Donald Trump's campaign for president on Wednesday proposed raising the interest rates on some home loans to as much as 15 percent.The Trump Mortgage Bank, a subsidiary of his campaign, is the first big mortgage lender to go ahead with such a plan.The move comes after Trump, who has proposed closing the so-called revolving door between Wall Street and the White House, said in a recent interview th...
Low mortgage interest rates on prime mortgages are climbing again.
A study released Tuesday found that a new report by a federal housing bureau found that median rates on federally insured loans are at the lowest levels since 2008.
The study, by the National Association of Realtors, found that the median rates for federally insured mortgage loans rose to 3.7% in April from 3.9% a year earlier.
The median rate for a 30-year fixed rate loan fell to 1.65% from 2.1% a decade earlier.
But that rate was still higher than the national average.
The new study found that loan-to-value ratios for federally backed loans had declined to a record low of 31% from 32.5% in March.
That’s in part because of the recovery in the housing market, the study found.
But it’s not all good news for the banks that have been forced to sell off some of their loans to try to raise cash.
The Federal Reserve Bank of New York and Federal Reserve banks have taken some steps to make sure those loans are eligible for a lower rate.