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  • DOJ planning to sue Moody's over crisis-era mortgage bond ratings

    In the fallout from the financial crisis, many argued that the credit ratings agencies’ competition for business led to ratings shopping among bond issuers and relaxed ratings standards for the ratings agencies themselves. Last year, Standard & Poor's reached a $1.375 billion settlement over just such claims. And now the Department of Justice is taking aim at Moody's Investors Service. Click the headline to read more.

Zillow: 30-year mortgage rates trend upward to 4.3%

Reversing last week's trend, the 30-year, fixed-mortgage rate increased for the week ending Tuesday to 4.3%, according to the Zillow Mortgage Marketplace weekly update. The rate rose from 4.27% the week prior. Zillow said the current 15-year, fixed-average rate is 3.68% and the rate for a 5-1 adjustable rate mortgage is 3.01%. That type of mortgage maintains a steady rate for five years and then is adjusted annually thereafter. Regionally, 30-year rates vary, but the majority of states witnessed a rate inflation. Colorado's average rate spiked to 4.48% from 4.31% prior. Rates in California also increased substantially to 4.32% from 4.23% the previous week, while Florida's rate increased to 4.33% from 4.27%, and New Jersey saw its average rate rise to 4.29% from 4.22%. The current rate in Texas decreased week-over-week to 4.24% from 4.32%, as did Illinois' down to 4.23% from 4.34%. Rates in Massachusetts are down to the national average of 4.3% from 4.35% and rates in New York fell to 4.31%. Zillow bases its averages on real-time mortgage quotes from lenders registered with the company. The national average comes from thousands of daily quotes by anonymous borrowers through the Seattle-based company's website. Write to Christine Ricciardi.

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