Technology

Wells Fargo, the nation's largest mortgage lender, plans to eliminate 700 more jobs as fewer borrowers are looking to refinance their mortgage loans.

Mortgage rates for 30-year loans climbed for a third week, increasing borrowing costs as harsh weather contributes to slowing demand for homes.

Purchases of new homes unexpectedly climbed in January to the highest level in more than five years, showing underlying strength in the industry even in the midst of unusually harsh weather.

Purchase applications reached their lowest level since 1995 last week, as the index decreased 4% from the previous week.

In the FDIC's fourth-quarter earnings report, the agency said loan buybacks fell to their lowest level in five years.

Home prices climbed at a slower pace in the year through December, indicating the market is entering a new stage that will help sustain further progress.

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Bitter weather, the qualified mortgage rule's restrictive guidelines and the lingering effects of the foreclosure crisis have put a crimp in homebuying at an inopportune time for lenders.

"We are seeing less interest from institutional buyers" of foreclosed properties, says Fannie chief executive Timothy Mayopoulos.

Mortgage servicing has long been a scale business, but rising compliance costs are now threatening the survival of smaller operations that lack efficient systems or staff expertise, industry experts say.