Sun National Bank Center Tue, 07 Dec 2021 11:03:36 +0000 en-US hourly 1 Sun National Bank Center 32 32 3 Best Stocks To Buy In The Stellar Savings And Lending Industry – December 7, 2021 Tue, 07 Dec 2021 11:03:36 +0000

Zacks’ savings and lending industry is expected to be at full throttle, with robust economic growth and resuming levels of consumer spending. This should encourage loan growth, providing much needed support.

Additionally, digitization efforts and a wave of consolidations to stay relevant will help businesses like Bancorp Investors, Inc. (VSI Free report), HomeStreet, Inc. (HMST Free report) and West Bancorporation, Inc. (WTBA Free Report) to counter competition and emerge stronger than an autonomous institution.

Industry Description

Zacks’ savings and loan business is made up of specialized US banks, which are typically locally owned, and focused on expanding residential mortgage financing. Companies in the sector offer residential mortgages, commercial and industrial mortgages, home equity loans, auto loans and other commercial loans. Institutions finance mortgages with savings insured by the Federal Deposit Insurance Corporation (“FDIC”). They offer high interest rates on savings to attract deposits, thus improving their ability to lend mortgages. Although businesses operate in the same way as commercial banks by providing various banking services such as checking and savings accounts, they were previously legally required to invest at least 65% of their assets in mortgages. Effective July 1, 2019, a decision lifted the restriction for FDIC-insured institutions.

3 savings and credit industry trends to watch

Growth of loans in cards: The macroeconomic outlook for the United States is turning favorable with the reopening of the economy and an increase in the level of business confidence. Levels of consumer spending are also picking up and could be robust over the coming period. In such a scenario, improved consumer behavior will boost mortgage, business, educational and auto lending. This should instill confidence in borrowers and support loan demand in most loan categories. Therefore, loan growth despite low interest rates is likely to support the net interest income and margin of industry players to some extent.

Consolidation wave at peak: Previously, industry players were gaining traction by branding themselves as community-driven mortgage specialists to lure suspicious consumers of large multi-state banking conglomerates. However, the continuing competitive challenges of non-traditional banking services, rabid innovations in fintech, and the potential for stringent regulations make it difficult for businesses to function as stand-alone institutions. This forces industry players to resort to consolidations to keep their heads afloat. In addition, the current difficult operating environment keeps the savings and loan sector on its toes.

The digitization initiatives coming like a breath: Many challenges, including legacy technologies and an imbalanced customer base, have arisen for savings and loan associations. Thus, these companies have strived to accelerate the transition to technology-driven and flexibly functioning institutions in order to remain competitive and reap profits in a rapidly changing market. While technology upgrades are expected to increase short-term non-interest spending, they will support the operations of industry participants and increase market share over time.

Zacks Industry Rankings Shows Strong Outlook

The group’s Zacks Industry Rank, which is essentially the average of the Zacks Rank of all member stocks, indicates good prospects for the near term.

Zacks’ savings and loans industry currently holds a Zacks industry ranking of # 30, which places it in the top 12% of over 250 Zacks industries. Our research shows that the top 50% of industries ranked by Zacks outperform the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the top 50% of industries ranked by Zacks is the result of bright earnings prospects for all of the constituent companies. Looking at revisions to overall earnings estimates, it appears that analysts are gaining confidence in the earnings growth potential of this group. Remarkably, the industry’s profit estimates for the current year have been revised up 56.8% since December 2020.

Before we outline a few stocks that you might want to consider for your portfolio, let’s take a look at the industry’s recent stock market performance and the valuation image.

Industry Outperforms Sector and S&P 500

Zacks ‘savings and loans industry, a group of 33 stocks within Zacks’ larger financial sector, has outperformed the S&P 500 and its sector over the past year.

While sector stocks collectively rose 26.9%, the S&P 500 Index gained 23.4%. During the same period, Zacks’ financial sector gained 20%.

One-year price performance

Current industry assessment

One can get a good idea of ​​the relative valuation of the industry by looking at its price to book ratio (P / TBV), which is commonly used to value financial companies due to the large variations in their results from a quarter. to the other. .

The industry currently has a 12-month P / TBV of 1.54X, above the median level of 1.52X for the past five years. This compares to the highest level of 10.15X and the lowest level of 0.84X during the same time period.

However, the sector is trading at a discount to the S&P Index, as the 12-month P / TBV ratio for the S&P 500 is 17.07X and the median level is 11.37X.

Tangible Price / Pound Ratio (TTM)

Since financial stocks generally have a low P / TB ratio, comparing savings and loan providers with the S&P 500 may not make sense to many investors. But a comparison of the group’s P / TB ratio with that of its larger industry ensures that the group is trading at a decent discount. The 12 month P / TBV of Zacks Finance sector of 4.37X for the same period is higher than the respective ratio of Zacks’ savings and loans sector.

