News

The FHFA reported mortgage rates for occupied homes was 4.30 percent for loans closed in late February, a decline of 0.07 percent. The interest rate survey also showed the average rate on a conventional, 30-year fixed-rate mortgage was 4.45 percent, a drop of 22 basis points from January.

Distressed properties have decreased to start off 2014, according to a new report from LoanLove.com. Following an anticipated marked decrease in distressed properties, the report found that U.S. foreclosure filings in February dropped to the lowest level experienced in over seven years.

In the Trulia’s latest quarterly Bubble Watch report, Jed Kolko estimates national home prices are still around 5 percent undervalued when examining long-term fundamentals like historical prices, incomes, and rents. While ongoing improvements in prices have brought the market close to a tipping point, he notes that it’s far cry from the 39 percent overvaluation in the first quarter of 2006.

Fannie Mae announced it has revised its maximum fee assessment for servicers that submit late or inaccurate loan reporting. Fannie Mae fines servicers in order to recoup the losses and damages that result from servicing breaches, "including reimbursement for Fannie Mae's internal administrative costs in tracking, reporting, and correcting these errors."

RealtyTrac announced that it has hired veteran marketing and communications executive Darcy Patch as VP of marketing and operations. Patch will oversee the daily operations of the network while further enhancing network services for current members.

Texas employment grew in the month of February, particularly in the oil and gas industry, according to a new report from the Wells Fargo Economics Group. The group from Wells found that Texas added 37,600 workers to nonfarm payrolls throughout the month.

Clear Capital, a provider of data and solutions for real estate asset valuation and collateral risk assessment, released its Home Data Index Market Report with data through March, 2014. The report noted that the frosty winter left home prices mostly flat, while saturation of distressed homes remained stable at 21.8 percent.

For the first time ever, Fannie Mae has named a five STAR winner. On Wednesday, Fannie named Cincinnati-based Fifth Third Bank its sole Five STAR designee for the bank's achievements as a mortgage service provider throughout 2013.

In its weekly Primary Mortgage Market Survey, Freddie Mac reported an increase of 8 basis points in the 30-year fixed average rate, bringing up to 4.40 percent (0.6 point) for the week ending March 27. A year ago at this time, the 30-year fixed-rate mortgage (FRM) averaged 3.57 percent.

Fannie Mae announced Thursday it is extending the 3.5 percent closing cost assistance for HomePath properties purchased during the First Look period in 27 states. During the FirstLook period, which is in effect for the first 20 days a property is on the market, an owner-occupant or public entity buyer is able to submit offers on HomePath properties without competition from investors.