Secondary

Interest rates remained stable as the real estate industry eyes the start of spring home-buying season, according to Freddie Mac.

Sandy Spring Bancorp, in Olney, Md., reported an increase in quarterly profit because of an increase in mortgage revenue.

FHFA's reduction appears likely to involve loan level price adjustments that the two government-sponsored enterprises charge borrowers and adverse market fees charged on every loan, but not a guarantee fee reduction that the industry has sought.

Wintrust Financial in Rosemont, Ill., reported first-quarter earnings of $39.1 million, up 13% from a year earlier, as loans increased and mortgage revenue rose.

Beginning home construction rose less than forecast in March, indicating builders were slow to take advantage of favorable weather and underscoring a temperate housing recovery.

Bank of America had mortgage banking income of $694 million, up from $412 million one year prior, as it originated $14 million of first mortgages in the first quarter.

Mortgage loan application volume dropped 2.3% on a seasonally adjusted basis for the week ended April 10 versus the previous week, the Mortgage Bankers Association said.

U.S. Bancorp posted profit that matched analysts' estimates on gains in mortgage-banking revenue.

Confidence among homebuilders rose in April for the first time in five months as prospective buyers returned to the market and sales climbed.

Richard Syron, the former chief executive officer of Freddie Mac, settled a Securities and Exchange Commission lawsuit claiming officials understated hundreds of billions of dollars in subprime loans held by the firm and Fannie Mae.