Tangible Price / Pound Ratio (TTM)

3 savings and loan stocks to bet on

Bancorporation of the West: Based in West Des Moines, IA, WTBA focuses on loan, deposit and trust services for consumers and small to medium-sized businesses. West Bancorporation has seen a decent increase in loans spread across all of its markets over the past few quarters.

For the first nine months of 2021, West Bancorporation recorded loan growth (excluding Paycheck Protection Program or PPP) of 10.1%. In addition, the repayments and repayments of classified loans affect the credit quality of the business. The continuation of these trends will lead to robust organic growth.

Efforts to expand the presence in Minnesota are expected to drive a further increase in lending, while the focus on the commercial and industrial segments has bolstered the strong growth in deposits and cash management activities of the WBTA.

West Bancorporation currently carries a Zacks Rank # 2 (Buy). The consensus mark for the WTBA’s current year earnings rose 2.4% to $ 3.02 in the past two months. This indicates a growth of 52.5% compared to the figure published a year ago. The company’s shares have returned 55.6% in the past year.

You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.

Price and consensus: WTBA

Bancorp investors: Headquartered in Short Hills, New Jersey, ISBC operates through 154 branches in New Jersey, New York and Pennsylvania. Investors Bancorp’s consumer banking services include online banking, deposit products, home equity loans, lines of credit and a full suite of mortgages.

In August, Investors Bancorp completed the acquisition of the eight branches of Berkshire Bank in New Jersey and eastern Pennsylvania. The buyout allowed the company to acquire approximately $ 630 million in deposits as well as $ 220 million in consumer and business loans. Last month, Investors Bancorp shareholders approved its proposed merger with another industry participant. The purchaser will purchase all of the outstanding shares of Investors Bancorp for a combination of 10% cash and 90% shares. This should be closed in the first half of 2022.

Going forward, loan growth, improved funding mix and credit quality will support the company’s finances.

Investors Bancorp currently has a Zacks rank of 2. Zacks’ consensus estimate for ISBC earnings in 2021 has risen 1.6% northward to $ 1.27 in the past two months. This indicates year-over-year growth of 35.1%. The company’s shares have climbed 45.3% in the past year.

Price and consensus: VSI

House street: HMST is a diversified commercial and consumer bank headquartered in Seattle, WA, with $ 7.4 billion in assets as of September 30, 2021. HomeStreet has made significant strides in transforming itself into a large-scale commercial bank in expanding its market presence in a very attractive metropolitan area. markets.

The company sold a large portion of its mortgage business in 2019. Such an evolving business model has helped HMST reduce earnings volatility given the volatility of the mortgage market. HomeStreet’s revenue from single-family mortgage banking was reduced from 26% in the third quarter of 2020 to 17% in the third quarter of 2021. Given the expectation of a slight drop in origination and the gain on the activities of sale, mortgage income is expected to be an even smaller share of HomeStreet income in the future.

In the third quarter of 2021, the company’s NII and NIM were relatively stable at $ 57.5 million and 3.42%, respectively. HMST also has a very diverse loan portfolio in terms of products and geography. Management expects lending growth of 10-15% in 2022, mainly due to an increase in commercial real estate loan origination. This also corresponds to an increase in NII, which is likely to drive revenue growth.

HomeStreet profits in 2021 are expected to grow 52.7% year-over-year. Zacks’ consensus estimate for HMST’s earnings in 2021 has improved 1.3% over the past 30 days. Shares of this company Zacks Rank # 2 have climbed 47.4% in the past year.

Price and consensus: HMST

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93% of payday loan borrowers regret taking out their loans, survey finds Mon, 06 Dec 2021 19:49:20 +0000

Payday loans can be a debt trap for borrowers who cannot afford to make payments. Here’s how you can pay off your payday loan balance before it goes to debt collectors. (iStock)

Payday lenders prey on borrowers with bad credit who are in desperate need of cash, trapping them in a cycle of hard-to-repay high-interest debt.

The vast majority (93%) of borrowers regret having taken out their personal loan, according to a new survey by Debt hammer. Only 1% of respondents said their financial situation had improved after borrowing a payday loan, while 84% said their financial situation had deteriorated.

Payday loans offer consumers the option of borrowing small, short-term cash loans without a credit check. But the typical repayment period is only two weeks, leading 4 out of 5 borrowers to borrow a new personal loan to pay off their current debt, the Consumer Financial Protection Bureau (CFPB) reported.

