Before they became a magnet for losses and lawsuits, mortgages were moneyspinners for America’s banks. They are again. The Federal Reserve’s campaign to push down interest rates has fuelled a wave of home-buying and loan refinancing. And to the frustration of the Fed, those lower rates are not being fully passed on to customers by the banks.
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Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.
Wall Street expects the Fed will hold its rate steady at the two-day meeting that ends on Wednesday. All eyes are on the quarterly forecasts it will release.