News

Judge Margaret Sweeney denied the government's attempt to stay court proceedings in the case, gaining a victory for Fairholme Funds and its CEO, Bruce Berkowitz, who sued the government in 2013 over the sweeping of GSE profits into the U.S. Department of Treasury.

According to data released by Freddie Mac on Thursday, the average interest rate for a 30-year fixed-rate mortgage loan was 3.66 percent (0.6 point) for the week ending January 29. This week's movement marked a slight increase from last week's average 3.63 percent—the first time this year that rates have gone up in the company's survey.

According to figures released Thursday by the Census Bureau, the share of American homeowners hit 64.0 percent in Q4 2014, down from 64.4 percent in the previous quarter. Historical data shows the last time homeownership was so low was in Q4 1994, when the rate was 59.6 percent.

The National Association of Realtors (NAR) said Thursday that its Pending Home Sales Index (PHSI) declined 3.7 percent last month to a reading of 100.7. Economists expected a 0.9 percent gain. Lawrence Yun, chief economist for NAR, blamed the monthly downswing on a drop in for-sale homes and an acceleration in price growth.

Freddie Mac's monthly Multi-Indicator Market Index (MiMi) improved 0.35 percent month-over-month in November to a reading of 74.7, the company reported Wednesday. A reading between 80 and 120 is considered to be a sign of a stable market.

Early January indicators suggest the housing market got off to a strong start in 2015, with inventory growth and increased demand driving growth in what's usually a chilly month for the sector.

To help manage its expanding business and drive new growth, appraisal management firm Valuation Partners announced two promotions and one new addition to its sales staff.

Policymakers are apparently in no hurry to start hiking interest rates just yet, bringing back language from the last FOMC statement: "Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy."

The Mortgage Bankers Association reported Wednesday that total application activity, including purchase and refinance numbers, fell 3.2 percent on a seasonally adjusted basis for the week ending January 23. The decline also included an adjustment for the Martin Luther King holiday.

FDIC has released another new entry in a series of technical assistance videos created to help bank employees meet regulatory requirements in the mortgage space.