It is possible to get rid of your payday loan debt without renewing your loan and incurring additional costs. Read on for tips on how to break the cycle of payday borrowing, like consolidating debt with a personal loan. You can compare free debt consolidation loan rates on Credible without impacting your credit score.


3 Ways To Get Out Of A Payday Loan

The average cost of a payday loan works out to an annual percentage rate (APR) of almost 400%.

Payday lenders may trick you into believing that renewing your loan is the only way to pay off your debt, but it isn’t. Here are some alternative ways to break the payday loan cycle:

  1. Debt Consolidation Loans
  2. Extended payment plans
  3. Credit counseling

Find out about each repayment plan in the sections below.


1. Debt Consolidation Loans

Personal loans are lump sum loans that are commonly used to consolidate higher interest rate debt like payday loans. They come with fixed interest rates and repayment terms, which means your monthly payments will be the same while you pay off your debt.

These debt consolidation loans are generally unsecured which means that you don’t have to put any asset as collateral. Because they’re unsecured, lenders determine your interest rate and eligibility based on your credit rating and debt-to-income ratio.

Qualified borrowers can benefit from a low rate on a personal loan for debt consolidation. Personal loan rates are close to all-time lows, according to the Federal Reserve, with an average of 9.39% in the third quarter of 2021.

Some credit unions also offer Small Alternative Payday Loans (ALP), which allow members to borrow up to $ 2,000 with an interest rate cap of 28%. However, these loans can be difficult to find because only a small portion of credit unions offer PALs.

You can see if you qualify for a debt consolidation loan on Credible with a gentle credit check, which will not impact your credit score. Use a personal loan calculator to estimate your monthly payments to see if this option can help you get rid of your payday loan debt.


2. Extended payment plans

An Extended Payment Plan (EPP) allows payday loan borrowers to repay their debt over a longer period than the usual two-week repayment term. Many states require payday lenders to offer PEPs, so you’ll need to research your state’s laws to see if you’re eligible.

Some payday lenders may offer RPEs, although they are required to do so by law. Lenders belonging to Community Financial Services Association of America (CFSA) are required to offer PEPs to borrowers, but other financial institutions may not offer this option.


3. Credit counseling

Nonprofit credit counseling agencies offer free or low cost services to borrowers who are struggling to manage their debt. One such service includes enrolling payday loan borrowers on a Debt Management Plan (DMP).

As part of a DMP, a credit counselor will help you budget and set a debt repayment schedule. Credit counselors can help you negotiate with payday lenders to get a lower interest rate or reduce the loan amount.

You can see a full list of certified nonprofit credit counselors on the Department of Justice website. If you still have questions about payday loan debt relief, learn more about debt consolidation by contacting a knowledgeable loan officer on Credible.


Have a finance-related question, but you don’t know who to ask? Email the Credible Money Expert at and your question could be answered by Credible in our Money Expert column.

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The Rutgers Center for Women and Work is urging the state to raise awareness of the program, streamline the application process, and make payments on time.

PISCATAWAY, NJ (December 6, 2021) – As Congress Democrats debate a national paid family leave policy in President Biden’s Build Back Better program, a new report of the Rutgers Center for Women and Work finds that New Jersey’s own program continues to suffer from bureaucracy, late payments, and low awareness among low-wage workers who need it most.

“New Jersey is a national leader in policies that support working families, but our paid family leave program is still a work in progress,” said Debra Lancaster, Executive Director of the Rutgers Center for Women and Work. “When workers don’t know the program exists, are having trouble applying, or payments are taking too long to arrive, it’s clear we have work to do. ”

Adopted in 2009, New Jersey’s Family Leave Insurance (FLI) offers up to 12 weeks of paid leave and up to 85% salary replacement for workers caring for newborns, babies and children. ‘a newly adopted child or a sick loved one. Governor Murphy expanded the program in 2020, and the New Jersey Department of Labor and Workforce Development (DOL) has taken steps to improve its implementation, but there is room for growth. .

Supported by the Robert Wood Johnson Foundation, the Rutgers Center for Women and Work surveyed workers, employers, advocates and state administrators to find out how DOL and other stakeholders can strengthen paid family leave in New Jersey. The report finds:

  • Low awareness: The FLI has been around for 12 years, but only 53% of New Jersey residents know it exists. Part of the problem is that DOL has failed to meet its legal obligation to spend $ 1.2 million per year on education and awareness. The agency should release the funds.

  • Application issues: Confusing questions about The application stumbles many of the workers we interviewed. The DOL should create a user guide to help applicants navigate the process and an information hotline for questions unrelated to a specific claim.

