Many miss oil bill bargain Dec 30, 2008
Experts were predicting last summer that rates could rise as high as $5 a gallon and thousands of panicked customers, including some local governments, signed on to a fixed rate - then watched the price of oil plummet as much as 50 percent ... About 30 percent of the state's heating oil customers historically lock in to fixed rates each year, said Michael Ferrante, president of Massachusetts Oil Heat Council, a trade organization for about 350 dealers ... If consumers want out of a contract,... (Boston Globe)
Taking stock Dec 30, 2008
All that talk about rampaging inflation and sky-high commodity prices meant fixed rate government debt dropped in value. Once the tone changed, and deflation became the rage, a fixed return of say, 5% for ten years, became suddenly very attractive, and treasuries whipped upwards. (BBC News)
Average mortgage rates in Pennsylvania drop below 5 percent Dec 30, 2008
The weekly average rate for 30-year fixed rate mortgages declined last week to 4 ... Pennsylvania's average 30-year fixed rate was down 5 percent to 4. (Pittsburgh Business Times, PA)
Get ready for new credit card regulations Dec 30, 2008
In another rule change, banks will have to stick to the promised fixed rate they offer. Advertisements may refer to a rate as "fixed" only if a time period is specified for which the rate is fixed, and the rate can't be increased for any reason during that time. (Fresno Bee -- Business)
Low interest rates have homeowners refinancing and not selling Dec 30, 2008
"Basically, we are seeing a 30-year fixed rate of 5 percent. It is expected that over the next three or four months, this will push below the 5 percent mark," said Chris Nooney, from Prime Lending. Business is booming for mortgage lenders as homeowners rush to refinance their homes. (KHOU.com, TX)
Microsoft seeks "pay-as-you-go" computing patent Dec 30, 2008
The total cost would depend on the number and kind of options selected and the charge for operating the computer could be a fixed rate for a specific time period, a onetime charge, or an hourly rate. Rentable hardware components could include processors, memory and graphics controller. (Xinhuanet, China)
Existing home sales decline again Dec 30, 2008
Walter went on to say "And while we have had a declining market this year, qualified buyers should now find that it is the "golden opportunity" to buy a home with historical low interest rates for a 30 year fixed rate loan and a large selection of homes available at affordable prices.". "The year-to-date (YTD) numbers held steady for the better part of year. From May until November, the percentages stayed within a fairly close percentage range for the key market numbers. Compared to the same... (Dowagiac News, MI)
Baltimore County Savings Banks closes $10.8M TARP deal Dec 27, 2008
In a news releas, BCSB said it issued 10,800 shares of Fixed Rate Cumulative Perpetual Preferred Stock to the Treasury. The stock will pay a dividend of 5 percent for the first five years and 9 percent thereafter. (Baltimore Business Journal, MD)
Mortgage Rates Can Still Fall Dec 27, 2008
Hays projected that the 30-year fixed rate will drop as low as 4. 25 percent by March, and perhaps sooner. (New York Post -- Business)
Lower Mortgage Rates Cause Increase In Refinancing Dec 27, 2008
EL PASO, TEXAS -- Thirty-year fixed rate mortgages have reached a record low, creating a sudden boom in refinancing across the country, including here in the borderland. For the second straight week, the average rate has dropped now near 5 percent. (KFOXTV.com, TX)
News highlights Dec 26, 2008
The company said it will switch from matching contributions at a fixed rate and will instead decide whether or not to match an employee's contributions. Starbucks currently matches 25 to 150 percent of the first 4 percent of workers' pay. (OregonLive, OR -- Business)
Board Recommends Raising Water Rates Dec 26, 2008
After the fixed rate, a user will pay $1 ... "We feel the fixed rate should come close to covering that 40 percent," Voss said. (Missourian Publishing, MO)
Lehman Bankruptcy Roils Municipal Swap Market as Failure Triggers Payments Dec 26, 2008
The average fixed rate the agencies agreed to pay Lehman and other banks was 3 ... Since New York and other issuers agreed to pay a fixed rate to Lehman when borrowing costs were higher, they must pay the bank to end the deals ... States, local governments and nonprofits sold about $166 billion of the debt, and as much as 85 percent of that was then swapped to fixed rates, according to Fichera. (Bloomberg)
BCSB Bancorp, Inc. Completes Sale of $10.8 Million in Preferred Stock Under the Treasury's Capital Purchase Program Dec 25, 2008
