The biggest banks are adding government-backed mortgage bonds at the fastest pace in 18 months, breaking with an unusual pattern in which they shunned the debt as their loan portfolios shrank during the economic slump. Large US commercial banks added $51.4bn of so-called agency mortgage-backed securities in the two weeks ended July 21.
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This week, the average U.S. fixed rate for a 30-year mortgage jumped to 3.69%. That’s still more than a percentage point lower than the 4.85% of the year-earlier week.
Embrace Home Loans, a Rhode Island-based mortgage lender, announced this week that longtime employee Ryan “Buddy” Hardiman is being promoted to senior vice president of retail and direct sales.