Today’s News Synopsis:
In The News:
Housing Wire – “Freddie Mac: Mortgage rates remain near 2015 high” (6-4-15)
“Average fixed mortgage rates remained near their highest level of the year before bond yields began moving even higher Wednesday afternoon, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 3.87% with an average 0.6 point for the week ending June 4, 2015, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.14%.”
Mortgage Bankers Association – “Mortgage Credit Availability Increases in May” (6-4-15)
“Mortgage credit availability increased in according to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool.”
“The National Association of Home Builders (NAHB) told Congress today that the final rule redefining the scope of waters protected under the Clean Water Act by the Environmental Protection Agency and U.S. Army Corps of Engineers falls well short of providing the clarity and certainty that the regulated community seeks.”
“A federal judge has ruled that the Federal Deposit Insurance Corp., is liable for facing certain legal claims that FDIC-insured JPMorgan Chase inherited from its 2008 acquisition of Washington Mutual, according to media reports.”
Housing Wire – “Democrats push new bill allowing community banks to exceed QM rule” (6-4-15)
“The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections.”
Los Angeles Times – “High-rise landlords respond to retro-cool buildings luring L.A. tenants” (6-4-15)
“When a group of prominent Los Angeles trial attorneys started its own firm in January, it shunned the sleek office skyscrapers that typically house blue-chip firms. Hueston Hennigan instead set up shop in the century-old PacMutual office complex downtown, a stone edifice housing Internet start-ups, fashion firms and other creative types where rents are hitting $4 a foot, about double that of some big towers.”
Mortgage Professional America – “CFPB says reverse mortgage ads are misleading consumers” (6-4-15)
“Advertising for reverse mortgages gives consumers the wrong impression, the Consumer Financial Protection Bureau claims. The CFPB today released the results of a focus group study that found many consumers were left with false impressions after viewing reverse mortgage advertisements. After seeing the ads, many were confused about reverse mortgages being loans.”
“While mortgage industry stakeholders and lawmakers await the U.S. Supreme Court’s decision on whether or not so-called disparate impact claims are allowed under the Fair Housing Act, the U.S. House of Representatives passed an amendment barring the Justice Department for using funds to bring about such claims.”
Housing Wire – “RealtyTrac: Average down payment falls to three-year low” (6-4-15)
“The average down payment for single-family homes, condos and townhomes purchased in the first quarter fell to 14.8% of the purchase price, a slight dip from 15.2% the previous quarter and 15.5% a year ago, RealtyTrac’s first quarter 2015 Home Purchase Down Payment Report said.”
Bruce Norris of The Norris Group will be speaking at the 18th Annual Inland Empire Market Trends Seminar TODAY.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch on Saturday, June 6.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
The Mortgage Bankers Association reported mortgage applications decreased by 3.1% from the previous week. According to the latest Beige Book by the Federal Reserve, although real estate activity did improve, it wass not expected to make up for the slowdown from January to April. The amount of lending by Credit Unions increased by 9.7% year-over-year in the first quarter of 2014.
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