BALTIMORE, Dec. 23 /PRNewswire-FirstCall/ -- BCSB Bancorp, Inc. (Nasdaq: ) the parent company of Baltimore County Savings Bank, F.S.B., announced today that it issued 10,800 shares of Fixed Rate Cumulative Perpetual Preferred Stock under the TARP Capital Purchase Program for $10. 8 million to the U.S. Treasury. (PR Newswire)
Jumbo Mortgage Shoppers Get Little Relief From Rates Dec 25, 2008
The average 30-year fixed rate for home loans of more than $729,750 remains almost 2 percentage points above conforming rates and the spread between them may set a record this month, according to financial data firm. Banks remain reluctant to lend after recording $678 billion in mortgage-related losses and writedowns in the past year and as house prices plunge. (Bloomberg)
Lagos launches N50 billion infrastructure renewal bond Dec 25, 2008
GOVERNOR Babatunde Fashola's administration moved further yesterday in its ongoing efforts at transforming Lagos into a mega city by launching a N50 billion fixed rate bond for renewal of infrastructure in the city. The event, which was held at the Federal Palace Hotel, Lagos also featured the completion meeting of the debt issuance programme. (Guardian News, Nigeria)
S&P raises outlook to 'positive' on state airport bonds Dec 23, 2008
The outlook change was prompted by new airline lease agreements that changed the landing fees from a fixed rate to a calculated rate using a cost recovery methodology. Standard s noted the airports' plans call for $2. (Honolulu Advertiser)
Tennessee Commerce issues bailout stock Dec 22, 2008
Inc. has issued $30 million of fixed rate cumulative perpetual preferred stock to the under the Capital Purchase Program, the bank announced today. In conjunction with the issuance of shares, Franklin-based Tennessee Commerce issued the U.S. Treasury a warrant to buy 461,538 shares of common stock at $9. (Nashville Business Journal, TN)
Flushing Financial Corporation Completes $70 Million Capital Purchase Program Transaction With U.S. Treasury Dec 22, 2008
As part of the transaction completed on December 19, 2008, the Treasury Department purchased 70,000 shares of the Company's Fixed Rate Cumulative Perpetual Preferred Stock Series B, and a warrant to purchase 751,611 shares of the Company's common stock for an aggregate purchase price of $70 million. The preferred securities pay a cumulative dividend of 5% per annum for the first five years and 9% per annum thereafter. (Primezone Releases)
Internet Shopping for Used Vehicles Becomes Increasingly Effective Dec 21, 2008
"I am pleased my conservative fiscal policies - including a portfolio with only fixed rate debt - continue to keep our taxpayers protected and our finances strong. While I believe this financial approach is prudent at any time, it is critically important during periods of turbulent market activity and disruption that clearly exists today," said Comptroller Darlene Green. Other like entities doing similar transactions have not seen St. Louis' success. (Saint Louis Front Page)
Timberwest Forest Corp. announces approval of Note Indenture Amendments Dec 20, 2008
The Note Amendments will: - change the rate of interest on the Notes from a fixed rate of 12% per annum to a variable rate of between 2% and 12% per annum to be set from time to time based on the Company's distributable cash; - reduce the period over which the Company can defer payments of interest on the Notes from 27 months to 18 months, and provide that the Company may only exercise this deferral right in respect of interest payments for periods where the applicable interest rate on the Notes... (PR Newswire)
Fidelity Southern Corporation Receives $48.2 Million From U.S. Treasury Dec 20, 2008
2 million from the U.S. Treasury through the sale of 48,200 shares of the Company's authorized Fixed Rate Cumulative Perpetual Preferred Stock, Series A, as part of the federal government's TARP Capital Purchase Program. "We are pleased to have been approved to participate in this voluntary program implemented for healthy financial institutions," said President H. Palmer Proctor, Jr. He also stated that, "Since the Bank already exceeds well capitalized regulatory guidelines, the loan proceeds... (PR Newswire)
AllianceBernstein Income Fund Releases Monthly Portfolio Update Dec 20, 2008
88% Mortgage Pass-Thru's: Agency Fixed Rate 30-Year 17 ... 10% Commercial Mortgage-Backed Securities: Non-Agency Fixed Rate CMBS 3 ... 17% Agency Fixed Rate 0. (PR Newswire)
Rush To Refinance -- Or Hold Off? Dec 20, 2008
Tilson pointed out that mortgage rates have "crashed. Just in the past seven weeks, they've been declining every week. ... For a 30-year fixed rate orange, they've declined to five-point-two percent, which is a 50-year low. That's great news. It's about the only good news in the housing market right now.". So, is now the time to re-fi. (CBS News -- Early Show)
