Fed hikes interest rates

In a widely expected move, the Federal Open Market Committee today raised its target for the federal funds rate by 25 basis points to 5 percent, its 16th straight rate hike.

"The Committee sees growth as likely to moderate to a more sustainable pace, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices," the committee said in a much-anticipated statement accompanying the news of the rate hike.

This was the second such meeting in which Ben Bernanke, new head of the Federal Reserve, had a chance  more...

HUD approves $368 million plan for Louisiana recovery

The U.S.  more...

Demand strong for Nashville real estate

Home sales in the Greater Nashville, Tenn., area grew at a more modest pace in April, coming down from four straight months of double-digit increases, the Greater Nashville Association of Realtors reported Tuesday.

There were 3,236 total real estate sales reported for the month of April, up 3.3 percent from the 3,130 closings in April 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots.

Year-to-date closings are up compared to last year with 11,733, the association reported.  more...

Countrywide reports rise in real estate loan fundings

Mortgage loan fundings for the month of April totaled $36 billion, rising 5 percent from April 2005, Countrywide Financial Corp. announced today. That brought year-to-date fundings to $139 billion, up 11 percent from last year.

Monthly purchase volume was $16 billion, a decline of 3 percent from April 2005. Year-to-date purchase activity totaled $63 billion, an 8 percent increase from last year.

Adjustable-rate loan fundings for the month of April were $17 billion, a decrease of 12 percent from April 2005.  more...

Wells Fargo mortgage customer data missing

A computer with confidential information about some of Wells Fargo's mortgage customers was reported missing and may have been stolen during shipping, the company said Friday.

Wells Fargo & Co.  more...

Real estate purchases drop

Overall mortgage applications declined 5.8 percent last week on a seasonally adjusted basis from the week before, with refinancings taking the biggest hit, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index decreased by 3.9 percent to 416.5 from 433.3 the previous week whereas the refinance index decreased by 8.8 percent to 1,427.4 from 1,565.6 one week earlier.

The refinance share of mortgage activity decreased to 33.8 percent of total applications from 35.2 percent the previous week, which is the lowest share since June 25, 2004.  more...

Paid newspaper circulation down, report says

The spring report from the Audit Bureau of Circulations indicates that paid newspaper circulation is declining, media reports said.

It was hoped that the six-month period ending March 2006 would prove that the industry plugged the dam, but the Newspaper Association of America's semi-annual analysis said that daily circulation fell 2.5 percent, Editor and Publisher reported.

The Audit Bureau report said the result was the same for the six months ending September 2005, during which circulation fell 2.6 percent, reports said.

The papers that turned in the best res  more...

Overnight real estate rates hang steady

Long-term mortgage interest rates were mostly flat Tuesday, and the benchmark 10-year Treasury bond yield inched up to 5.13 percent.

The 30-year fixed-rate average held at 6.19 percent, and the 15-year fixed-rate inched up to 5.86 percent. The 1-year adjustable was up at 5.33 percent.

The 30-year Treasury bond yield rose to 5.2 percent.

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

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states.  more...