Mortgages

Two Federal Reserve officials said they believe it's appropriate for the U.S. central bank to begin lowering interest rates soon, and that the pace of subsequent cutting should be "gradual" and "methodical."

The lawsuit, which the plaintiff seeks class certification for, involves a transfer, overpayments during a grace period and allegations of improper late fees.

The revisions also revise how the surplus is calculated to evaluate risk of the bonds used as part of the available asset portion of the capital requirements.

The 30-year fixed rate mortgage is lingering just shy of 6.5% level, which is not low enough to bring home purchasers back into the market, observers said.

"Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun in a prepared statement. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."

The Federal Housing Administration's renovation program parameters hadn't been updated in a decade, faling behind similar products from other providers. The Nov. 4 changes will bring it up to speed.

Total mortgage delinquencies dropped but Hurricane Beryl boosted late payments locally and runoff risk surged, Intercontinental Exchange's First Look report shows.

Fay disputes claims it violated servicing laws and a previous order related to dual tracking allegations but agreed to settle without admission of wrongdoing.

Industry economists are now confident about predictions for mortgage rate movements through the end of next year; the question is if that translates to increased home sales.

Purchase applications last week fell to their lowest level since February, the Mortgage Bankers Association reported.