CMHC said housing starts were higher in December on a seasonally adjusted annualized basis, but added that the six-month trend was down. The seasonally adjusted annual rate of housing starts across the country rose to 207,041 units in December, up from 187,273 units in November, Canada Mortgage and Housing Corp. reported Tuesday.
Category: Home
Rates fall at weekly US Treasury bill auction
Interest rates on short-term Treasury bills fell in Monday’s auction, with rates on six-month bills dropping to their lowest level since early November. The Treasury Department auctioned $34 billion in three-month bills at a discount rate of 0.510 percent, down from 0.530 percent last week.
Mortgage Rates Dipped At Year-End, But Buyers Shouldn’t Get Too Excited
After a big run-up in mortgage rates after the Federal Reserve boosted its benchmark interest rates in mid-December, mortgage rates are in a moderate decline in the last week. On Tuesday, January 3, the average 30-year mortgage rate slid one basis point, from 3.96% to 3.95%, according to Zillow.com.
How I Ditched Debt: Debt Free Guys
In this new series, NerdWallet interviews people who have faced debt and triumphed using a combination of commitment, budgeting and smart financial choices. Their stories may even inspire you to pay off your debt .
6 Tax Deductions Homeowners Won’t Want to Miss
Though there are plenty of good reasons to buy a home, owning property can be a costly prospect. From maintenance to insurance to real estate taxes, there are numerous costs that come with buying a home.
2017 Mortgage Rate Outlook: The Trump Effect
For the first time in almost a year, mortgage rates are above 4%. While still low by historic standards – the annual average rate on a 30-year mortgage in 1981 was 16.63%, according to Freddie Mac – most observers expect rates to keep climbing in 2017.
DoubleLine Fund Sees Record $3.5 Billion Outflow in December
Investors pulled a record $3.5 billion in December from Jeffrey Gundlach’s DoubleLine Total Return Bond Fund, according to Bloomberg estimates, and its annual performance trailed the benchmark index for the first time. The $55.7 billion fund, which invests predominately in mortgage-backed securities, returned 2.2 percent in 2016, compared with 2.7 percent for the Bloomberg Barclays U.S. Aggregate index.
Financial Trends: What’s In and What’s Out in 2017
Now that 2016 is over, you may be reflecting on what went well, and what didn’t. Were you unemployed? Did you carry some debt? Land a gig? Buy a new home? With unemployment at a nine-year low, jobs being created at an average of 180,000 per month, the economy growing at better than three percent in the most recent quarter and some signs of a pickup in inflation, it makes sense that we got an interest rate hike last month, and that we’ll get a few more in 2017.
Ex-Deutsche Bank’s Jain to Join Cantor Fitzgerald as President
Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain will help with the privately held firm’s expansion, according to a statement from the New York-based firm Monday.
3 Frequently Asked Reverse Mortgage Questions
Home equity has served as a very important source of cash for millions of retirees over the generations. One method to access that money without having to sell the property is with a reverse mortgage — something that makes sense for a lot of older Americans who need extra money to make ends meet but also want to stay in their current home.
Maryland bank VP stole from elderly, deceased customers, prosecutors say
The former vice president of a Maryland bank was charged with embezzlement and wire fraud Friday after allegedly stealing more than $1.8 million from customers over six years, prosecutors said. From 2010 to mid-2016, 54-year-old Melissa Strohman of Nottingham, Md., was senior vice president at the now-defunct Hopkins Federal Savings Bank with branches in PikesA ville and Highlandtown, court documents said.
Wall Street’s Trump Bonanza Won’t Avert Job Cuts at Banks in ’17
Bank stocks are on a tear after Donald Trump’s victory drove up expectations for the industry’s profits. Here’s the catch for many people working there: Holding onto their jobs won’t be any easier.
Gold and Silver Stocks Surge Higher, but Can This Relief Rally Last?
Up until August, precious metals like gold and silver were the stars of 2016. In many instances, you could have thrown a dart and picked a gold or silver miner that had at least doubled in value this year.
Why Silver Wheaton, Endologix, and PHH Corp. Jumped Today
The stock market continued its slow trudge lower on Thursday, adding to its losses for the week as investors seemed content with the double-digit percentage gains that most major market benchmarks have posted for 2016. The Dow fell slightly, widening the gap between its closing level and the 20,000 mark to nearly 200 points, and the S&P 500 and Nasdaq also fell tiny fractions of a percentage point.