  • Payment period : Many workers had to wait weeks, if not months, to receive their first FLI payment. This situation was particularly detrimental to low-wage workers with no other source of income. DOL is working to modernize its claims management system, which is based on a 1988 mainframe, but it must find a way to speed up payments in the meantime.

  • HR disruption: While favorable to paid family time off, HR managers interviewed for our study felt ill-equipped to guide their employees through the process – and some were unaware the program had expanded last year. Employers must ensure that their HR staff use DOLs employer toolkit and monitor changes in the law.

  • Culture shock: In some workplaces, employees have felt judged and even humiliated for using FLI. Managers should strive to standardize paid family leave by using the program themselves and encouraging their staff to do the same when life demands it.

“Family leave insurance has the potential to make New Jersey a healthier, fairer state,” said Maisha Simmons, Director of New Jersey Grants at the Robert Wood Johnson Foundation. “This report shows the way forward for this well-intentioned program to reach that potential. ”

Previous studies have shown that paid family leave produces significant benefits, including better health outcomes for mothers and children and greater economic security for single and poorly paid mothers. Fathers are more likely to take an active role in caregiving, and mothers are more likely to return to work after childbirth, when they use paid family leave.

About the school

The Rutgers School of Management and Labor Relations (SMLR) is the world’s leading source of expertise on managing and representing workers, designing effective organizations and building strong employment relationships. SMLR Center for Women and Work (CWW) engages in research, education and programming that promotes economic and social equity for working women, their families and their communities.

9 ‘things’ that help tell the story of golf in 2021 | This is the loop Mon, 06 Dec 2021 06:14:28 +0000 Zacks: Brokerage firms expect Provident Financial Services, Inc. (NYSE: PFS) to post earnings per share of $ 0.47 Sun, 05 Dec 2021 12:11:35 +0000

Wall Street brokerages expect Provident Financial Services, Inc. (NYSE: PFS) to report earnings of $ 0.47 per share for the current quarter, Zacks investment research reports. Three analysts estimated Provident Financial Services earnings, with the lowest EPS estimate being $ 0.45 and the highest estimate being $ 0.51. Provident Financial Services reported earnings per share of $ 0.53 in the same quarter last year, indicating a negative year-over-year growth rate of 11.3%. The company is expected to report its next results on Friday, February 4.

According to Zacks, analysts expect Provident Financial Services to report annual earnings of $ 2.15 per share for the current year, with EPS estimates ranging from $ 2.11 to $ 2.21. For next year, analysts predict the company will report earnings of $ 1.84 per share, with EPS estimates ranging from $ 1.75 to $ 1.94. Zacks’ EPS calculations are an average based on a survey of seller-side research analysts who cover Provident Financial Services.

Provident Financial Services (NYSE: PFS) last announced its quarterly earnings data on Thursday, October 28. The savings and loan company reported EPS of $ 0.49 for the quarter, beating the consensus estimate of $ 0.47 by $ 0.02. The company posted revenue of $ 99.59 million in the quarter, compared to analysts’ estimates of $ 113.23 million. Provident Financial Services recorded a return on equity of 10.34% and a net margin of 35.12%. The company’s revenue for the quarter increased 6.6% year-over-year. In the same quarter of last year, the company posted earnings per share of $ 0.37.

A number of research companies have commented on the PFS. Zacks investment research reduced Provident Financial Services from a “buy” note to a “hold” note in a research note on Tuesday, October 5. Barclays reiterated an “overweight” rating on Provident Financial Services shares in a research note on Thursday, August 12.

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A number of institutional investors have recently bought and sold shares. Comerica Bank increased its holdings in Provident Financial Services by 3.9% in the third quarter. Comerica Bank now owns 70,527 shares of the savings and loan company valued at $ 1,756,000 after acquiring an additional 2,630 shares during the period. Bank of New York Mellon Corp increased its holdings in Provident Financial Services by 2.5% in the third quarter. Bank of New York Mellon Corp now owns 1,093,265 shares of the savings and loan company valued at $ 25,659,000 after acquiring an additional 26,412 shares during the period. BNP Paribas Arbitrage SA increased its stake in Provident Financial Services by 115.1% in the third quarter. BNP Paribas Arbitrage SA now holds 96,878 shares of the savings and loan company valued at $ 2,274,000 after purchasing 51,846 additional shares during the period. Thrivent Financial for Lutherans increased its holdings in Provident Financial Services by 6.1% in the third quarter. Thrivent Financial for Lutherans now owns 62,920 shares of the savings and loan company valued at $ 1,477,000 after purchasing an additional 3,644 shares during the period. Finally, the Royal Bank of Canada increased its holdings in Provident Financial Services by 5.0% in the third quarter. Royal Bank of Canada now owns 24,644 shares of the savings and loan company valued at $ 578,000 after purchasing an additional 1,173 shares during the period. 61.39% of the shares are currently held by hedge funds and other institutional investors.

