Dow Jones Industrial Average (INDEXDJX:.DJI) since the August 2nd high of 15,658.

Freddie Mac said the average 30-year fixed rate mortgage jumped 0.7 basis points (bps) this week. Their Primary Mortgage Market Survey® (PMMS®) indicated that rates have been trending higher since April (see the graph). The current 30-year fixed-rate mortgage (FRM) averaged 4.57 percent.

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Mortgage Rates Trending Lower Again after a Monthly Upswing

Wed, 28 Aug 2013 06:16:06 +0000

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(Best Syndication News) Mortgage interest rates dropped three days in a row after a long-term upward trend (see the mortgage rate and benchmark charts below). Shaky investor confidence as the Federal Reserve considers tapering down their easing programs has pushed up the price of government securities driving yields lower.

The average 30-year conventional rate fell two basis points (bps) on Tuesday (see the mortgage rate chart below). Over the last 5-day period the average rate has fallen 10 bps; however the 30-day and 100-day trends were higher.

Wells Fargo & Co (NYSE:WFC) held their conventional rates unchanged, but did lower their 30-year fixed rate mortgage 13 basis points in certain areas.

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Mortgage Rates Continue to Rise After Week of Declines

Wed, 14 Aug 2013 06:37:28 +0000

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(Best Syndication News) Mortgage rates jumped again today after a drop last week in conventional lending rates (see the mortgage rate charts below). Some of the benchmarks rose after a lift in stocks and gold.

The average 30-year fixed conventional rate mortgage jumped six basis points (bps) to 4.278 percent (see the mortgage rate table below). Wells Fargo & Co (NYSE:WFC) raised their rate to 4.67 percent and their 30-year Fixed FHA rate 14 bps to 5.57 percent. Citigroup Inc (NYSE:C) raised their conventional rate 12 bps to 4.68 percent.

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Mortgage Rates Trend Lower After 30-Day Upswing

Sat, 10 Aug 2013 08:07:38 +0000

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(Best Syndication News) Mortgage rates trended lower this week as the benchmarks used by banks shifted in the negative direction (see the mortgage rate charts below). The shift is counter to a 100-day upward movement by the major lenders.

The average 30-year fixed rate mortgage fell 11 basis points (bps) last week, however over the last 100-days the rate is still 59 basis points (bps) higher (see the mortgage rate charts below).

Fannie Mae, the Federal National Mortgage Association (OTCBB:FNMA), lowered their RNY rate three bps on Friday. The secondary lender’s 100-day trend is still much higher (see the benchmark chart below).

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What Will Replace Fannie Mae and Freddie Mac?

Wed, 07 Aug 2013 10:15:31 +0000

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(Best Syndication News) The President proposed doing away with the two-big government sponsored enterprises (GSE), replacing them with private capital and an increased role for government.

Part of the government role will be to provide “incentives” for financial institutions to provide “high quality loans and products.” The role of the Federal Housing Administration (FHA) will also continue. FHA will guarantee continue to guarantee qualified bank loans. The administration also expects to strengthen the lending market with legislative proposals.

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Current Mortgage Rates – VA and FHA Loan Rates Increase

Tue, 06 Aug 2013 08:39:30 +0000

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(Best Syndication News) Conventional mortgage rates slumped today after Freddie Mac made drastic changes in their required net yield (RNY) rates (see the mortgage rate charts below). The London InterBank Offered Rate (LIBOR) dropped while the 10-year note yield jumped four basis points (bps).

Although the average mortgage rate fell this week, the monthly and 100-day trend has been much higher. Higher home prices and a faster pace in home sales is producing a seller’s market in the United States. This could change if interest rates continue to rise – however the Federal Reserve has not signaled any changed in their targets.

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Service Sector in July Grows more than expected

Mon, 05 Aug 2013 16:00:33 +0000

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(Best Syndication News) The Institute For Supply Management (ISM) said their non-manufacturing sector index increased 3.8 percentage points in July 2013.

Despite the good news the Dow Jones Industrial Average (DJIA) and the broader S&P 500 shrank in value in early trading. The Dow is down 37 points (-0.24%) and the S&P is down 1.84 points (-0.11%). The tech-heavy NASDAQ is up 0.65 (+0.02).

"The NMI™ registered 56 percent in July, 3.8 percentage points higher than the 52.2 percent registered in June. This indicates continued growth at a faster rate in the non-manufacturing sector”, said Anthony Nieves, C.P.M., CFPM, chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee.

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July Auto Sales Soar to Pre-Recession Levels

Fri, 02 Aug 2013 07:41:15 +0000

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(Best Syndication News) July auto sales jumped to pre-recession levels, according to the big-three automakers. Ford Motor Company (NYSE:F) said that small car sales are up 32 percent year-over-year (y-o-y) while utility vehicles also posted strong gains.

