The Effect of Global Banking Changes on Homeowners
Central Banks Coordinate Global Cut in Interest Rates
Hoping to thaw the current credit freeze, the Federal Reserve, the European Central Bank, the Bank of England, and the central banks of Canada and Sweden reduced their primary lending rates by a half percentage point Wednesday. The Chinese central bank also reduced its key interest rate and lowered bank reserve requirements, while the Bank of Japan’s rates remain unchanged.
Consumers with fixed-rate mortgages will not benefit from the rate cut; however, those with adjustable-rate mortgages (ARMs) may. When banks receive an interest rate cut, they may pass along the savings to consumers. Homeowners with ARMs could receive a payment reduction.
To read the full story, please click here:
http://www.nytimes.com/2008/10/09/business/09fed.html?=_r=1&hp&oref=slogin
Interest Rate News
Buyers who are uncertain if now is the right time for them to purchase a home should consider the price of the home, along with the recent reduction in mortgages rates, which could reflect a sizeable savings. According to the Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 5.94 percent with an average 0.6 points for the week ending October 9. This is a decline from the previous week when fixed-rate mortgages averaged 6.10 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.40 percent.
To read the full story, please click here:
http://www.cnbc.com/id/27044918
Lending News
Countrywide morgage pact may be worth $3.5 billion to California loan holders.
An estimated 125,000 Californians who are struggling with risky mortgages from Countrywide Financial Corp. may get their loans modified and payments reduced under a program to be annouced today. In a pact that could save mortgage holders billions of dollars, Countrywide owner Bank of America Corp. has agreed to the nation’s largest loan-modification program to settle charges of lending abuse brought by California and other states.
To read the full story, please click here:
http://www.latimes.com/business/la-fi-countrywide6-2008oct06,0,1850068.story
PASADENA ARTWEEKEND SOUTHERN CALIFORNIA’S LARGEST ART AND CULTURE FESTIVAL RETURNS – OCTOBER 10-12
- 30 plus Events. One Weekend. All Free -
More than 30,000 are expected to attend the third annual Pasadena ArtWeekend, Friday, Saturday and Sunday, October 10, 11, 12, 2008. This free, city-wide, multi-venue festival features music, art installations, paintings, mixed media, storytelling, free museum admission and much more.
The celebration kicks off Friday, October 10 when a dozen cultural institutions open their doors for free during ArtNight. Pasadena ArtWeekend continues Saturday, October 11 with over 40 visual artists showcasing their work at ArtWalk and an exciting Latino heritage parade and jamaica at ArtHeritage. This large urban diverse festival concludes Sunday, October 12 with ArtPerformance, a vibrant outdoor music event featuring new and emerging talent and ArtMarket, an open-air fine arts sale in Old Pasadena.
Throughout the weekend, attendees will experience a diverse array of fine arts, cultural heritage, dance, and music. Pasadena ArtWeekend is a free all-ages event.
For more information regarding all the detailed events please visit www.pasadenaartweekend.com