Shares of Provident Financial Services opened at $ 23.63 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.96, and a debt ratio of 0.41. The company has a market cap of $ 1.83 billion, a P / E ratio of 10.60 and a beta of 1.01. Provident Financial Services has a 12-month low of $ 16.56 and a 12-month high of $ 25.98. The company has a fifty-day simple moving average of $ 24.67 and a two-hundred-day simple moving average of $ 23.47.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 26. Shareholders of record on Friday, November 12 received a dividend of $ 0.24. The ex-dividend date was Wednesday, November 10. This is a positive change from Provident Financial Services’ previous quarterly dividend of $ 0.23. This represents a dividend of $ 0.96 on an annualized basis and a dividend yield of 4.06%. Provident Financial Services’ dividend payout ratio is currently 43.05%.

About provident financial services

Provident Financial Services, Inc is a holding company that provides banking services to individuals and businesses in northern and central New Jersey and eastern Pennsylvania. The company was founded on January 15, 2003 and is headquartered in Jersey City, New Jersey.

See also: What is the meaning of a dead cat bounce?

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Historical and Profit Estimates for Financial Provident Services (NYSE: PFS)

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Should you invest $ 1,000 in Provident Financial Services now?

Before you consider Provident Financial Services, you’ll want to hear this.

MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat identified the five stocks that top analysts quietly whisper to their clients to buy now before the broader market takes hold of… and Provident Financial Services was not on the list.

Although Provident Financial Services currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better bets.

See the 5 actions here

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Editorial Board: State Needs Stricter Laws To Stop Officials From Attempting Secret Court Settlements | Editorial Sat, 04 Dec 2021 21:00:00 +0000

Legislators in various states have pushed for legislation to make these regulations public. Among them is New Jersey, whose General Assembly in 2017 passed a measure that would prevent state and local governments from entering into confidential agreements with whistleblowers. The bill has not yet become law.

Former Missouri Attorney General Josh Hawley began publishing monthly reports in 2017 on state-paid settlements. Hawley is now a United States Senator, but the Attorney General’s office still publishes the reports.

The publication of comparable data in New York would shed more light on legal regulations and their costs.

The office of State Comptroller Thomas DiNapoli maintains a strong collection of data on his Open Book New York site. The page publishes details on state contracts, payments to suppliers, spending by state agencies and public authorities, as well as by localities.

If New York Attorney General Letitia James compiled a public record of government regulations similar to Missouri’s, she would be doing a valuable public service. James is a Democrat in a Democratic-controlled state and is also running for governor. Presenting the settlements in light of public scrutiny might stoke a hornet’s nest that she would prefer to avoid, but it would be a meaningful assertion of political independence. And the attorney general is the position she occupies now.

Here’s why Upstart still has high growth potential Sat, 04 Dec 2021 20:17:00 +0000

Reached (UPST -3.06% ) has been one of the most disruptive stocks to come to market this year, climbing over 1000% at one point. However, there is reason to believe that the AI-based consumer loan specialist still has a potential of 10 baggers.

In this segment of “The Five” recorded on 23 novemberFool contributors Connor Allen and Jason Hall discuss Upstart’s disruptive potential and its risks.

Jason Hall: Connor, what do you have for us?

Connor Allen: Taylor, I must say I love Coinbase also. I think they have a great first-mover advantage there, especially with all the settlements to come. But for me my stock that I would choose at 10X should be Upstart. Upstart is a recommendation on many Fool services. They basically redesign the way credit scores and FICO loans are done. As their price drops after their earnings which have gone rather well, their valuation continues to look better and better to me. For example, if you look at some of the forward price projections to earnings, it’s really not that bad, like you’re looking at 40-50x profit if you zoom out for a few years or even a few months. I think Upstart right now with the valuation it’s at is pretty good, especially with the growth they’re expecting in the next few years and the new customers they’re getting and all the big banks. As long as nothing major happens, I think there’s a ton of organic growth to be had if Upstart keeps moving forward and doing what it’s doing. Obviously, if a big bank were to decide to start doing their own algorithm similar to what Upstart does for granting loans, then something could go wrong, especially if their system starts having higher default rates than FICO, that is. is also another risk. But I think the current activity and some organic growth going forward could definitely push that up to a 10X stock.

