“Rates on 30-year loans inch up to 5 percent (Washington Post)” plus 3 more

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• Rates on 30-year loans inch up to 5 percent (Washington Post)
• Swedish Riksbank Rate Unchanged, Adds Bank Loans (Fox News)
• SBA disaster loans available in Minnesota (Pioneer Press)
• Rates on 30-year loans inch up to 5 percent (Channel 8 San Diego)

Rates on 30-year loans inch up to 5 percent (Washington Post) Posted: 22 Oct 2009 08:46 AM PDT The average rate on a 30-year fixed mortgage was 5 percent this week, up from 4.92 percent a week earlier, mortgage company Freddie Mac said Thursday. It was the highest average since the week of September 24, when rates averaged 5.04 percent. While above the record low of 4.78 percent hit in the spring, rates are still attractive for people looking to buy a home or refinance. To prop up the housing market and help the economy recover from the worst recession since the 1930s, the Federal Reserve has been engaged in an extraordinary level of support, spending $1.25 trillion on mortgage-backed securities, which has driven down rates on home loans. Last month, Fed Chairman Ben Bernanke and his colleagues agreed to slow down the pace of the program to buy mortgage securities from Fannie Mae and Freddie Mac. Instead of wrapping up the purchases by the end of this year, the Fed now plans to do so by the end of March. Despite the government's effort to support the housing market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds. The average rate on a 15-year fixed-rate mortgage rose to 4.43 percent, from 4.37 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.4 percent, up from 4.38 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.54 percent from 4.6 percent. The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 points for 30-year loans. The fee averaged 0.6 points for 15-year, five-year and one-year loans. This content has passed through fivefilters.org.

Swedish Riksbank Rate Unchanged, Adds Bank Loans (Fox News) Posted: 22 Oct 2009 02:06 AM PDT Estate Tax As the cliché goes, there are only two certainties in life: death and taxes. But, they're intertwined. When you go to the great beyond, the government generally wants its cut, which is just under half the size of your estate, provided it reaches a certain size. Yep: The government can be your biggest heir, whether you like it or not. Every few years, the estate tax, also known as the death tax, flares up as an issue. On the one side, politicians say people with large estates should redistribute some of that wealth to the common good by giving it back to government coffers. Critics, though, charge that the government has no right to money accumulated--and, more importantly, taxed already--throughout a person's life. It can make for some strange political bedfellows. Billionaires like Warren Buffett and Bill Gates are actually in favor of higher estate tax rates, even though they have the most to lose from it. On the other hand, several minority groups have pushed for a reduction in estate-tax rates, since it makes passing on neighborhood small businesses to their families financially prohibitive. This content has passed through fivefilters.org.

SBA disaster loans available in Minnesota (Pioneer Press) Posted: 22 Oct 2009 04:31 AM PDT The Small Business Administration says disaster loans are available in some eastern Minnesota counties because of the drought that began earlier this year. The affected counties are Carlton, Chisago, Goodhue, Pine, St. Louis, Wabasha, Washington and Winona. Those counties are eligible because they're next to Wisconsin counties where the U.S. Department of Agriculture issued a disaster declaration. The SBA says its federal economic injury disaster loans are available to small businesses, small agricultural cooperatives and most private nonprofits of all sizes. Farmers and ranchers are not eligible to apply to the SBA, but nurseries are eligible for losses caused by drought. The application deadline is May 25, 2010. This content has passed through fivefilters.org.

Rates on 30-year loans inch up to 5 percent (Channel 8 San Diego) Posted: 22 Oct 2009 08:34 AM PDT By ALAN ZIBEL AP Real Estate Writer WASHINGTON (AP) - Rates for 30-year home loans have inched up, hitting 5 percent for the first time in nearly a month months after bond yields edged up. The average rate on a 30-year fixed mortgage was 5 percent this week, up from 4.92 percent a week earlier, mortgage company Freddie Mac said Thursday. It was the highest average since the week of September 24, when rates averaged 5.04 percent. While above the record low of 4.78 percent hit in the spring, rates are still attractive for people looking to buy a home or refinance. To prop up the housing market and help the economy recover from the worst recession since the 1930s, the Federal Reserve has been engaged in an extraordinary level of support, spending $1.25 trillion on mortgage-backed securities, which has driven down rates on home loans. Last month, Fed Chairman Ben Bernanke and his colleagues agreed to slow down the pace of the program to buy mortgage securities from Fannie Mae and Freddie Mac. Instead of wrapping up the purchases by the end of this year, the Fed now plans to do so by the end of March. Despite the government's effort to support the housing market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds. The average rate on a 15-year fixed-rate mortgage rose to 4.43 percent, from 4.37 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.4 percent, up from 4.38 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.54 percent from 4.6 percent. The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 points for 30-year loans. The fee averaged 0.6 points for 15-year, five-year and one-year loans. Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This content has passed through fivefilters.org.

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