Mortgage Rates Plunge to Record Lows Dec 20, 2008
A year ago, the 30-year fixed rate stood at 6. 14 percent, the 15-year fixed rate at 5. (Realtor Magazine Online)
Refinancing 101: Is it the right move for you? Dec 19, 2008
The most attractive rates are on the most traditional loans: 15-year and 30-year fixed rate mortgages, and loans for borrowers who have at least 20 percent in a down payment or existing home equity. Q: What are some common pitfalls. (MSNBC -- Business)
Analysis: IC market gloom won't last Dec 19, 2008
Many economists now expect 30-year fixed rate mortgages in the United States to drop to as low as 3. 5 percent over the next six months. (EETimes)
30-Year Fixed Rate Falls to at Least a 37-Year Low Dec 19, 2008
Real Estate News and Advice. McLEAN, VA -- today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5. (RealtyTimes)
Mortgage rates at 37-year low: average 5.19% for 30 years Dec 19, 2008
Fifteen-year fixed rate mortgages have also fallen. They averaged 4. (USA Today -- Money)
Credit card crackdown hits in 2010 Dec 19, 2008
Advertisements may refer to a so-called fixed rate if the issuer gives a time period for how long that rate would last and the rate would not increase for any reason during that time. Credit card companies could not offer a 0% rate for 6 months but go back and charge you interest for that same time if you had not paid the bill after the 6-month period. (Detroit Free Press)
Mortgage Rates Left in Dust by Treasury Yields, Failed Lenders Dec 18, 2008
Updated: New York, Dec 18 03:21 London, Dec 18 08:21 Tokyo, Dec 18 17:21. Dec. 18 (Bloomberg) -- Americans seeking mortgages arent getting the full benefit of record low yields on Treasuries and government-supported mortgage bonds, blunting U.S. efforts to curb the. (Bloomberg)
What's in Paterson budget Dec 18, 2008
Establishes the New York Higher Education Loan Program, which will provide students with loans at about 8 percent by issuing tax-free bonds to finance fixed rate loans of up to $10,000 per borrower. Sets aside $75 million from SUNYs nontuition revenue account to preserve undergraduate programs and faculty jobs that officials said would be lost if there was a reduction in state aid. (Albany Times Union)
Family gets gift of home for holidays Dec 18, 2008
The down payments served to lower the the amount that had to be borrowed on the 30-year fixed rate mortgages, making the monthly payments affordable. Many of the buyers have payments of $1,055 to $1,400 a month, including property taxes and fees, Safar said. (Modesto Bee, CA)
Editor's Mailbag (Dec. 17) Dec 18, 2008
The government regulating and requiring the banks and loan companies to issue new loans with a fixed rate (the open end of interest is what caused the problem) to the families that are facing foreclosure that can qualify. This would take most of the foreclosure homes off the loan companies books and the market, as this would reduce the number of homes on the market and the construction of new homes would begin again, creating jobs. (Albany Democrat-Herald, OR)
Stocks end lower as investors assess Fed rate cut Dec 18, 2008
The national average rate on a 30-year fixed rate mortgage on Wednesday was 5. 06 percent, according to financial publisher HSH Associates, the lowest average since the early 1960s and down from 5. (The Star Online, Malaysia -- Business)
Mortgage rates continue to decline in Pennsylvania and nationwide Dec 17, 2008
Pennsylvania's average 30-year fixed rate was down 3. 1 percent to 5. (Pittsburgh Business Times, PA)
Waiting for a revival Dec 17, 2008
One flow is a fixed rate that is priced off Treasury yields, while the floating rate references three-month Libor. The problems in the repo market peaked in October when failed trades rose to a record. (FT.com -- Markets)
Fed cuts rate to 'virtually zero' Dec 17, 2008
Rate cuts will be no use if you are on a fixed rate mortgage. Ian Smith, your job depends on private sector jobs. (New York Post -- Business)
Real Estate Outlook: Affordability Dramatically Improved Dec 16, 2008
Mortgage rates are an important part of that equation, and they dropped again last week -- this time below five and half percent for 30 year fixed rate loans, according to the Mortgage Bankers Association. Add onto this the Treasury Department's reported plan to cut fixed mortgage rates for home purchasers to four and a half percent through a "buy-down" program, and you've got the potential underpinnings for serious increases in home buying just over the horizon. (RealtyTimes)
Homeowners seek strength in numbers Dec 14, 2008
