The rate for a 30-year fixed-rate mortgage was 6.84% this week, up from last week when it averaged 6.78%, according to Freddie Mac. A year ago, the rate was 7.29%. The rate for a 15-year fixed-rate mortgage was 6.02%, up from last week when it averaged 5.99%. A year ago, the rate was 6.67%.
Home prices increased 4.1% in January compared to the same month a year ago, up from a 4% rise the previous month, according to the S&P CoreLogic Case-Shiller Index.
Credit conditions are expected to weaken modestly over the next six months as businesses and consumers adopt a more cautious outlook amid heightened uncertainty, according to ABA’s latest Credit Conditions Index.
ABA joined nine associations representing banks, credit unions and payment providers in restating their opposition to the Credit Card Competition Act, which would impose new network routing mandates on financial institutions that issue credit cards.
Banks and other industry stakeholders should support policies to help small-business owners better understand the risks of certain kinds of credit and drive those owners to products that better serve them, Federal Reserve Governor Michael Barr said.
The OCC released the fourth quarter 2024 mortgage metrics report, which showed that 97.3% of first-lien mortgages in the federal banking system were current and performing at the end of the quarter.
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.
