News

Lingering worries about the European debt crisis continue to drive investors to U.S. government bonds, sending fixed mortgage rates down to another record low. According to Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 3.49 percent (0.7 point) for the week ending July 26, down from 3.53 percent the previous week. At the same time in 2011, the 30-year FRM averaged 4.55 percent. Adjustable rate mortgages actually saw a small boost, with the 5-year ARM averaging 2.74 percent (0.6 point), an increase from 2.69 percent the previous week.

First time claims for unemployment insurance fell 35,000 for the week ended July 21 to 353,000, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 380,000 initial claims. The prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total was revised up to 388,000 from the originally reported 386,000. The surprisingly strong report came just two weeks after initial claims had plunged to a four-year low ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 352,000 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reflecting seasonal adjustments to account for annual auto industry furloughs as car makers retool for a new model year.

The Aloha State recently passed three new bills related to mortgage servicing and mortgage origination. All three went into effect at the beginning of this month. The first requires the Office of Consumer Protection to educate consumers regarding fraud schemes aimed at homeowners facing foreclosure. The second offers adjustments to loan originator registration fees and amends Hawaii's Secure and Fair Enforcement for Mortgage Licensing Act to comply with a host of recent changes to federal law.

New home sales fell to 350,000, setting a five-month low in June, the Census Bureau and HUD reported jointly Wednesday. Economists had expected sales to inch up slightly from the preliminary sales report in May. May sales were revised up to 382,000 from the originally reported 369,000. Both the average and median price of a new home fell in June from May. The median price was also down from June 2011 while the average price was up slightly. The average price of a new home fell in June to $273,900.

More applications ticked up as record-low mortgage rates spurred refinance applications to their highest level since April 2009. The Mortgage Bankers Association found that applications increased 0.9 percent from the week before. The Refinance Index climbed by 2 percent to reach the highest level in three years, with the refinance share of activity ticking up to 81 percent of application volume from 80 percent last week. The adjustable-rate mortgage share of activity amounted to 4 percent of total volume from the week before.

Compared to the two-year high for new home sales in May, June's figures were met with disappointment. On Wednesday, the Census Bureau reported new home sales dropped 8.4 percent month-over-month to 350,000 in June compared to an upwardly revised 382,000 for May. In an IHS Global Insight commentary, economists Patrick Newport and Michele Valverde pointed out that figures for March, April, and May were all revised up, and that sales were up in the Midwest and West, but down in the Northeast and South.

The Glendale, California, house that once belonged to sports legend Casey Stengel has hit the market for $2.41 million. The Mediterranean home, which was built in 1925, was Stengel's life-long residence, and the basebal star called the property home until his death in 1975.

As the deadline for implementation of the uniform loan delivery dataset arrived on Monday, Wipro Gallagher Solutions announced its adoption of ULDD standards. The company noted that clients using its loan origination systems will now be able to seamlessly interface with the GSEs, as per ULDD's objectives.

The Asian Real Estate Association has named Ivan Choi as its chair-elect. Choi will assume the leadership post following the AREAA's national convention in September, where he will be officially installed as the organization's chairman of the board.

Texas-based Caliber Funding LLC has announced the departure of its CEO and the appointment of a new president. Caliber has named Jim Ferriter as the company's president, and his promotion follows former CEO Brian Simon's exit from the organization.