Nathan Bomey USA TODAY Published 5:01 AM EST Nov 15, 2018 Gas prices are plunging as the Thanksgiving holiday travel period approaches. A dramatic drop in oil prices over the last several weeks is fueling the decline. Gas prices neared a four-year high in October, when they briefly topped $2.90 per gallon, but have since retreated. Ample global supplies of petroleum, which is refined into gasoline, have played a key role in delivering savings for consumers. "Thanksgiving gas prices are getting carved up at a time of year when we’re all used to getting the turkey ready," said Patrick DeHaan, senior petroleum analyst at fuel-finding app GasBuddy. "This is a fairly dramatic turnaround." The national average was $2.68 per gallon on Wednesday, down 7 cents from a week earlier and 22 cents from a month earlier, according to AAA. Prices are still up 12 cents from a year ago. Below $2 Several dozen stations across Louisiana, Missouri, Ohio, Oklahoma and Texas … [Read more...] about Gas prices plunge as Thanksgiving travel approaches
20 year refinance mortgage rates
The Bank of NZ has dropped its two-year fixed interest rate to a "historic" 3.99% as it returns fire in a burgeoning mortgage war between the country's lenders. ANZ - the nation's largest bank - last week offered the lowest rate by a major bank since just after World War II with a fixed one-year term of 3.95%. It then followed this up by offering a $3000 cash back incentive for customers, who took out a new home loan and committed to keeping their mortgage with ANZ for three years. Westpac also announced it will match ANZ's offer of a one-year fixed rate at 3.95%, beginning tomorrow. Smaller banks had earlier tempted customers with rates under 4% during the past month but major lenders have not dropped so low since the 1940s. The highest rate on record was a staggering 19.72% in 1988. Loan Market mortgage adviser Bruce Patten says spring is traditionally the time when banks released interest-rate specials, but the current low rates showed they were in a fight for customers. "It means … [Read more...] about Major banks unveil historic low rates in fight for customers
Janna Herron USA TODAY Published 1:47 PM EDT Oct 10, 2018 Buying a home just got a bit more expensive. Rates on the most common mortgage topped 5 percent for the first time since February 2011, making it even harder for buyers to get an affordable house. The average rate on the 30-year fixed-rate home loan – the most popular mortgages for purchases – increased to 5.05 percent last week, up from 4.96 the previous week and 4.16 percent a year earlier, according to the Mortgage Bankers Association. Rates on other types of home loans – jumbo, FHA, 15-year and 5/1 adjustable-rate – all hit multi-year highs. The steadily rising 30-year rate also has cooled the appetite from borrowers. The volume of purchase applications slid 1 percent last week from the previous one, while the number of refinance applications sank 3 percent, according to the MBA. “Up until two weeks ago, I was quite busy," said Scott Sheldon, branch manager of New American … [Read more...] about Mortgage rates on 30-year home loan hit 5 percent
The US economy is cranking out robust figures 10 years after the start of the global financial crisis: strong growth, historically low unemployment, a soaring stock market. But with the good news come rising interest rates as the Federal Reserve -- which on Wednesday is expected to raise the key lending rate for the third time this year -- tries to keep the economy from overheating. And after a decade of very low rates that enticed many to load up on debt, rising borrowing costs can expose hidden risks lurking in the US and world economies. So where are they? - Mortgages? Not this time - Unlike the runup to 2008, this time mortgages are not expected to be the root of the next crisis. While US home loans continue to form the large bulk (68 percent) of household debt, and totaled $9 trillion through June 30, according to the New York Federal Reserve Bank, they are much healthier now. The share of loans going to homebuyers with low credit scores is very small, and the delinquency rate on … [Read more...] about Do economic risks lurk as US interest rates rise?
2,117 mortgage accounts with KBC Bank Ireland have received redress and compensation since the tracker mortgage scandal.KBC has said it remains on track to meet its commitment to complete redress and compensation to all impacted customers by the end of June 2018. The total number of mortgage accounts identified as impacted as at the end of April was 2,773. This rate rectification process concluded at the end of February and all customers identified as impacted are now on the correct rate.KBC hsa reiterated its apologies to all impacted customers for the harm and distress caused by the bank’s error or failure.Meanwhile, the bank has reported a net profit of €59 million after tax and impairments for Q1 2018 compared to a net profit of €70.4 million in Q1 2017.KBC Group ended the first quarter of 2018 with a net profit of €556 million, compared with €399 million in the last quarter of 2017 and €630 million in the first quarter of 2017.Almost 20,000 new … [Read more...] about 2,117 KBC mortgage accounts redressed since tracker mortgage scandal