Technology

Worsening economic indicators in the past week have driven the average weekly rate for a 30-year fixed-rate mortgage back downward to a new low of 3.66%.

Fitch Ratings has raised its ratings outlook for First American Financial and its subsidiaries to “positive” from “stable” because of the nation’s second largest title insurer’s capitalization, profitability and moderate financial leverage.

Freddie Mac raised its estimate for 2012 originations to $1.45 trillion in its latest economic and housing market outlook, citing lower expected 30-year rates. Freddie previously had forecast that 2012 would end with a total of just $1.3 trillion in originations.

Technology vendor Mortgage Cadence expects to expand the reach of its origination software in the credit union sector with its pending acquisition of Prime Alliance Solutions.

Mortgage applications decreased by just under 1% for the week ending June 15, but FHA refinancings soared.

Traditionally, underwriting focused on applying a static set of guidelines to determine an approve/reject decision.

The office vacancy rate in major Canadian cities fell to 5% in the second quarter from 5.4% in the first quarter, the second time the reading has been this low since 1985.

Fannie Mae's economists now believe that for all of 2012, originations will come in at $1.34 trillion, compared to a month ago forecast of $1.31 trillion.

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Single-family housing starts rose in May for the third straight month while multifamily activity fell 24% from April’s construction pace.