News

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.

The enhancements are designed to make monthly mortgage payments affordable for homeowners in MHA who are struggling, to strengthen the safety net for homeowners facing financial hardships, and to help stabilize communities most affected by the financial crisis by helping homeowners in MHA build equity in their homes.

While rising home values have pushed down the share of underwater mortgages, the sheer number of upside-down borrowers remains massive—nearing four million—according to an update from Black Knight Financial Services. Those four million underwater homeowners combined for about $157 billion in negative equity in October.

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.

Home lenders took in an average profit of $897 on each loan they originated over Q3, the Mortgage Bankers Association (MBA) said Thursday. That average was down from $954 in the second quarter but still a vast improvement from an average per-loan loss of $194 in the first quarter.

The level of optimism for the housing market in the United States is at its highest point as it has been at any point during the recovery, according to a recent survey conducted by Trulia. Of those surveyed, 74 percent said that homeownership was part of the American Dream, tying its post-recession high set in Q4 2013.

According to a new index released Wednesday by the American Enterprise Institute's (AEI) International Center on Housing Risk, an estimated 46 percent of mortgages made from October 2013 through October 2014 were for first-time homebuyers. Looking only at government-guaranteed loans, that share is closer to 52 percent.

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.