Bank rates refinance

Fed keeps key rate unchanged while signaling future hikes WASHINGTON — The Federal Reserve on Wednesday (Washington time) left its benchmark interest rate unchanged while signaling further gradual rate hikes in the months ahead as long as the economy stays healthy. The Fed's widely expected decision kept the central bank's key short-term rate at 1.75 percent to 2 percent — the level hit in June when the Fed boosted the rate for a second time this year. The Fed projected in June four rate hikes this year, up from three in 2017. Private economists expect the next hike to occur at the September meeting with a fourth rate hike expected in December. The Fed's statement was upbeat on the economy, pointing to a strengthening labor market, economic activity growing at "a strong rate," and inflation that's reached the central bank's target of 2 percent annual gains. Analysts saw all the comments about economic strength as a clear signal that the … [Read more...] about Fed keeps key rate unchanged while signaling future hikes

By Armina Ligaya The Canadian Press Wed., May 9, 2018 The bar is now higher for homebuyers to qualify for mortgages in Canada after the central bank raised a key metric used in stress tests that determine borrowers’ eligibility. The Bank of Canada raised the conventional five-year mortgage rate from 5.14 per cent to 5.34 per cent after all Big Six banks raised their posted five-year fixed mortgage rates in recent weeks. The central bank qualifying rate is separate from the actual mortgage rates offered by banks to borrowers, but is used to assess homebuyers who are seeking loans. Read more: Mortgage up for renewal? Read this first Article Continued Below GTA millennials look farther afield after new mortgage rules Home Capital anticipates mortgage renewal surge as it reports steep profit drop Homebuyers with less than a 20 per cent down payment seeking an insured mortgage must qualify at the central bank’s benchmark five-year mortgage rate. … [Read more...] about Bank of Canada raises mortgage qualifying rate following increase in Big Six banks’ fixed rates

Conglomerates ready for higher interest rates Iris Gonzales (The Philippine Star) - April 23, 2018 - 12:00am MANILA, Philippines — Some of the country’s conglomerates are ready for a higher interest rate environment, saying that most of their debts are fixed-rate and have long-term maturities. Jaime Augusto Zobel de Ayala, chairman of Ayala Corp., the oldest conglomerate, even said the Philippines is way behind the curve. Ayala Corp.’s Bank of the Philippine Islands is among the country’s top lenders. “Interest rates, I believe, need for rise. We’ve been expecting it for some time now. In fact, we’re way behind the curve. We were expecting it to rise much earlier. Our currency has shown a little bit of weakness in relative terms versus other countries…. We believe there has to be movement upward in interest rates,” Zobel said in a press conference after the company’s … [Read more...] about Conglomerates ready for higher interest rates

While homes represent the lion’s share of assets for many individuals and families, they can also entail the biggest financial burden. Refinancing can offer ways for homeowners to more easily secure a debt-free future, but with so many options on the table, picking the right rate (and lender) can be a tricky task for the laypersonWhile homes represent the lion’s share of assets for many individuals and families, they can also entail the biggest financial burden.With such high stakes, it’s worthwhile for those whose mortgage teaser rates are set to lapse (or already have) to consider a refinancing option to lower their monthly bills.Local mortgage lenders typically offer a teaser rate - lower interest than normally offered - for the first three years to attract borrowers. Those who refinance ahead of the lapse of the teaser period are subject to a prepayment penalty (typically 3% of the initial outstanding amount).Refinancing as a rule allows borrowers to lower monthly … [Read more...] about Finding a mortgage rate that leaves you home free

The second phase of the government's welfare and subsidy scheme, which will go before the cabinet for approval today, will contain a 110-billion-baht loan from two state-owned banks to allow the poor better access to financial sources, employment training and hopefully jobs. The Government Savings Bank (GSB) has prepared 15 billion baht worth of lending through four loan schemes, said chief executive and president Chatchai Payuhanaveechai.The lending plans entail low rate loans to recipients of the government's welfare and subsidy scheme with a cap of 50,000 baht per borrower, a loan for homestay operators who are government welfare recipients, and funding to franchise and street food vendors.He said recipients of the government's welfare scheme, those earning up to 100,000 baht a year, are eligible to apply for a homestay loan worth up to 50,000, while low-income earners with monthly income of 8,000-15,000 can apply for a loan worth up to 200,000. Those whose monthly income exceeds … [Read more...] about Two banks to offer B110bn in lending