Second Mortgage Loan Rate
Bankrate: Mortgage Rates Fall to Three-Month Low
Mortgage rates declined for the third time in the last four weeks on the heels of slower second quarter economic growth. The average 30-year fixed rate mortgage fell to 6.65 percent, the lowest since April 26. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.3 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.3 percent. On larger loans, the average jumbo 30-year fixed rate declined to 6.86 percent. Adjustable rate mortgages also declined. The average 5/1 adjustable rate mortgage slid to 6.36 percent, and the average one-year ARM retreated to 6.03 percent. Validation that the economy did indeed grow at a slower pace pushed mortgage rates lower this week.
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KeyCorp to Sell Champion Mortgage
Cleveland-based KeyCorp is looking to sell its Champion Mortgage subprime lending subsidiary, the large financial services company said Tuesday.KeyCorp plans to focus on consumer and business banking. KeyCorp's chief executive officer, Henry Meyer, said in a statement that Champion "no longer fits with our longer-term strategic priorities." The bank hired UBS Investment Bank to advise on a possible sale.The bank acquired Champion in 1997. Champion, headquartered in Parsippany, N.J., provides mortgage financing and home equity loans to consumers in 26 states. At the end of the second quarter, Champion's loan portfolio was approximately $2.5 billion.KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. For more info, visit www.key.com.