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Fed Lays an Egg and Mortgage Rates Bunny-Hop Up

18.05.12

Mortgage rates inched up this week after the Fed signaled to investors that it won't buy more bonds to provide further stimulus to the U.S. economy.

The benchmark 30-year fixed-rate mortgage rose to 4.25 percent, compared to 4.23 percent the previous week, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 5.08 percent; four weeks ago, it was 4.11%.

The benchmark 15-year fixed-rate mortgage fell to 3.42% from 3.44% the previous week, and the benchmark 5/1 adjustable-rate mortgage rose to 3.15% from 3.14%.

Fed can't keep rates low forever

The Fed has helped to keep mortgage rates artificially low through its continuous purchase of government and mortgage bonds, which is a policy known as quantitative easing.

Many investors hoped the Fed would add another round of stimulus, but most Fed members lean away from that idea and seem ready to let the U.S. economy stand on its own. At least, that is the message investors got Tuesday, after the minutes from the last Federal Open Committee Meeting were released.

Source: Fox Business

Fidelity National Financial, Inc. Announces Quarterly Cash Dividend of $0.14

18.05.12

About FNF

Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, mortgage services and diversified services.  FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States.  FNF also owns a majority interest in O'Charley's Inc., a multi-concept restaurant company that operates or franchises restaurants under the O'Charley's, Ninety Nine Restaurant, and Stoney River Legendary Steaks concepts.  In addition, among other operations, FNF owns minority interests in Ceridian Corporation, a leading provider of global human capital management and payment solutions, Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles and American Blue Ribbon Holdings, LLC, an owner and operator of the Village Inn, Bakers Square and Max & Erma's restaurants.  More information about FNF can be found at www.fnf.com .

Source: Sacramento Bee