Mortgage Banking Round Up from OpenClose loan software

  • According to  Freddie Mac’s latest survey Mortgage rates grew slightly  from their recent record lows, with the average interest on a 30-year fixed-rate loan rising from 3.37% last week to 3.41%.
  • In Washington, the Federal Reserve said it will continue buying $40 billion in mortgage-backed securities each month until the labor market improves substantially as the central bank cited elevated unemployment rates.
  • In New York, federal prosecutors accused Bank of America of defrauding  government-backed mortgage agencies by churning out loans at a rapid pace without proper controls that it says was carried out by its Countrywide Financial unit.
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