Jason Hall: I think the potential is there and to think of a business in terms of pure social good that it does too is amazing. If there is one industry that is ready to be ripe for this disruption, it is the loan. Some of these lenders think like auto loans and especially like subprime lenders. I like what they do. I want to highlight the default risk factor. Until we go through a full credit cycle, we won’t know how good their credit quality is. Were not. You can wargame anything you want, you can simulate it anything you want. But until you go through a full business cycle with an economic downturn and people out of work, all of that, we just don’t know what their credit quality is. This is a very real risk and it may take 3-5 years before we know more. It’s the one thing I’ve been very careful with about Upstart, but I love what they do and I think, Connor, you’re right. It definitely has a potential of 10 or more baggers, even from where it is currently.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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Mortgage rates today, December 4th and rate forecasts for next week Sat, 04 Dec 2021 15:11:56 +0000

Today’s Mortgage and Refinance Rates

Average mortgage rates edged down yesterday. Overall, they fell this week, as I predicted.

But I was lucky. And mortgage rates are inherently unpredictable at present. They depend to a large extent on data regarding the Omicron variant of COVID-19. And these are only beginning to emerge. So rates could be pushed back and forth, depending on what inferences scientists make from that data.

Find and lock in a low rate (December 5, 2021)

Current mortgage and refinancing rates

Program Mortgage rate APR* Switch
Conventional 30 years fixed 3,291% 3.31% -0.03%
Conventional 15 years fixed 2,528% 2,557% -0.17%
Conventional 20 years fixed 3,126% 3,158% -0.04%
Conventional 10 years fixed 2,618% 2.68% -0.05%
30-year fixed FHA 3.307% 4,071% -0.02%
15-year fixed FHA 2,585% 3.229% -0.06%
5/1 ARM FHA 2,177% 3.085% -0.01%
Fixed VA over 30 years 3,202% 3,397% -0.05%
15-year fixed VA 3.001% 3.345% + 0.14%
5/1 ARM VA 2,559% 2,441% -0.06%
Prices are provided by our network of partners and may not reflect the market. Your rate may be different. Click here for a personalized quote. See our pricing assumptions here.

Find and lock in a low rate (December 5, 2021)

Should you lock in a mortgage rate today?

If you’re financially prudent, you may well choose to lock in your mortgage rate today. These rates don’t look bad right now. And there is a real chance that they will increase.

But, if you love to gamble – and think that the Omicron variant of COVID-19 has the potential to seriously damage the economy – you’ll probably want to continue to float your rate.

Honestly, I can’t provide better advice than this, just because neither I nor anyone else can know how damaging Omicron will be. More on that below.

Earlier in the week, I changed my personal rate foreclosure recommendations to reflect what seemed, at the time, to be a real threat from Omicron. But I could change them soon.

Yet, for now, these recommendations are as follows:

  • FLOAT if closing 7 days
  • FLOAT if closing 15 days
  • FLOAT if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

However, with so much uncertainty right now, your instincts could easily turn out to be as good as mine, if not better. So let your instincts and your personal risk tolerance guide you.

What changes current mortgage rates

It’s still Omicron – for now. And two possible and competing narratives seem to emerge. Compared to other variants, including Delta:

  1. There are warning signs that Omicron is spreading faster. But no one has died yet. And that can lead to milder symptoms and far fewer hospitalizations and deaths. If so, this could be the beginning of the end for COVID-19 as the new variant overtakes Delta and all the more dangerous ones and reduces the harm from the disease
  2. Omicron appears to spread faster and there is insufficient evidence to conclude that it is less harmful. Meanwhile, there are early signs that vaccines and previous infections offer less protection against it. So COVID-19 could be a lot worse this winter than last year

However, the World Health Organization (WHO) pours cold water on these two accounts. “We are going to get the answers everyone needs,” WHO Emergency Director Michael Ryan said yesterday. But this information could take weeks to emerge.

And the latest update from WHO Omicron says, “It is not yet clear whether Omicron is more transmissible … It is not yet clear whether infection with Omicron causes more severe disease compared to infections with it. other variants, including Delta.

Where Omicron has reached

So we just have to wait. Meanwhile, the Omicron variant is spreading. Yesterday it was in 38 countries. And cases had been reported in the following US states:

  • California
  • Colorado
  • Hawaii
  • Maryland
  • Minnesota
  • Missouri
  • Nebraska
  • New Jersey
  • new York
  • Pennsylvania
  • Utah

So it is almost certain that Omicron will be in a location near you soon. But we don’t know if we should find this scary or reassuring.

What this means for mortgage rates

Reuters reported yesterday: “The International Monetary Fund is likely to lower its estimates of global economic growth due to the new Omicron variant.” But, presumably, it will only do so if the variant proves harmful enough to trigger a new wave of economically damaging measures.

Measures such as closures, school closures, increased homework, and restrictions on travel and social mix are all likely to slow or reverse the economic recovery. But we cannot yet be sure that they will be needed.

