The official Bank Rate paid on commercial bank reserves has been maintained at 0.5% by The Bank of England’s Monetary Policy Committee. This means that the Bank Rate has now been at 0.5% for a whole year, having been lowered from 1.0% in March 2009. The committee have also voted to [ Read More → ]

Mortgage interest rates declined this week, lowering borrowing costs as the housing market’s recovery shows signs of slowing. This Story The average rate for 30-year, fixed-rate mortgage loans fell to 4.97 percent from 5.05 percent last week, mortgage finance company Freddie Mac said. The average 15-year rate was 4.33 percent, down from [ Read More → ]

As if losing one’s home in a foreclosure or short sale were not already sufficiently traumatic, many former homeowners are learning that the day they turn in their keys may be only the start of an even more prolonged housing-induced misery. Among many homeowners, there is a widespread misconception that once [ Read More → ]

Q: We want to refinance our home loan. We are at 5.75 percent and might be able to get 4.85 percent on a 30-year, fixed-rate mortgage. We would save $87 to $104 per month, and we are thinking about adding extra money each month to pay off the loan faster. A: [ Read More → ]

The news that General Motors Co. is inviting some auto dealers back to the fold was met with mixed reactions from Northwest dealers. Some said they’re determined to make it without their long-time corporate benefactor. Eric Schei, owner of Lewis River Motors in Woodland, Wash., said that as far as [ Read More → ]

DULUTH, Minn. — Wearing just a T-shirt and shorts, Mayor Don Ness strolled to the end of a dock jutting into frigid Lake Superior. He grinned, waved to a cheering crowd, and jumped in. “I’ve laid down the gauntlet!” Ness cried, shivering and dripping as he emerged from the lake [ Read More → ]

Jeff Powelson knows how tough it is to fight for lower fees in a 401(k) retirement plan. He tried to get his employer to add lower-cost investment options to its plan in late 2008. He failed. But when he switched jobs last year, the 27-year-old took one look at his [ Read More → ]

European equities markets were mixed Thursday as miners declined on lower copper prices but most banks managed gains on the session. The FTSE 100 was 0.11 percent lower to 5,527.16 in London, but the FTSE 250 added 0.55 percent to 9,665.29. Asset management group Schroders (LSE: SDR; SDRt) led gainers on the [ Read More → ]

NEW YORK - No sooner had the shock of Haiti’s earthquake passed than Chile was struck. As the repercussions of both disasters continue, urgent need remains in those countries and around the world for charitable contributions. But it is hard to know whether donating your time, money, expertise or something else [ Read More → ]

NEW YORK - It sounds like a victory for credit card users , a rule that would require banks to review any interest rate hikes every six months, and lower rates when appropriate. Yet loopholes in the Federal Reserve’s latest proposal could let banks avoid rolling back rates in most cases. To [ Read More → ]