Britons Hoard Cash as Economic Uncertainties Prompt Caution
Britons are holding onto their cash in a sign that they may be hunkering down in the face of economic uncertainties, according to the British Bankers Association. Personal deposits grew an annual 4.8 percent in November, data compiled by the BBA show.
Mortgage Rates Today, Wednesday, Dec. 28: Slight Decreases;…
Thirty-year and 15-year fixed rates reversed course from yesterday and fell slightly, while 5/1 ARM rates notched up again Wednesday, according to a NerdWallet survey of mortgage rates published by national lenders this morning. November saw newly built, single-family home sales rise by 5.2 percent, according to data released last week by the Department of Housing and Urban Development and the Census Bureau.
Manhattan Luxury Co-Ops Fall Out of Favor as New Condos Beckon
The luxury Manhattan co-op, a longtime sign of real estate prestige and exclusivity in New York, may be losing its appeal. Blame a glut of newly built high-end condos.
Go for Banks That Grow Their Book Value at a High Rate
We might as well close out the year with the sector we talked about the most during 2016. Yesterday I looked at those banks that have rewarded shareholders with consistent dividends and buybacks.
U.K. House Prices May Barely Rise as Brexit Weighs on Economy
U.K. house prices may only eke out a modest gain next year as economic growth weakens and a pickup in inflation squeezes consumers, according to Halifax. The mortgage lender sees housing demand easing in 2017, partly as tax changes and stricter underwriting standards restrict buy-to-let investment.
New FHA Loan Limits May Help You Buy a Home
Just before Thanksgiving, the Federal Housing Finance Agency released the conforming loan limits change for 2017. This change resulted in higher loan limits beginning in January for many counties across the country.
Buying a Home in 2017? Here’s What You Need to Know
Buying a home is a lifelong dream for many Americans, and it takes commitment and dedication to make it happen. With conditions in the housing market always changing, would-be homebuyers need to stay up to date on the key aspects involved in buying a home.
3 Tax Deductions That Could Save You Big Bucks in 2017
Tax time is approaching, and you deserve every tax break you can get in order to pay less to Uncle Sam. Fortunately, there are some huge opportunities to take advantage of tax provisions that are designed to help save you money.
Forget Altria: These 3 Stocks Doubled Last Year
Altria has smoked the competition and many other stocks when it comes to long-term performance, but this year there were more than a few stocks that did even better. Image source: Flickr via Claudio Toledo.
AMZN, HD, DPZ: Jim Cramer’s Views
Jim Cramer shares his views every day on RealMoney . Click here for a real-time look at his insights and musings.
CEO’s Winning Gamble May Keep Scrooge From Deutsche Bank Bonuses
Deutsche Bank AG employees may owe their cash bonuses for 2016, however modest, to a last-minute bargain by Chief Executive Officer John Cryan. The beleaguered German bank, long embroiled in negotiations with the U.S. Justice Department, was inching closer in recent weeks to a resolution over its sale of defective residential mortgage-backed securities that fueled the financial crisis.
Why Barclays CEO Staley Opted for War When Dimon Chose Surrender
When the U.S. was seeking a record-breaking payment from JPMorgan Chase & Co. for the sale of toxic mortgage-backed securities three years ago, Jamie Dimon went to Washington to sit down with Eric Holder, then the attorney general.
Boost Your Retirement Income With These 10 Tips
With fewer and fewer of us able to enjoy traditional pension income, it’s more important than ever that we plan for our future financial security and set ourselves up to receive sufficient income when we’re no longer working. Here are 10 ways you can boost your retirement income.
Deutsche Bank, Credit Suisse Settle U.S. Subprime Probes
Deutsche Bank AG and Credit Suisse Group AG agreed to pay a combined $12.5 billion to resolve U.S. investigations into sales of the toxic debt that fueled the financial crisis, putting behind them a major dispute that undermined confidence in the banks and raised questions about their turnarounds. Deutsche Bank will pay $7.2 billion and take a $1.2 billion pretax charge this quarter, while Credit Suisse agreed to a $5.3 billion deal and will recognize a $2 billion hit to earnings, the banks said in separate statements early Friday.
