Government

HARP 2.0 is stimulating an uptick in mortgage applications for Bank of the West. The financial institution recently reported notable increases in loan applications during April as homeowners move to capitalize on the government's enhancements to the refinancing initiative. he California-based bank is currently predicting that roughly 20 percent of its loan volume for 2012 will come from refinancing borrowers taking advantage of HARP 2.0. Bank of the West has been savvy in its pursuit of homeowners interested in refinancing.

In Wisconsin, LoanSifter has reason to celebrate, following the company's announcement that its revenues have grown during 22 consecutive quarters. Statistics from LoanSifter, a provider of product eligibility and pricing software solutions for the mortgage banking industry, indicate an 11.6 percent increase in revenue between the final quarter of 2011 and the first quarter of the current year.

Interest rates for mortgage loans saw new, all-time lows this week as investors fled debt crises in Europe. Freddie Mac found the 30-year fixed-rate mortgage sliding to 3.79 percent, down from 3.83 percent last week and a far cry from 4.61 percent last year. The 15-year loan fell from 3.05 percent to 3.04 percent. Adjustable-rate mortgages went up. The finance Web site Bankrate.com likewise saw new record lows for mortgage rates, with the 30-year fixed-rate mortgage dropping below 4 percent for the first time by arriving at 3.97 percent.

First time claims were unchanged at 370,000 for the week ended May 12 after the number of initial claims filed for the previous week was revised upward, the Labor Department reported Thursday. Economists had expected initial claims would decrease to 365,000. The Labor Department had initially reported 367,000 claims filed for the week ended May 5. The revision turned that report to an increase of 2,000 from a previously reported decline of 1,000. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased 18,000 to 3,265,000.

The Real Estate Roundtable's new quarterly survey demonstrated a lack of confidence in the outlook for 2012 among commercial real estate executives. According to data from the group's Sentiment Survey, the market improvements seen on a year-over-year basis aren't mitigating concerns surrounding global economic risks and tax issues in the commercial sector.

Colorado-based RE/MAX is being recognized for the expertise and efficiency of its agents. According to statistics from the 2012 REAL Trends 500 survey and the RIS Media Power Broker Report, RE/MAX's agents were the most productive in the business during 2011.

Uncertainty is the greatest hindrance to the housing recovery today, according to Federal Reserve Governor Elizabeth A. Duke, who speak before the National Association of Realtors on Tuesday. Duke called on policymakers to "move forward with the difficult decisions that will affect the future of the mortgage market," deeming this the "most important solution" to today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós struggling market. While the economy and the housing market are beginning to see some signs of ripening, Duke pointed out that lending remains tight.

A rash of new concerns in debt-saddled Europe drove investors to U.S. Treasury debt, keeping mortgage rates at all-time lows and leading mortgage application volume to tick up 9.2 percent. The Mortgage Bankers Association recorded an 8.7 percent increase in applications for the Market Composite Index on a seasonally unadjusted basis. Analysts credit an upset in Greek elections last week with the rush by investors to U.S. Treasury debt, with policymakers in the Mediterranean country likely seeing elections next week.

Housing permits dipped in April for the first time in four months, the Census Bureau and Department of Housing and Urban Development reported jointly Wednesday but housing starts improved. Both indicators remained far above year-earlier levels. The month-over-month increase in starts in April appeared still larger because of a downward revision to March's report. Economists surveyed by Bloomberg expected permits to drop month-over-month and starts to increase over the same time.

The Federal Housing Finance Agency unveiled new additions to the strategic plan it released in February this year, with many changes focused on moving the secondary mortgage market back to private capital sources and creating infrastructure needed to replace Fannie Mae and Freddie Mac. The additions include four principles, such as safety and security for the residential mortgage market, stability and liquidity in housing finance, and preservation of current enterprise assets. The plan, due for enactment if passed by Congress between the years 2013 and 2017.