That's because many borrowers have low-paying jobs and poor credit and may not be able to afford even a modified loan at a fixed rate under strict lending standards ... Hernandez said his mother had wanted a fixed rate, but was steered instead to a "negative amortizing loan," in which the family was allowed to make less than a standard principal and interest payment each month. (Boston Globe)
Floating rate a better option now Dec 14, 2008
On the other hand, fixed rate loans protect you from interest rate risks, but come at a huge premium to floating loans ... Secondly, if for any reason the interest rate decreases, the fixed rate home loan doesn't get the benefit of reduced rates ... Experts agree on the fact the fixed rates are a better option only if the economic scenario promises a rise in interest rates in the near future. (India Times)
Bogle: Big Homeowner Bailout Inevitable Dec 14, 2008
The problem still facing financial markets and the economy stems from the historically low interest rates that prompted millions of Americans to refinance their fixed rate mortgages. These lower interest rates meant that buyers could afford larger mortgages. (Newsmax)
Universal Energy Group Releases Fiscal 2008 Financial Results and Operational Updates Dec 12, 2008
TGF has the right to convert to a fixed rate of interest. The credit facility is secured by a demand debenture agreement in addition to a first priority security interest on all assets and undertakings of TGF plus a general security interest on all other current and after acquired assets of TGF. The credit facility has been reclassified to current liabilities due to the demand nature of this facility. (CCNMatthews Press Releases)
District pondering financial options Dec 11, 2008
To refinance to a fixed rate would cost the district about $225,000, McGuinn said. Shearer is scheduled to address the school board after the holidays with more definite figures, McGuinn said, adding that a decision must be reached in the upcoming months. (Springfield Sun, PA)
Sun takes another swing at cloud computing Dec 11, 2008
Sun recently pulled the plug on its Grid Compute Utility service, which was launched two years ago and allowed companies to buy computing power from Sun's datacenters at a fixed rate per hour, like a public utility. The service, which predated , is now "in transition" as Sun prepares to launch some new services, according to its. (InfoWorld)
Today's Mexico Offers More Than Ever to an Investor Dec 11, 2008
The new generation of the last decade for the first time can go into a bank and have a mortgage loan at a long-term, fixed rate. In a country where you have a huge back load of housing, this is going to be a huge opportunity. (RealtyTimes)
FULL STORY-> Dec 11, 2008
Predictions indicate that the 30 year fixed rate mortgage could decline to 5. 6 percent in the first quarter of 2009. (RealtyTimes)
Stokes takes chair of West Australian Newspapers Dec 11, 2008
9 billion of five year fixed rate notes at mid-swaps plus 120 basis points and $300 million of five year floating rate notes priced at bank bill swap rate (BBSW) plus 120 basis points. CBA also raised $500 million of three year non-guaranteed floating rate notes at BBSW plus 160 basis points. (Business Spectator)
Wells to raise $6B using FDIC-backed debt Dec 11, 2008
Half the bond issue will carry a fixed rate of 3 percent while the other $3 billion will carry a variable rate, according to Wells Fargo s (NYSE: WFC) filing with the Securities and Exchange Commission. The bonds mature in 2011. (San Jose Business Journal, CA)
Congress:Use TARP to Stop Foreclosures Dec 11, 2008
He said the department was looking "very seriously" at a plan that would issue 30-year fixed rate mortgages at 4. 5 percent, about a full percentage point below their current level. (Newsmax)
Case finalized; rates may increase $18M Dec 10, 2008
Penn State's fixed rate on electric bills for Allegheny Power is set to expire on Dec. 31 -- two years before any other Allegheny customer -- because the university opted to pay off certain costs in bulk between 1999 and 2003 to save money. Though Penn State filed a request to have its rate cap extended, the PUC ruled Sept. 11 the university will be required to pay the market price for electricity beginning Jan. 1. (Daily Collegian, PA)
President names ex World Bank expert as new PM Dec 10, 2008
He was criticized for forcing state and private companies and people with savings to convert their hard currency into Romanian lei at a fixed rate. Stolojan ran for president in 2000 and 2004. (International Herald Tribune -- Sports)
Rambler Metals and Mining PLC: 1st Quarter Results 2009 and Operations Update Dec 10, 2008
