Tuesday's Personal Finance stories
- Record-low mortgage rates will be gone in 2011: MBA
- Freddie, Fannie urge lenders to resolve ‘robo-signers'
- Consumers plan to spend more on holiday travel
- TIPS auction reflects profound uncertainty
- U.S. consumers' confidence rises in October
Still, no need to jump too fast. MBA predicts rates on the 30-year fixed-rate loan will rise to just 5.1% by the end of 2011. That's still very low. Read Amy Hoak's coverage of the MBA's annual conference, including what Fannie Mae and Freddie Mac executives had to say about the "robo-signer" controversy — even as conference attendees wonder what's next for Fannie and Freddie. Also, read about the drop in home prices in August.
Meanwhile, don't miss our story looking at what a negative yield on TIPS means, and if you're planning to go away for the holidays and those plans include air travel, you might want to get ready to book, Jennifer Waters writes in her Consumer Confidential column today.
—Andrea Coombes , Personal Finance editor
Mortgage rates may be as low as they'll get — rates are on course to rise, slowly moving toward 5% by the end of next year, according to the Mortgage Bankers Association's economic forecast, released Tuesday at the group's annual convention here.
Read more on record-low mortgage rates will be gone in 2011: MBA.
Top executives at Fannie Mae and Freddie Mac, the government-seized mortgage-buying giants, urged lenders to revisit their foreclosure practices as they refrained from endorsing a nationwide ban, at a panel discussion at the Mortgage Bankers Association's annual convention on Monday.
Read more on Freddie, Fannie urge lenders to resolve ‘robo-signers' quickly.
Mortgage bankers should shine a light on bad participants in the industry and regain the public's trust as a generation of Americans are questioning whether to pursue homeownership, the commissioner of the Federal Housing Administration said Tuesday at the Mortgage Bankers Association's annual convention.
Read more on mortgage bankers must regain public's trust: FHA's Stevens
Home prices fell 0.2% in August, according to the Case-Shiller home price index released Tuesday by Standard & Poor's, in a report labelled "disappointing" by its compilers.
Read more on U.S. home prices drop 0.2% in August.
For the optimists among you, there's some good news in the S&P/Case-Shiller home price index: Detroit prices climbed 0.5% in August.
Read more on when Detroit is the hot housing market...
Travel costs are on the upswing and that seems to be OK with almost a third of the people planning a trip during the holidays, according to recent survey results. Read more on consumers plan to spend on travel.
How much should you have to pay for an insurance policy that protects you against both severe deflation and hyperinflation?
Read more on TIPS auction reflects profound uncertainty.
Todd Combs, set to take over some of Berkshire Hathaway's investment portfolio from Chairman Warren Buffett, generated big returns in 2007 and 2008 by shorting financial stocks during the credit crisis.
Read more on Berkshire's new man: Combs uncovered.
A top government official on Tuesday defended the new Financial Stability Oversight Council's authority to impose stricter leverage and capital limits on some hedge funds and private equity funds.
Read more on SEC defends tighter rules for some hedge funds.
Consumer confidence rose in October, though it remains near historically low levels, with a monthly gauge compiled by the Conference Board increasing to 50.2.
Read more on U.S. consumers' confidence rises in October.
The U.S. economy needs to be revived with more fiscal spending and not with quantitative easing from the Federal Reserve, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday.
Read more on Stiglitz wants more fiscal spending, not ‘QE'.
The Federal Reserve plan to gin up the printing press in an effort to knock down long-term interest rates is one of the most well-signaled roundhouse punches in the history of finance.
Read more on the Fed's secret $4 trillion experiment,
California seems to have little trouble capturing the attention of the nation in a number of ways, but politicos around the U.S. always seem to sit up at election time and take notice of what voter initiatives the state will try to push through.
Read more on pot, pollution, portioning on California ballot.
California is one of the bluest states in the country, so it stands to reason that a Republican who gravitates toward the middle stands a better chance of winning high office there, right?
Read more on can the tech execs reprogram California?
As this venomous campaign cycle comes crashing to a welcome close, it seems certain that the Republicans will gain control of the House, narrowly hit or miss on the Senate, and will be well-positioned in any case to further stymie President Barack Obama and regain the White House in 2012.
Read more on Obama as Hoover: Economy, not GOP, may defeat him.
Carly Fiorina, the Republican candidate for a U.S. Senate seat in California, was hospitalized Tuesday with an infection resulting from a previous surgery, her campaign said.
Read more on U.S. Senate candidate Fiorina hospitalized.
During the past 10 dismal years of American decline, few sights have been more pathetic than that of a succession of U.S. Treasury secretaries traveling to foreign cities, cap in hand, to beg the Chinese to stop being so mean to our economy.
Read more on tracking America's economic decline.
For many reasons, Wall Street should be thriving. The bailouts have come and gone, leaving a vastly consolidated, less-competitive marketplace. Washington's swipe at the industry, the Dodd-Frank Act, largely avoided remaking the industry or ending "too big to fail." The economy isn't exactly humming, but the market is up, interest rates are low and deals are getting done.
Read more on the new Wall Street: No bubble, no profits.