If so, mortgage rates could fall, possibly to new all-time lows. If they are not, the recovery should continue and the upward pressure on these rates will be free. These include continued hot inflation. And higher interest rates on all types of loans sooner than expected.

Economic reports next week

Yesterday took place the publication of the monthly report on the employment situation. Many currently see this as the most important economic report of all. And yet the markets barely reacted to it.

The overall figure (the number of jobs added to the non-farm payroll) was much lower than expected. And you’d normally expect mortgage rates to drop significantly on this news.

There are two possible explanations why they didn’t. First, many of the other numbers in the report were pretty good. Or, second, investors are too focused on the possible effects of the Omicron variant to pay much attention to historical data, no matter how small.

If so, next week’s reports might receive just as little attention. But, if it is the former, we can see some reaction to the larger ones, which cover inflation and employment.

The main ones below are in bold. But none of the other economic reports listed below are likely to cause much movement in the markets unless they include some incredibly good or bad data:

  • Tuesday – Third Quarter Productivity and Unit Labor Costs (Revisions)
  • Wednesday – October Jobs and job quits
  • Thursday – Weekly new unemployment insurance claims to December 4
  • Friday – November consumer price index and core inflation. Plus the first reading of the December Consumer Confidence Index and “inflation expected over the next five years

Wednesday and Friday can be key days, if applicable.

Find and lock in a low rate (December 5, 2021)

Mortgage interest rate forecasts for next week

Mortgage rates are unpredictable next week. Sorry for the evasion. But quite simply they are.

Mortgage and refinancing rates generally move in tandem. And a gap that had grown between the two was largely eliminated by removing unfavorable refinancing fees from the market.

Meanwhile, another recent regulatory change has likely made mortgages for investment property and vacation homes more accessible and less expensive.

How your mortgage interest rate is determined

Mortgage and refinance rates are generally determined by prices in a secondary market (similar to stock or bond markets) where mortgage-backed securities are traded.

And it depends heavily on the economy. So mortgage rates tend to be high when things are going well and low when the economy is struggling.

Your part

But there are five ways you play an important role in determining your own mortgage rate. And you can significantly affect it by:

  1. Find Your Best Mortgage Rate – They Vary Dramatically From Lender to Lender
  2. Increase Your Credit Score – Even a Small Bump Can Make a Big Difference in Your Rate and Payments
  3. Save the Biggest Down Payment Possible – Lenders love you to have real skin in this game
  4. Keep your other loans small – The lower your other monthly commitments, the larger the mortgage you can afford
  5. Choosing Your Mortgage Carefully – Are you better off with a conventional, FHA, VA, USDA, jumbo, or whatever loan?

Time spent lining up these ducks can earn you lower rates.

Remember, it’s not just a mortgage rate

Make sure you factor in all of your future homeownership costs when determining how much mortgage you can afford. So focus on your “PITI”. It’s your Pmain (reimburses the amount you borrowed), Iinterest (the loan price), (property) Taxes, and (owners) Iassurance. Our mortgage calculator can help.

Depending on the type of mortgage you have and the amount of your down payment, you may also need to pay for mortgage default insurance. And that can easily reach three digits each month.

But there are other potential costs. You will therefore have to pay homeowners association dues if you choose to live somewhere with an HOA. And, wherever you live, you should expect repair and maintenance costs. There is no owner to call in case of a problem!

Finally, you will have a hard time forgetting the closing costs. You can see which are reflected in the Annual Percentage Rate (APR) that will be shown to you. Because it effectively spreads them out over the life of your loan, making it higher than your normal mortgage rate.

But you may be able to get help with those closing costs. and your down payment, especially if you are a first-time buyer. Read:

Down payment assistance programs in each state for 2021

Mortgage rate methodology

Mortgage Reports receive daily rates based on selected criteria from multiple lending partners. We arrive at an average rate and an APR for each type of loan to display in our graph. Because we average a range of rates, it gives you a better idea of ​​what you might find in the market. In addition, we average the rates for the same types of loans. For example, fixed FHA with fixed FHA. The result is a good overview of daily rates and how they have changed over time.

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Obituary: Sandra Adams Banks – Portland Press Herald Sat, 04 Dec 2021 06:01:01 +0000

Sandra Adams Banks

SCARBOROUGH – Sandra Adams Banks, “Sandy, Mom, and Grams”, 84, went to Heaven on November 25, 2021. She was born on November 21, 1937 to the late Mildred Tribou Adams and Raymond Taylor Adams. Sandy was a graduate of Bangor High School and Westbrook Junior College. She was married to her devoted husband, Bill, for 64 years. In January 1958, they left for their first duty station in Honolulu, HI and their beautiful life together began. They raised four children and she loved her career as a mother, housewife and Navy wife. Sandy befriended neighbors and fellow Navy wives wherever they moved: Hawaii, San Diego, Italy, New Jersey, Virginia and Maine. She has worked with Navy Relief, been a Sunday School teacher, PTA volunteer and housemother, and was actively involved in all activities of her children, grandchildren and great-grandchildren.

