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interest rates

FILE - A sign stands outside a home for sale in the Alamo Placits neighborhood Tuesday, Aug. 27, 2024, in central Denver. (AP Photo/David Zalubowski, File)
Mar 20, 2025

Average US rate on a 30-year mortgage rises slightly for the second week in a row

Associated Press (AP) — The average rate on a 30-year mortgage in the U.S. rose slightly for the second week in a row, a modest setback for prospective home shoppers as the spring homebuying season ramps up. The rate rose to 6.67% from 6.65% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate […]

Federal Reserve Chair Jerome Powell speaks during the annual U.S. Monetary Policy Forum, in New York, Friday, March 7, 2025. (AP Photo/Richard Drew),
Mar 19, 2025

Federal Reserve keeps interest rate unchanged, sees slower growth, slightly higher inflation ahead

WASHINGTON (AP) — The Federal Reserve kept its benchmark interest rate unchanged Wednesday and signaled that it still expects to cut rates twice this year, though more policymakers forecast fewer cuts. The Fed also now expects the economy to grow more slowly this year and next than it did three months ago, according to a […]

Feb 25, 2025

Fed should be cautious amid uncertainty, Barkin says

Although inflation is coming down, the Federal Reserve Bank should exercise caution amid economic and geopolitical uncertainty, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Tuesday while addressing a Rotary Club of Richmond meeting. The economy is in a good place, Barkin said, citing the 2.5% growth in the nation’s gross domestic […]

Feb 3, 2025

Trump 2.0: Making real estate great again?

Let Trump be Trump. A campaign staffer’s now-famous motto during President Donald Trump’s 2016 bid for president nods to the mercurial nature of the real estate mogul and former reality television star — as well as a similar slogan from “The West Wing.” And Trump himself has repeatedly said he trusts his gut over his […]

A Capital One sign in front of a glass-paneled building
Jan 14, 2025

CFPB sues Capital One, claiming bank avoided paying $2B in interest

The Consumer Financial Protection Bureau has sued Capital One and its McLean holding company, Capital One Financial, alleging the companies cheated millions of consumers out of more than $2 billion in interest payments, the federal agency announced Tuesday. Capital One, the CFPB alleges, promised customers that its flagship 360 Savings account provided one of the […]

Dec 31, 2024

Banking and finance experts optimistic but cautious regarding new administration’s impact 

The banking and finance industry could see gains under the incoming federal administration, those in the field say, with President-elect Donald Trump‘s proposed plans of a lower-interest-rate environment coupled with lighter regulatory oversight on the horizon.    They also note, however, that many proposals may never come to fruition or take some time before their impacts […]

The economy isn't yet feeling the effects of raised interest rates, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday at a Risk Management Association Richmond chapter event.
Jun 21, 2024

Barkin: Still a waiting game for interest rates’ effect on inflation

The U.S. economy has yet to feel the effects of current interest rates, but it eventually will, Federal Reserve Bank of Richmond President and CEO Tom Barkin predicted Thursday during an event held by the Risk Management Association’s Richmond chapter in the city’s East End. “I’m optimistic that we’ve gotten rates at a restrictive level […]

Virginia Home Sales March 2024
Apr 26, 2024

Va. housing market dampens in March

The pace of sales in Virginia’s housing market slowed in March, declining 7.3% over March 2023, according to data released by Virginia Realtors Tuesday. In March, there were 8,075 home sales in the commonwealth, 634 fewer sales than this time last year. At the end of the month, there were 14,950 homes on the market, […]

Jan 30, 2024

House of cards

Working as a mortgage lender in Roanoke for the past 18 years, Jason Bialek experienced everything from the financial crash of 2008 to the historic spike in home sales during the COVID-19 pandemic. Following that bonanza in 2020, though, Bialek and others in the residential real estate industry will probably look back at this period […]

Work is underway on Metropolitan Park, the first phase of Amazon.com Inc.’s HQ2 headquarters in Arlington. Photo courtesy Clark Construction Group LLC
Jan 5, 2024

Construction firms expect mixed bag for 2024, survey says

Construction firms are expecting a mixed bag for 2024, according to results of a survey conducted by the Associated General Contractors of America and Sage Construction and Real Estate, released Thursday. Challenges facing the construction industry include labor shortages, higher interest rates and input costs and a still-struggling supply chain. In Virginia, about 31 firms […]

Mar 30, 2023

Barkin: Raising interest rates is correct course

As inflation remains high and the fallout from recent bank failures seems contained, the Federal Reserve Bank has good reason to continue raising interest rates, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday in a speech to the Virginia Council of CEOs at the University of Richmond. “It is worth remembering that not […]

Jan 12, 2023

Barkin: Inflation improving but not yet low enough

With inflation decreasing but still not at its 2% target, the Federal Reserve still needs “to stay on the case,” Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday at a conference hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Inflation continued to slow in December […]

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