In an emergency move to prop up credit markets, the Federal Reserve cut the discount rate to 3.25 percent over the weekend and expanded the list of banks and financial institutions that can borrow money at that rate.
The Fed also announced Sunday that it was standing behind J.P. Morgan Chase’s move to buy troubled investment firm Bear Stearns Cos by providing up to $30 billion in financing that protects J.P. Morgan from losses. more…
Tags: Industry News · Inman Real Estate · Mortgages · arm · banks · discount · economists · federal reserve · j.p. morgan · mortgage · overnight
Long-term mortgage interest rates fell Wednesday, and the
benchmark 10-year Treasury bond yield sank to 3.47 percent.
The 30-year fixed-rate average dropped to 5.96 percent, and the
15-year fixed rate plunged to 5.32 percent. The 1-year adjustable rate, however, climbed to 4.85 percent.
The 30-year Treasury bond yield decreased to 4.41 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time. more…
Tags: Industry News · Inman Real Estate · Markets & Economy · bond · interest rates · overnight · treasury
© 2006–2008 MLS Real Estate & Listings Blog — Sitemap — Cutline by Chris Pearson