The rate for a 30-year fixed-rate mortgage averaged 6.54% this week, up from last week when it averaged 6.44%, according to Freddie Mac. A year ago, the 30-year rate was 7.79%. The rate for a 15-year fixed-rate mortgage averaged 5.71%, up from last week when it averaged 5.63%. A year ago, the rate was 7.03%.
Illinois regulators closed Pulaski Savings Bank of Chicago and appointed the FDIC as receiver. Millennium Bank of Des Plaines, Illinois, agreed to assume all deposits and most of its assets.
The FDIC sued 17 former executives and directors of Silicon Valley Bank, alleging their gross negligence led to the collapse of the institution.
The U.S. government will hit the debt limit on Tuesday and begin using “extraordinary measures” to avoid a default, outgoing Treasury Secretary Janet Yellen told House Speaker Mike Johnson.
This year could be a “banner year” for bank mergers and acquisitions, with improving economic conditions, enhanced net interest margins and the possibility of tax cuts, according to a recent analysis by the law firm Hunton Andrews Kurth.
The Federal Reserve announced it has pulled out of a coalition of central banks formed to tackle climate change risk in the financial sector.
Housing starts in December increased to a seasonally adjusted annual rate of 1.499 million, according to the U.S. Department of Commerce. This is 15.8% above the revised November estimate of 1.294 million but is 4.4% below the December...
