Headlines

The average interest rate for a 30-year fixed-rate mortgage fell to 3.89 percent for the week ending December 4, Freddie Mac reported Thursday in its Primary Mortgage Market Survey. According to the company, it was the lowest average 30-year rate recorded since the end of May last year.

Gateway Mortgage Group, a privately held mortgage company dealing in originations, servicing, and correspondent lending, has recruited John Matuszeski as VP of mortgage servicing, according to an announcement.

Michigan-based United Wholesale Mortgage (UWM), one of the nation's fastest growing wholesale lenders, announced on Tuesday the rollout of its newest product: Investor Edge, an offering designed specifically for borrowers seeking to purchase or refinance non-owner occupied investment properties.

In its latest Beige Book—a catalog of economic reports from contacts across all 12 Fed districts—the central bank noted that "national economic activity continued to expand in October and November."

Lawmakers are asking why the Justice Department is requiring the lenders to donate money to certain housing counseling agencies approved by HUD as part of their settlements.

RockTop Partners, a Texas-based buyer of residential loan portfolios, has selected RIO Genesis as its technology platform provider, the software firm announced.

The United States Senate voted Tuesday to confirm the nomination of former Treasury assistant secretary Nani Coloretti to her new post as deputy secretary of HUD. Coloretti's confirmation comes months after the Senate confirmed Julian Castro as HUD secretary.

Single-family home sales in the state totaled 4,404 in October, marking a 1.4 percent increase over October 2013's total of 4,345, the Boston-based Warren Group reported recently. It was the first annual increase since June.

In a report on Tuesday, the Commerce Department estimated construction spending throughout the month at a seasonally adjusted annual rate of $971 billion, an increase of 1.1 percent over September's revised estimate of $960.3 billion. A large share of October's increase came in spending on residential projects.

The StoneHill Group, a mortgage solutions firm headquartered in Atlanta, recently named mortgage industry veteran Patricia Hamilton as business development manager.