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Are Mortgage Rates on Their Way Back to Normalcy?

Could mortgage rates be on their way back? That's what today's mortgage rates just may suggest. Freddie Mac reported that the 30-year fixed-rate mortgage ticked up by a few basis points to arrive at 3.62 percent, up from 3.59 percent last week. The GSE also found interest rates for the 15-year home loan averaging 2.88 percent, with 5-year and 1-year adjustable-rate mortgages crawling to 2.76 percent and 2.69 percent, respectively. Bankrate.com likewise saw upward-bound changes in mortgage rates this week.

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Mortgage Master Initiates Operations Expansion

Massachusetts-based Mortgage Master is extending its industry footprint. The company recently announced the opening of a new operations center in Maitland, Florida, as well as the expansion of its current operations centers in Sea Grit, New Jersey and its corporate headquarters in Walpole.

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ICBA Appoints New VP of Marketing

Financial industry organization, Independent Community Bankers of America (ICBA), is welcoming a new vice president. ICBA recently announced the appointment of Andrea Bona as VP of marketing for the association.

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July Housing Starts Slip, Led by Single-Family Declines

Despite continuing improvement in builder confidence, housing starts slipped in July to 746,000 with single-family starts accounting for decline, the Census Bureau and Department of Housing and Urban Development reported jointly Thursday. Housing permits though improved to 812,000, the highest level in almost four years. Economists surveyed by Bloomberg expected 750,000 starts and 766,000 permits in July. Total housing completions in June rose to 668,000, the highest level since June 2010.

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Former Estate of Pia Zadora is Back on the Market

The estate once belonging to Golden Globe-winning actress and singer Pia Zadora is back on the market, just one year after the new owners purchased the abode from Zadora for around $5 million. However, the newly listed abode now boasts a much higher price tag, and according to Trulia, the Pacific Palisades property is for sale at a stunning $26 million.

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Mortgage Applications Decline 4.5% as Rates Hold Steady

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Mortgage applications decreased 4.5 percent over the week last week with most of the decrease occurring among refinance applications, according to the latest survey from the Mortgage Bankers Association. Refinance activity fell 5 percent compared to the previous week, while purchase activity declined 2 percent. Refinance applications continue to make up a majority of applications, taking an 81 percent share of total mortgage application activity for the week ending August 10. Adjustable-rate mortgages made up 4 percent of total applications for the week.

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Declining Affordability Is Good for the Market: NAHB

After reaching a record high of 77.5 percent in the first quarter of this year, housing affordability declined to 73.8 percent in the second quarter of this year, according to the Housing Opportunity Index. The HOI measures the percentage of homes sold in a particular quarter that are affordable to those earning at the median income level. In the second quarter, 73.8 percent of homes sold were affordable to those earning the national median income of $65,000. Fairbanks, Alaska, posted the highest affordability rate.

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Ellie Mae: Closing Rate for Purchase Loans Up for 3rd Straight Month

Ellie Mae released its most recent Origination Insight Report Wednesday, revealing that July├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós closing rate for all loan applications fell from June├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total. The report draws data from a sampling of loan applications that go through Ellie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós network and mortgage management software. To get a meaningful view of lender ├â┬ó├óÔÇÜ┬¼├àÔÇ£pull-through,├â┬ó├óÔÇÜ┬¼├é┬Ø the company reviewed a sample of applications initiated in April to come up with a closing rate for July. Ellie Mae found that 45.8 percent of all applications closed in July.

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MVB Financial Credits Lending Division for Q2 Success

MVB Financial Corp. and its bank holding company MVB Bank, Inc., have announced a second-quarter earnings boost of 28.4 percent year-over-year, and the company says its mortgage unit should receive much of the credit for the positive quarterly results. The West Virginia-based company noted in an official statement that robust commercial loan demand and strong mortgage lending were the catalysts behind MVB Financial's successful performance.

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