Porsche 911 GT3 May Catch Fire
Porsche is asking owners of its 911 GT3 models to stop driving them because they can develop engine problems and catch fire. The German sports car maker says it will pick up the cars and take them to a dealership for inspection. The problem affects 785 GT3 cars from the 2014 model year, including 408 in the U.S. Porsche says engines were damaged on two cars in Europe, and both caught fire. The company says there were no crashes or injuries. Spokesman Nick Twork says oil caught fire in both cars.
'Jumbo' Mortgage Rates Fall Below Traditional Ones
As banks compete for affluent borrowers, an odd trend has emerged in the mortgage market: rates on loans for pricey homes -- "jumbo" mortgages -- have dropped below those for smaller mortgages. Nick Timiraos explains on the News Hub. Photo: Getty Images.
Average 30-Year Mortgage Rate Dips To 4.39%
Average U.S. rates for fixed mortgages dipped slightly this week. Mortgage buyer Freddie Mac says the average for the 30-year loan declined to 4.39% from 4.41% last week. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. The rise in mortgage rates and higher home prices slowed sales of existing homes, which have fallen for three straight months.
Average US 30-Year Mortgage Rate Falls To 4.27 Percent
Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins. Mortgage buyer Freddie Mac says the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. Mortgage rates have risen about a full percentage point since hitting record lows about a year ago. Many analysts have been expecting an improving economy to lift the housing market, which has been recovering over the past two years.
U.S. Mortgage Applications Dip Slightly Though Rates Fall: MBA
(Reuters) - Applications for U.S. home loans dipped slightly in the latest week, as a drop in demand for purchase loans outweighed an increase in refinancing demand, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 0.4 percent in the week ended September 27. That follows a gain of 5.5 percent in the week ended September 20. ...
Is It the End For the 30-Year Mortgage?
The real housing debate boils down to this: Should all Americans continue to have relatively easy access to the pre-payable, 30-year, fixed-rate mortgage? Nick Timiraos reports. Photo: AP.
The Case for Adjustable Rate Mortgages
Conventional wisdom says fixed-rate is better, but Simon Constable tells Jack Otter that adjustable makes more sense, especially for high-net-worth families.
Mortgage Rates Going Up Next Year
Consumers can expect to pay more to get a mortgage next year, the result of changes meant to reduce the role that Fannie Mae and Freddie Mac play in the market. joins the News Hub with details. Photo: Getty Images
BMW Recalls Nearly Half A Million Vehicles For Engine Problem
According to Mashable, the 2012 BMW 3-Series sedan BMW has expanded a recall of 2010-2012 model-year cars and SUVs to include roughly 156,000 vehicles registered in the U.S. The recall stems from problems with the bolts used to manufacture BMW's six-cylinder engine. The automaker hasn't fully explained why it's just now including U.S. vehicles, other than to note that the underlying problem is extremely rare. BMW has not indicated when it will begin the U.S. model recall.
Average U.S. 30-Year Mortgage Rate At 3.33 Percent
WASHINGTON (AP) - Average U.S. rates on fixed mortgages rose slightly this week, staying near three-month lows. Rates could fall next week now that lawmakers reached a deal to avert a possible government debt default and reopen the federal government.
U.S. Mortgage Applications Hit Record Low
Applications for U.S. home mortgages fell for a second week and hit a 13-year low as mortgage rates rose due to a bond market sell-off following the Federal Reserve's decision to pare its bond purchase stimulus in January. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.3 percent to the lowest level since December 2000.