The rate for a 30-year fixed-rate mortgage was 7.04% this week, up from last week when it averaged 6.93%, according to Freddie Mac. A year ago, the rate was 6.6%. The rate for a 15-year fixed-rate mortgage was 6.27%, up from last week when it averaged 6.14%. A year ago, the rate was 5.76%.
ABA joined three associations in voicing support for a CFPB proposal to rescind a set of changes to the bureau’s rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.
With many economists expecting inflation to spike following the implementation of reciprocal tariffs, the headline Consumer Price Index rose 2.4% year-over-year in May — right in line with consensus expectations.
The University of Michigan Consumer Sentiment Index increased 15.9% in June compared to the month prior, landing at 60.5, according to preliminary results for the month.
Most U.S. banks are increasing their cybersecurity efforts because of emerging technologies such as generative artificial intelligence, and many of those same banks also list AI as a top business investment, according to a recent survey by auditing...
Senate Banking Committee Chairman Tim Scott (R-S.C.) said a proposal to prevent the Federal Reserve from paying interest to banks “is not a decision to be rushed” and must follow proper parliamentary procedure, Bloomberg Law reported.
The Senate granted unanimous consent to S. 1467, an ABA-advocated bill that would would prevent credit reporting agencies from selling so-called mortgage trigger leads to lenders in most circumstances.