Mortgage Rates Today, Friday, Dec. 23: Slight Dip; Foreclosure…
Heading into Christmas weekend, mortgage rates are easing slightly with 30-year fixed loans and 5/1 ARM rates dipping and 15-year fixed loans remaining the same on Friday, according to a NerdWallet survey of mortgage rates published by national lenders this morning. Some homeowners in the U.S. are struggling to repay their mortgage.
A Sudden Burst of Activity on Mortgage Litigation
In the span of just 12 hours, three U.S. enforcement matters left over from the financial crisis made significant progress: Deutsche Bank AG and Credit Suisse Group AG separately announced that they would pay a combined $12.5 billion to resolve U.S. investigations into their sales of toxic mortgage debt, whereas Barclays Plc chose to roll the dice and let the Justice Department file a fraud lawsuit over its debt sales. Before these latest two deals, the U.S. investigations had already yielded more than $46 billion from six U.S. financial institutions.
Barclays to Face Off Against U.S. Over – Craptacular’ Loans
The U.S. Justice Department sued Barclays Plc for fraud over its sale of mortgage bonds after the bank balked at paying the amount the government sought in settlement negotiations. The lawsuit announced on Thursday is rare for big banks, which typically negotiate a settlement with the government rather than risk drawn-out litigation and a possible trial.
Deutsche Bank to Settle U.S. Mortgage Probe for $7.2 Billion
Deutsche Bank AG said it reached a $7.2 billion agreement to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities, removing a legal hurdle that fueled investor angst. Deutsche Bank will pay a $3.1 billion civil penalty and provide $4.1 billion in relief to consumers under a settlement in principle with U.S. authorities, according to a statement early Friday.
Deutsche Bank agrees $7.2bn penalty with US regulators
Germany’s Deutsche Bank says it has agreed a $7.2bn settlement with US authorities over an investigation into mortgage-backed securities. The sum, which needs final approval, is far lower than the $14bn the US had asked the bank to pay in September.
Spanish Banks Slide After ECJ Ruling Leaves Them Facing Hefty Payout
Bank stocks in Spain dropped Wednesday, as lenders faced the prospect of repaying billions of euros to borrowers after losing a European court case. The European Court of Justice decided that borrowers should be eligible for full reimbursements of excess interest payments on variable-rate mortgages.
Reverse Mortgage Line of Credit Could Fund Long-Term Care
There’s a 70% chance that people over 65 will need some kind of long-term care, including services such as home care, assisted living and skilled nursing, according to government statistics . There are lots of ways to pay for long-term care services, including Medicare, Medicaid, traditional health insurance, long-term care insurance , life insurance and annuities.
Ahead of the Bell: US home sales
The National Association of Realtors reports on November sales of existing U.S. homes Wednesday at 10 a.m. Eastern. SALES PULLBACK: Economists surveyed by the data firm FactSet predict that sales of existing home retreated 1.8 percent last month to a seasonally adjusted annual rate of 5.5 million.
Spanish Banks Lose EU Case Over Mortgage Interest Repayments
Spanish banks, including Banco Popular Espanol SA and Banco Bilbao Vizcaya Argentaria SA, may have to give back billions of euros to mortgage customers after a final ruling by the European Union’s top court. Bank shares tumbled by as much as 10 percent.
5 Big Mortgage Market Predictions For 2017
With the Federal Reserve raising interest rates last week, with more rate hikes to come in ’17, next year should be a whirlwind for the mortgage market. With chestnuts roasting by an open fire, Federal Reserve Chair Janet Yellen is nipping at the noses of mortgage industry professionals with one interest rate hike in the bank this year and two or three more likely on the way in 2017.
Lloyds to Buy BofA’s U.K. Credit Card Unit for $2.4 Billion
Lloyds Banking Group Plc agreed to buy Bank of America Corp.’s MBNA credit-card business in the U.K. for 1.9 billion pounds in cash, marking its first major deal since being rescued by British taxpayers eight years ago. The acquisition of MBNA, which has about 7 billion pounds of assets, will add 650 million pounds a year to Lloyd’s revenue, equivalent to a 4 percent increase, according to a statement Tuesday.
SoFi Pushes Back IPO Plans Amid Financial Tech Sector Struggles
The online lending company known as SoFi, which specializes in refinancing student loans, is pushing back plans for an initial public offering in order to focus on developing other business lines, said Chief Executive Officer Mike Cagney. Meanwhile, the company hasn’t yet closed a $500 million funding round, an effort that has SoFi courting international investors to purchase loans and potentially take an equity stake at the same time.