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Current Mortgage Rates Today – Loan rates drop at U.S. Bank and Citibank

5-year ARM Chart

(Best Syndication News) Mortgage interest rates dropped despite an upswing in the equity markets (see the mortgage rate charts below). SunTrust raised their rates while Bank of America, Citigroup, and U.S. Bank lowered their loan rates.

Benchmarks

Bargain hunters reacted to the lower stock prices Thursday despite more negative rhetoric from Washington. House of Representatives Speaker John Boehner said he would bring a proposal to Congress that would raise taxes on Americans making $1 million or more. Traders were optimistic that a solution would be reached.

Current Mortgage Rates Today – PNC and Bank of America raise their interest rates

Adjustable Rate Mortgages

(Best Syndication News) Mortgage interest rates were mixed today as lawmakers wrangled over a solution to the fiscal cliff (see the mortgage rate chart below). SunTrust lowered their loan rates while JPMorgan Chase, Bank of America, and PNC raised them.

Benchmarks

Despite the threat of a Whitehouse veto, House Republicans will take up House of Representatives Speaker John Boehner’s “Plan-B” to avoid forced austerity in January. Today the Speaker said that over 99 percent of Americans will continue to see tax relief under his plan. It is up to the Democrats now, according to Boehner.

GM buying back 200 million Shares of Common Stock from U.S. Treasury

Pile of money - BSN

(Best Syndication News) - General Motors Company (NYSE:GM) announced today that they will be buying back 200 million shares of GM common stock from the U.S. Department of the Treasury. The transaction will be for $27.50 per share – totaling $5.5 billion. The company will buy back 200 million shares out of the 500.1 million shares owned by the government. The buyback is expected to occur by the end of 2012.

GM’s buyback announcement parallels the Treasury’s plan to exit entirely from holding GM stock within the next 12 to 15 months. The exit plan is subject to market conditions.

FTC announces New Children’s Privacy Rules

Security camera - BSN

(Best Syndication News) - The U.S. Federal Trade Commission announced the final amendments were made to the Children’s Online Privacy Protection Rule. The new rules will help better protect the privacy of children under the age of 13 and let parents decide what personal information is collected on websites and online services.

These amendments were added to the Children’s Online Privacy Protection Act (COPPA) of 1998 to better address current technologies. Websites that are directed toward children under 13, or have knowledge that they are collecting information about minors, are required to follow the FTC COPPA rules.

Current Mortgage Rates Today – JPMorgan Chase and SunTrust continue to raise loan rates

Graph of 15-year mortgage

(Best Syndication News) Mortgage interest rates advanced as capital markets migrated back into riskier assets (see the mortgage rate chart below). All of the major banks, including JPMorgan Chase, Bank of America, Citibank, and SunTrust, started moving their rates higher.

Benchmarks

Positive news from Washington propelled the Dow to triple-digit gains two-straight days. Both sides in the fiscal-cliff debate are beginning to compromise. House Speaker John Boehner promised to bring a bill to the floor of Congress this week that would raise income tax rates on those earning $1 million or more.

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