Townstone Financial

“Barbenheimer” dominated headlines this week as people went to the movie theaters in droves. But here in the mortgage world, we’re all waiting for Wednesday to watch what the Fed’s latest rate call will be. Another quarter-point hike has been priced in, but further moves are unclear, and their forward guidance will be key. Bank of America is in the news again. I think we all know it wasn’t GOOD news. Per Barron’s “Bank of America has been fined $150 million by regulators, who said the bank had wrongly charged customers with so-called junk fees, withheld credit card points, and used customer data to open unauthorized accounts.” You’d think these major banks with in-house legal departments would be following all rules and regulations, but alas… Do you have an adjustable-rate mortgage? Might be time to get out: 5-year ARMs from 2018 are set to adjust this year. 7-year ARMs from 2016 are set to adjust this year. 10-year ARMs from 2013 are set to adjust this year. Home Equity Loans and Lines of Credit remain a