FOMC Members Concerned About Small Banks And CRE Lending

Yesterday’s release of meeting minutes from the Federal Open Market Committee’s July 25-26 meeting garnered plenty of headlines due to the dialogue between FOMC members suggesting a rate increase in December may not be as certain as some had initially thought. But smaller banks were not left out the FOMC’s discussion.

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MassDevelopment Provides Nearly $23M In Bonds For JP Nursing Facility

MassDevelopment has issued $22.8 million in tax-exempt bonds for Lutheran Home of Jamaica Plain Inc., a subsidiary of Ascentria Care Alliance Inc. Ascentria used bond proceeds to buy Laurel Ridge Rehabilitation & Skilled Nursing Center, a 120-bed skilled nursing facility in Boston’s Jamaica Plain neighborhood. Berkshire Bank purchased the bonds.

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Giant Shoe Sculpture Seeks New Home

Team Haverhill and Haverhill Bank are partnering to find a new home for one of the original shoe sculptures created for the Soles of Haverhill project. The shoe, designed by luxury department store Nordstrom, has been on display at the bank’s Lafayette Square branch since 2009. The shoe sculptures salute Haverhill’s celebrated manufacturing history as the Queen Slipper City.

Freddie Mac Chart

Mortgage Rates Drop Again

Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week. The 30-year mortgage rate similarly remained relatively flat, falling just 1 basis point to 3.89 percent. Mortgage rates are continuing to hold at low levels amidst ongoing economic uncertainty.