Fixed rate financial assets are cash held on fixed term deposit ... ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- At 31 October 2008 Fixed Rate Assets Floating Rate Assets Total Currency ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- British Pound 170,000 69,773 239,773... (CCNMatthews Press Releases)
ISS Canada recommends that TimberWest unitholders vote in favour of proposed amendments to subordinate note indenture Dec 9, 2008
These amendments would, among other things, change the rate of interest on the subordinate notes from a fixed rate to a variable rate, to be set from time to time based on TimberWest's distributable cash. The key advantage of the proposed variable rate structure is that unitholders will earn taxable interest income that better reflects the underlying cash generated by TimberWest's businesses, which is currently materially less than the $1. (PR Newswire)
Forest City Reports Third-Quarter and Year-to-Date Financial Results Dec 9, 2008
Text hiding to spacing. CLEVELAND, Dec. 8 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced revenues, net earnings and EBDT for the third quarter and nine months ended October 31, 2008. (PR Newswire)
Former Fannie, Freddie execs to testify at mortgage crisis hearing Dec 9, 2008
They traditionally backed the safest loans, 30-year fixed rate mortgages that required a down payment of at least 20. But in recent years, they lowered their standards, matching a decline fueled by Wall Street banks that backed the now-defunct subprime lending industry. (USA Today -- Money)
Washington Report: Rate Reduction Proposals Dec 8, 2008
So would you -- or your clients or friends -- buy a well-priced house if you knew you could get four and a half percent long-term fixed rate financing. You bet, and so would potentially tens of thousands of other consumers. (RealtyTimes)
Interest rate cut creates 43000 losers Dec 7, 2008
The costs of exiting an average fixed rate mortgage jumped to $18,000 because break fees for the loan rise as interest rates fall ... "For a borrower, the question they need to ask themself is how long you have left on a fixed rate and whether it's worth paying the fee or not." ... Borrowers who took out a fixed rate loan in August would face higher exit fees than those who took out a mortgage in March, when the RBA was still talking up inflation as its biggest worrry. (Melbourne Herald Sun)
First Defiance Financial Corp. Receives $37 Million in Capital through the U.S. Treasury Department's Capital Purchase Program Dec 6, 2008
DEFIANCE, Ohio, Dec. 5 /PRNewswire-FirstCall/ -- First Defiance Financial Corp. (Nasdaq: ), parent company of First Federal Bank of the Midwest, announced that it has elected to receive $37 million of equity capital by issuing to the U.S. Department of Treasury 37,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A with a liquidation preference of $1,000 per share, and a 10-year warrant to purchase up to 550,595 shares of First Defiance Common Stock at an exercise price of... (PR Newswire)
Warrenton, Truesdale In Line for Neighborhood Stabilization Grants Dec 6, 2008
Etcher said Boonslick Regional would help administer the grants until the time when they can be converted to conventional, fixed rate home mortgage loans. "The good thing is that each city will realize a significant impact in reducing the number of vacant homes it has on the market currently," he noted. (Missourian Publishing, MO)
Icesave customers urged to claim Dec 6, 2008
Page last updated at 16:01 GMT, Friday, 5 December 2008. Most Icesave customers have now received their money. (BBC News -- Business)
What to do with a mortgage windfall Dec 6, 2008
The bank rate may have been slashed, but there are still deals out there offering 5% or more in interest, with the best rates for those willing to lock in to fixed rate savings deals. Invest. (This is Money)
Mortgage rate rip-off: banks stand accused Dec 6, 2008
Once my fixed rate saving terms come to an end I will be forced to move my cash savings into slightly more risky corporate bonds to seek a better return. If others follow suit the banks will be forced into funding more and more lending from the wholesale money markets which was one of the reasons we got into this sorry mess. (This is Money)
Ga. mortgage loan delinquencies spike Dec 6, 2008
88 percent and the rate for prime fixed rate mortgage loans increased 76 basis points to 4 ... 4 percent, while the rate for subprime fixed rate loans increased 297 basis points to 21. (Atlanta Business Chronicle, GA)
Keeping the faith in bonds Dec 6, 2008
Being positioned for a low inflation environment that could potentially usher in deflation supports top quality bonds, whose fixed rate coupons are eroded by rising consumer prices. In contrast, a look at Japans stock market, which remains a shadow of its 1989 glory, shows what deflation means for equities. (FT.com -- Markets)