Sandy was a strong and independent woman who loved her family above all else and told them every day how much they meant to her. Sandy has never known a stranger. She was patient, warm and accepted everyone she met. Her bright eyes and infectious smile showed those around her how joyful life can be, even in difficult times. Following in her mother’s footsteps, Grams was able to give gifts of love and laughter to her grandchildren and great-grandchildren, and she made sure each of them knew how special they are. She encouraged everyone who knew her to live and love to the fullest and follow their dreams. She will be sadly missed by all who were fortunate enough to know her.

Sandra was predeceased by her parents; his grandson, Steven “Tiger”; nieces Heather, Lisa and Natasha; and grandnephew, Collin; his brother, Raymond; and his brother-in-law, Sanford Miller.

She is survived by her husband, Captain William K. Banks, USN, retired; sister, Marie MacMillan and her husband, Stanley, of Hampden; sister-in-law, Joanne Miller, of Bangor; brother-in-law Frank Banks and his wife, Marny, of Fairfax, Va .; son, Steven Banks, of Standish; daughters, Lauri Dean and her husband, John, of Gorham, Lynaire Campbell, and her husband, Ron, of Check, Va., and Susan Banks, of Suffolk, Va .; grandchildren, Lindsay Moran and her husband, Chris, of Chelmsford, Mass., Andrew Dean, of Portland, Victoria Banks, of Poland, Taylor Banks, of Standish; four great-grandchildren, Cameron, Harper and Brooklyn Moran, and Nichole Reardon; several beloved nieces and nephews; and his beloved dog, Molly.

A memorial service will be held at 11 a.m. on Sunday, December 12, 2021 at Brookings-Smith, 133 Center St., Bangor. Family invites relatives and friends to share a conversation and refreshments at the Brookings-Smith Family Welcome Center, 163 Center Street, Bangor, after the service. Masks are compulsory.

Condolences to the family can be expressed at

Those who wish to remember Sandy in a special way can donate to the King’s Daughters Children’s Hospital,

601 children’s way,

Norfolk, Virginia 23507


Golden Book

” Previous

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French company converts € 3.5 million in Lambay whiskey loans into equity Sat, 04 Dec 2021 02:30:00 +0000

Cognac maker Camus Holdings converted € 3.5m in loans it had made to its Lambay Island whiskey business into shares, new documents show.

t cements the French company’s investment in Lambay Irish Whiskey, which is a joint venture between Camus and Alexander Baring, owner of Lambay Island. Mr. Baring is the seventh Lord Revelstoke.

Camus Holdings has so far committed at least € 6 million to Lambay Irish Whiskey with the aim of building a profitable brand.

Mr Baring’s ancestral family was behind the famous Barings bank, which collapsed in 1995 after dishonest trader Nick Leeson racked up huge losses which he hid from the institution.

Lambay Island is located a few miles off the north coast of Dublin.

The latest set of publicly available accounts for Lambay Irish Whiskey shows the company had € 5.1m in inventory at the end of 2019 and a shareholder deficit of € 464,000 as it continued to increase production and target new markets.

It recorded a loss of nearly € 1.5 million in 2019, bringing its cumulative losses to € 3.1 million. She launched her whiskeys in 2018.

“Camus Holdings, the parent company, has undertaken not to request reimbursement of amounts owed to it if this in any way alters the operations of the company,” the accounts note.

“In addition, he has agreed to provide the necessary financial assistance to ensure that the company is able to meet its commitments as they fall due,” the accounts add.

In 2019, the whiskey company received € 2.8m from Camus Holdings, with the amount owed to the French group reaching just under € 6m at the end of 2019.

The whiskey company has an agreement with Lambay Estate Company until early 2032 which provides for the payment of royalties for the exclusive licensing of the products.

Over the summer, the whiskey maker began a wider push into the US market, offering for sale its Lambay whiskey small batch blend and Lambay whiskey single malt. She had been selling her whiskey in New York and New Jersey since 2018.

His latest decision will allow him to market his whiskeys in the United States, as well as in Canada and other regions, including Mexico and the Caribbean.

The US market accounts for around 50% of total Irish whiskey worldwide sales, with a large number of distilleries having established themselves here in recent years in pursuit of the market.

Lambay Island has been in the Baring family since 1904.

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