In Georgia, Equity Loans LLC made two announcements: the launch of its correspondent lending channel and the hiring of two new executives to support the division.
Read More »Mortgage Rates Rise in Response to Positive Economic Indicators
Long-term mortgage rates saw a jump this week following better-than-expected economic reports. Freddie Mac released Thursday the results of its Primary Mortgage Market Survey, putting the average 30-year fixed-rate mortgage (FRM) at a rate of 4.46 percent (0.5 point) for the week ending December 5, up from 4.29 percent last week. Frank Nothaft, VP and chief economist for Freddie Mac, pinned the increases on encouraging growth in private jobs and new home sales.
Read More »Inventories Add to Third-Quarter GDP Estimates
Third-quarter gross domestic product (GDP) advanced ahead of initial estimates, the Bureau of Economic Analysis (BEA) reported Thursday. For the second of its three quarterly GDP reports, BEA put economic growth at 3.6 percent in the third quarter, well ahead of the 2.8 percent growth projected in the preliminary report released early November. According to BEA, the revision reflects an increase in private inventory investment, which was far greater than previously estimated.
Read More »Fed Reports Slowdown in Real Estate Amid Modest Economic Growth
Modest to moderate economic growth continues to be the theme at the Federal Reserve, which released on Wednesday its Beige Book tracking expansion across its 12 districts from October through mid-November. The Fed reported improvements in residential real estate activity in Boston, Philadelphia, Chicago, St. Louis, Minneapolis, and San Francisco, with slower single-family home sales softening real estate in most of the remaining districts.
Read More »Carrington Mortgage Services Names Tampa Branch Manager
Carrington Mortgage Services' lending division appointed Carl Grimes as branch manager of its office in Tampa, Florida.
Read More »October New Home Sales Speed to Fastest Pace in Six Months
Sales of new single-family homes were at an estimated seasonally adjusted annual pace of 354,000 in September, Census and HUD reported. In October, the sales pace picked up to an estimated 444,000, an increase of 25.4 percent month-over-month and 21.6 percent year-over-year. As of month's end, the seasonally adjusted estimate of new houses for sale for 183,000, representing a 4.9 month supply at the current sales rate, the agencies reported.
Read More »Following October Bump, Mortgage Applications Resume Trend
Using weekly application numbers released by the Mortgage Bankers Association (MBA), economic analysis firm Capital Economics calculated a 1.3 percent decrease in total applications for November.
Read More »LRES Brings PennyMac On as New Valuation Services Client
LRES, a national provider of commercial and residential valuations and asset management, announced it is now serving the retail lending division of California-based PennyMac Financial Services.
Read More »Report: Major Distressed Sales Markets Seeing Biggest Price Gains
Before the recovery, high volumes of distressed sales aligned with falling prices--but the script has flipped in the current market, Clear Capital says in a recent report.
Read More »October Price Growth Slows, Flatness Expected in November
CoreLogic's Home Price Index (HPI) report for October shows the national home price (including distressed sales) rising 0.2 percent from September.
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