Fed raises target rate to 2.5%

The Federal Reserve's Open Market Committee today continued its course of raising the target for the federal funds rate by .25 percent, bringing it to 2.5 percent.

 more...

Real estate loan production climbs at Countrywide

Countrywide Financial Corp. had net earnings of $343 million for the fourth quarter of 2004, down from net earnings of $564 million in the same quarter of 2003, the company said today.

Earnings per diluted share were 56 cents, down from last year's fourth-quarter earnings per share of 94 cents.  more...

Real estate purchases up

Overall mortgage applications rose 7.3 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association's weekly survey.

 more...

Ditech launches $49 flat-fee home equity loan

Homeowners considering a home equity loan now will have the option of a $49 flat-fee loan being offered by Ditech.com, a direct mortgage lender.

 more...

Wireless real estate companies drop patent lawsuit

Two competitors in the wireless real estate business have agreed to dismiss a lawsuit over a patent covering the system used to access MLS data from a wireless device.

Cupertino, Calif.-based BayNet World filed the patent infringement lawsuit last May in U.S. District Court against Hand e Corp., which makes the Pocket Real Estate wireless product.  more...

Investment real estate listings hit the Web

Investment properties now have a home on the Web with the launch of MLSInvestments.com, a free site offering access to detailed listing information.

The site included more than 600 properties valued in excess of $470 million at the time of launch, according to MLS Investments, an Internet-based real estate listing service for investment properties.  more...

Overnight real estate rates decline

Long-term mortgage interest rates were lower Tuesday, and the benchmark 10-year Treasury bond yield gained to 4.14 percent.

The 30-year fixed-rate average slipped to 5.19 percent, and the 15-year fixed-rate dipped to 4.73 percent. The 1-year adjustable was unchanged at 3.61 percent.

The 30-year Treasury bond yield remained at 4.59 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...