General Motors Company (NYSE:GM) sold 234,071 cars last month, an increase of 23 percent (16 percent y-o-y). Kurt McNeil, vice president, U.S. sales operations, called their sales “well balanced” in the slow recovery. The company’s new products also helped.

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Current Mortgage Rates Today – Wells Fargo and Bank of America Make Changes

Wed, 31 Jul 2013 07:44:28 +0000

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(Best Syndication News) Mortgage rates edged higher today as lenders continue to adjust their products to the changing secondary lending market (see charts below). stocks were mixed as the Dow Jones Industrial Average (DJIA) moved lower and the S&P 500 and NASDAQ gained ground.

The average 30-year fixed rate mortgage (FRM) jumped 11 basis points (bps) in one day. The average 30-year rate is now 4.264 percent (see the chart below). The most common mortgage product has climbed 60 bps over the last 100 days.

Freddie Mac (FHLMC) has not updated their 30-year required net yield rate (RNY) for over one week, but this secondary lending factor has been steadily increasing as well. Fannie Mae (FNMA) raised their 30-year 60-year RNY rate one basis point on Tuesday.

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Mortgage rates were higher today as the benchmarks provide mixed results

Sun, 10 Feb 2013 19:29:58 +0000

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(Best Syndication News) Mortgage interest rates jumped four basis points (bps) on Friday as money flowed back into equities (see the mortgage rate charts below). A set of worse-than-expected economic indicators put pressure on stocks throughout the week.

Benchmarks

The Dow Jones Industrial Average (DJIA) advanced 48 points (+0.35%) on Friday but was down 12.02 percent on the week. On Monday the Department of Commerce said that Factory orders increased just 1.8 percent in December. Economists were expecting a three percent increase.

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Current Mortgage Rates Today – Loan rates rise at SunTrust but fall at JPMorgan Chase

Thu, 17 Jan 2013 08:04:34 +0000

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(Best Syndication News) Mortgage interest rates began to rise after two-straight days of declines (see the mortgage rate charts below). Although some of the benchmarks were higher, the rise in secondary lending rates pushed loans up at U.S. Bank, SunTrust, KeyBank, and PNC; however, JPMorgan Chase lowered their rate.

Benchmarks

The Boeing Company (NYSE:BA) weighed on the Dow Jones Industrial Average today pushing the index down 23 points, however the wider market gained value. Because there are only 30 constituents in the Dow, a three percent pull-back in the value of BA had a major influence on the index.

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Dunkin’ Donuts plans expansion for Southern California Locations

Wed, 16 Jan 2013 21:14:34 +0000

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(Best Syndication News) - Dunkin Brands Group Inc. (NASDAQ: DNKN) announced plans to open more Dunkin’ Donut stores in 2013, especially in Southern California. The company’s long-term goal is to have over 15,000 Dunkin’ Donuts restaurants operating in the United States.

The company is looking for multi-unit franchisees for the counties of Los Angeles, Riverside, San Diego, San Bernardino, Ventura, and Orange. The restaurants would start to open in 2015. The company is also seeking other franchise opportunities, such as operating within a college, university, military base, supermarket, and airport or travel center.

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Current Mortgage Rates Today – HSBC and KeyBank among banks lowering loan rates

Wed, 16 Jan 2013 08:13:13 +0000

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(Best Syndication News) A drop in secondary yields pushed mortgage rates lower today after weak manufacturing numbers were released by the Federal Reserve (see the mortgage rate charts below). Nearly all of the major banks, including JPMorgan Chase, KeyBank, HSBC, and Bank of America, lowered their mortgage loan rates.

Benchmarks

Stock markets in the United States opened lower Tuesday after disappointing economic news put pressure on the major indexes. There was a pull-back on stock prices early in the morning but by the closing bell there was a reprieve.

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Ford unveils Atlas Concept Pickup Truck at Detroit Auto Show

Wed, 16 Jan 2013 05:40:00 +0000

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(Best Syndication News) - Ford Motor Company (NYSE:F) showed off the Ford Atlas Concept pickup truck today at the Detroit Auto Show.

The Ford Atlas Concept came about after their designers listened to customers. The broad stance, elevated wheel arches, and outstanding grille add to the image of the company’s Built Ford Tough motto. The design features address the professional and personal use of the pickup truck.

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Current Mortgage Rates Today – Wells Fargo and Bank of America Lower Rates

Tue, 15 Jan 2013 08:47:35 +0000

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(Best Syndication News) Mortgage interest rates fell sharply following a trend in the secondary and capital markets (see the mortgage rate charts below). JPMorgan Chase and KeyBank raised some of their rates; however, Wells Fargo and Bank of America lowered them.

Benchmarks

Stocks were mixed but mostly lower today as investors fretted over the debt ceiling and a possible renegotiation on spending cuts next month. President Barack Obama told Congress that he will not negotiate on the debt ceiling and his Treasury Secretary, Timothy Geithner, said the government will likely run out of money in mid February.

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